SPX Daily Outlook 06/28/2024

SPX Market Forecast

Close of the day for SPX should be above 5490 (Daily Target)
1st Target High 5504
2nd Target high 5518
3rd Target high 5529
These are the key levels we will be watching in our trading today.

SPX Trading Strategy

We plan to Buy to Open .SPXW240628C5495 (SPX weekly option: CALL, Strike: 5495 Expiration: 06/28/24) at limit price of 15 *please note trading guidelines.
We will be looking for about a 85% profit and using about a 60% stop along with using our target price levels.

SPY Market Forecast

Close of the day for SPY should be above 547 (Daily Target)
1st Target High 548.25
2nd Target high 549.25
3rd Target high 550

SPY Trading Strategy

We plan to Buy to Open .SPY240628C548 (SPY weekly option: CALL, Strike: 548 Expiration: 06/28/24) at limit price of 1.05 *please note trading guidelines
We will be looking for about a 85% profit and using about a 60% stop along with using our target price levels.

Possible Support/Resistance Levels

Possible SPX support/resistance levels: 5480, 5475, 5464, 5453
Possible SPY support/resistance levels: 546.25, 545, 544, 543.5

Make it a profitable day!
SPX Option Trader

——— TRADE UPDATE ———

SPX

We purchased .SPXW240628C5495 (SPX weekly option: CALL, Strike: 5495 Expiration: 06/28/24) at a price of 10.6

SPY

We purchased .SPY240628C548 (SPY weekly option: CALL, Strike: 548 Expiration: 06/28/24) at a price of 0.84

——— TRADE UPDATE ———
Consider watching the 5490 level in SPX and 547 level in SPY as Possible Stop Levels

——— TRADE UPDATE ———
Consider moving stop to about break even on option positions

——— TRADE UPDATE ———
Consider using about a 30% trailing stop on option positions

——— TRADE UPDATE ———
Consider using about a 25% trailing stop on option positions

——— TRADE UPDATE ———

Still holding positions

——— TRADE UPDATE ———
Consider using about a 20% trailing stop on option positions

——— TRADE UPDATE ———
Consider using about a 10% trailing stop on option positions

——— TRADE UPDATE ———

SPX

We exited our SPX Option at 29.65 for a profit of 180%

SPY

We exited our SPY Option at 2.58 for a profit of 207%