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S&P 500 Daily Forecast for Friday, April 24, 2020

Day's Theme - Volatility. Mid-day reversal.

1-Day High - will form between the open and 12pm est. It will not breakout through key resistance, though it may poke through it temporarily.

1-Day Low - Multiple Bottoms. Breakdown through 1-2 support levels AND/OR continued decline on Monday.

Planned Trades: currently hold two sizable long call positions that were bought yesterday. I intend to sell the positions at the at the high somewhere between the open and 12pm est. I will also consider opening long ATM put/s AND/OR vertical ATM put/s spreads that would be held until 3pm est. today AND/OR over the weekend. However it's important to note that if I hold over the weekend it will be as a vertical put spread because Monday looks like a gap up followed by another decline. If I'm nimble enough I will be able to shave the cost of the long puts off on Monday morning by buying back the short put position.

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