BY LICIA LESLIE
May 12, 2024
Hi Shoppers,
The S&P EMini Futures (Ticker: ES1!) could not trade over my pitchfork resistance on Friday.
If fact they traded right up to my parallel line and rolled lower by $30 before recovering:
Friday’s price action did create a change in trend candle called a shooting star.
If we open and trade lower tomorrow, I will be shopping for a put spread in SPDR S&P 500 (Ticker: SPY).
I like the puts expiring on Friday May17:
I have support at $517 so I like the 520/517 put vertical for $1.00.
Trade Review
Last Sunday I called for SPDR Gold Trust (Ticker: GLD) to trade from $213 to $2.20.
Friday’s high was $219.60.
The May17 215 calls that I recommended went from $1.87 to $4.50.
Watch to see if it rolls over from here or breaks out beyond this resistance.
To the upside next stop is $224 and support down below sits at $217.
Thanks for Reading … See You Next Tuesday,
Licia Leslie
Licia Leslie
Head of Technical Analysis
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CAPITOL GAINS: SMR Aug16 7 call closed for a 150% gain
DELTA STRIKE: VLY Mar15 8 puts closed for a 88% gain
PFE May17 26 calls closed for a 66% win
OP MENTORING: SPY Mar22/19 510 put calendars and 520 calls for 6.4% gain
OPTION SHOPPER: ERX Mar28 65 calls closed for a 90% gain