Well Traders, I just wanted to check in on a friend's $SPX trade to see how he was doing with it. So far, it looks like it will be a solid trade. You'll notice from the chart above that the index is trading at the upper part of the Bollinger Band and that the STO is in Overbought territory giving a good indication that the index should begin to move lower the next few days. The Ascending Channel indicates that the trade could break through his Bear Call spread, but at this point, with this little time left, I don't necessarily see that happening. With only 6 more market days for the trade, at this point I have to think that this will work out as planned, and that maximum profits will be taken. Good job!
Happy Trading!
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