S&P 500 Daily Forecast for Wednesday, April 29, 2020

Day's Theme - Gap Up. Opens at top of range. Decline AND/OR sideways market. This was a tricky reading to interpret which usually means sideways movement or wild swings.

1-Day High - Unclear but will likely at the open.

1-Day Low - Unclear but will likely end of day. Most likely

Planned Trades: Choosing to hold current positions and not place any trades today. My choice is based on this reading's diminished clarity. My current options positions are: Long May 6 307 Calls & Long May 6 268 Puts. The puts are the remnants of a hedge against a profitable trade that was closed yesterday for a ~25% overnight gain. I think there is a change although slim that they will appreciate before expiration. it's a slim chance, but in my opinion, the reward is worth a $300 risk. There is a good change that I will sell the calls on Friday but that remains to be seen for sure.




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