Option Strategies:.SPX& MU
Hello everyone! Today i want to share some option strategies with you!
1.
$Micron Technology(MU)$ has been trading in a range for a while. Until it breaks out of the range, we will continue #Optionselling the 115 call strike (naked) and the 85 put strike (cash-secured) until earnings week.
Strong volume support at the 88-90 range. Strong volume resistance at the 102-104 range.
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2.
Interesting chart on $S&P 500(.SPX)$ (daily timeframe) ... three pronounced down-up moves with the last move to ATH, then followed by up-down moves, which ... if the pattern predicts ... the next move coming would be a strong down move (which Friday's move could have been the start of). Price action has established lower highs and lower lows per each move.
If the 6000 level (which is a strong gamma level) does not hold as support, then 5900 could be back in play. There is not much volume resistance back down if SPX loses the 6000 level.
So, selling call credit spreads above 6100 remains in play for next week until the market shows more signs of strength. Will be more cautious about #Optionselling put credit spreads.
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