MarWk3 - Thursday Market Update - From the looks of the charts above, I think it is pretty self-explanatory. The Tenkan Sen is moving upwards, thanks for price which saw a +0.825 increase closing at an all time high of $156.73. A very good rally I must say. Price is sufficiently above the two moving averages, and it looks like it might be the trend for now.
The general trend from the ichimoku indicator shows that it is moving upwards, and that's a good sign that everything is fine. It's a good time to also consider writing covered calls now that mini-options are gonna be released come March 18. I am looking forward to that strategy. It makes sense for small time investors like myself.
Last night around 1.31am (SG Time), which is also 1.31pm (US Time, daylight saving has kicked in), I saw an opportunity to sell a trade.
Own Trade: Sell SPY Put Spread $153.5/154.5 at a premium of $0.05.
I think it should be a fairly safe trade, judging from the current trend this week. It should either open flat or upwards tonight, and even if it opens downwards, I doubt we will be seeing a big downward movement of more than a dollar in the SPY tonight.
In any case, always good to be prudent, I will monitor and cut loss if needed, and place my contingent order. :) Let's hope for the best!
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