Final Days for February

Well Traders, Friday's "Bearish Engulfing Pattern," MACD and STO indicators set up today's action pretty well as the anticipated down day occured. Today, the $NDX fell $7.11 points to finish at $1,778 (only $3 from my starting point!). I am only just a few days away from February's expiration and it looks like it was a perfect play for me! There would just have to be an absolute insane run the next few days to spoil my party, which I just don't see happening.

It looks like I have about 2-3 more down days before the next bounce in the "support area" highlighted in gray. Then, we'll see how much the index can run up before being turned back again. I am already looking at April's set up which will occur March 15th. I am hoping this flat trend will continue because I may just play an even tighter spread to see if I can't take advantage of this perfect Iron Condor condition. There is a LOT of time between now and then, so we'll just keep an eye out and monitor the March position for now.

Happy Trading!