Sweet Spot

Well Traders, I have hit the "sweet spot" on my Iron Condor. What does that mean? It means I am right back to where I originally placed the trade 3 weeks ago. This would be the ultimate closing price because it is basically smack dab in the middle of the credit spreads I used to make this trade.

The $NDX was up as high as $1,790, but was unable to break through. This is significant because that is right where the 30DMA is, and as I mentioned yesterday, this would act as resistance for me, which it did.

The STO seems to have bottomed out here which may mean we could see some support and maybe even a bounce over the next few days. I see the $NDX moving down to the "support area" shaded in gray on my chart. There may even be some support at $1,771 since it has stopped there the past two days.

All in all, this trade looks beautiful right now, let's hope we can bring her home!

Happy Trading!