Looking to enter SPY 416 Puts (mine will be 5/28 expiration) between 416.5-417.50 as there is a solid resistance level charted there. Assumed exit is 410-412. This could change at any time. Stop-loss is candle (1hr/4hr) closing above 418.
SPY is an ETF which is heavily weighted by AAPL (5%). My charts show that we are in a descending channel (1hr chart) that is has hit heavy Resistance around 418 (charted). It is too late to buy options (short term) as the IV (premium) has shot up. There was 2 chances to load up on Puts which were both around 416-417 - stop-loss should be the SECOND (4hr) candle...
