Today's Trade 11-23-20

Good Morning Daily Deposit Members,  Today's Trade of The Day is SPY Nov 27 360 CALLS ------------------------------------------------------------------------- Audible Trade of The Day is SPY Nov 30 343 PUTS Reminder: If I call an audible I will use this contract, I will alert you beforehand I am changing to this audible trade and then I will alert it again, if and when I take it.  Futures are mostly green this morning. The SPY is currently sitting at 35.in the premarket. This puts the SPY about 1.50$ above where it closed Friday. In regard to momentum Indicators this morning in the premarket charts at the moment we see that the 10 moving average line is below the 20 moving average line on the 5 but above it on the 10 and touching on the 15 minute chart.  So our momentum signals are mixed. Additionally, we are seeing average volume this morning. Here is a snap shot of the conviction index at this point: It's at +3 on the day... Here is my plan today, I like to ease into the market on a Monday so I'll do that today and let the market come to me. The domestic futures are all barely above VWAP and the Macro indicators are slightly bullish. So, I'm going to start with Calls as I watch how the price action opens up today. So my plan would be to watch closely at the open to see which way it wants to break on the 5 or 15 minute range). I would look to get in for a continuation higher with volume.  One way to do this is on a strong break up through 358 to get in which would be a higher risk trade as a breakout trade or on retracement (at 357, 356.50 or 356.10)  which is less risky. But if it breaks lower and keeps going I may choose to trade the audible trade lower if it breaks 354.90  with volume. I will continue to look to be nimbl.  Finally, to get in the Nasdaq (/NQ) must be participating to the upside. (If you are NEW, I send an alert through the RB App when I enter the trade and at what price).  I'll also look for the TICKS to stay high or start charging higher as a confirmation.  I'll possibly also look for the vix to continue moving lower or I'll look for buying volume to confirm my decision. If I see some of the above occur,  it would trigger a buy to open followed by sell to close Call option move today. If I see a move with enough conviction, I will text you that the trade plan has been triggered followed by an email before 11:30 am. (If you don't receive an alert/email by then, assume there is no trade today unless there's been an audible) Finally, in order for this trading plan to be in play SPY must remain trading above 355.90 and ideally 356.50. Please remember you have to trade what is right for you. As a reminder, I encourage you, if you do jump in, manage your stop loss according to your tolerance. Resistance: 357.15, 357.30, 357.80 Support: 356.75, 356.50, 356.10 Today's Trade of The Day is SPY Nov 27 360 CALLS ------------------------------------------------------------------------- Audible Trade of The Day is SPY Nov 30 343 PUTS Reminder: If I call an audible I will use this contract, I will alert you beforehand I am changing to this audible trade and then I will alert it again, if and when I take it. Cheers, Ben Sturgill DailyProfitMachine.com RagingBull, LLC 62 Calef Hwy. #233, Lee, NH 03861 Click Here to stop receiving emails from ben@dailyprofitmachine.com Unsubscribe from all RagingBull emails DISCLAIMER: To more fully understand any Ragingbull.com, LLC ("RagingBull") subscription, website, application or other service ("Services"), please review our full disclaimer located at https://ragingbull.com/disclaimer. FOR EDUCATIONAL AND INFORMATION PURPOSES ONLY; NOT INVESTMENT ADVICE. 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