SPX Weekly Trade Entry planned for November 2 Cycle
As of this writing, futures are trading down a bit; it appears the market is still digesting yesterday's FOMC minutes. However, the 20-Day EMA is at approximately 1720, so the plan will be to enter a put credit spread for the November 2 weekly cycle once the market settles down. The option code for this cycle is 131108, expiring November 8.
We will sell a short put with a delta of approximately -.15 or less, as long as the minimum credit of $.75 is available. As of the close, the 1725 put has a delta of -.15 and is showing a credit of $.80, but that will most likely change when the market opens.
I will post entry details later with specific strikes and credit received.
As always, stay keen on your risk management and trade carefully.