Weekly Options: Range Bound and Prepped for Both Up or Down

SPY

SPY is currently consolidating between a key support level and long-term trend support, hovering in the $580.90 - $583.60 range. The market's short-sighted focus on upcoming major tech earnings and elections has kept price movement tight. We’re positioned at a crucial point that could either send SPY surging to new all-time highs or testing the daily 21 EMA for support. While our bias leans bullish, the downside trade presents a hedge opportunity, especially valuable for tech-heavy portfolios.

Our Weekly Options 💡:

📉 $577 PUT 11/6
Entry: Confirmed 15-30 minute close under $580.90 with a retest rejection
🎯: $578, $576, $574.73

📈 $582 CALL 11/6 (Consider Call Debit Spread to lower cost: $584 STO | $582 BTO)
Entry: Confirmed 15-30 minute close over $580.90 and trend support
🎯: $582, $583.60

Stay prepared for a potential breakout or breakdown with these setups, and let the chart confirm the direction.