SPX Weekly Open Position will be closed before the end of Wednesday.
As of the close yesterday, the SPX weekly credit spread for the December 1 cycle was $-32.45, with SPX closing at 1795. Futures are flat this morning as of this writing, but it is anyone's guess as to what the market will have in store for us today. The bulls have been taking a bit of a breather this week, and this has gone against our position.
My plan is to close the position before the end of the day today. Timing of the exit will depend on how the market moves during the day.
Thursday brings some major economic news to the picture:
7:45 am ECB Rate Decision
8:30 am Jobless Claims
8:30 am GDP
Any of these could cause a big move either way, so I will not risk staying in the position overnight.
Closing details will be posted later today.
The next weekly trade entry will be Friday, after the monthly Non Farms Payroll report, and only if the market movement is within the guidelines for trade entry.
Stay keen on your risk management and trade carefully,