SPX Weekly Credit Spread for May 2 weekly cycle; cautiously entering later this afternoon.

The potentially market moving Non Farms Payroll report will be released at 8:30 est. this morning. It's really anyone's guess as to how the market will react to the news, a "bad" number could also be perceived as "good".

As of this writing, futures are flat in advance of the news. As long as SPX remains within the guidelines, a new trade will be entered for the May 2 weekly cycle. The option code for this cycle is 140509, expiring May 9. SPX closed yesterday at 1883.68, and the 20Day EMA is at 1867.47. So unless there is a serious negative reaction to this morning's news taking SPX outside the entry guidelines, a Put Credit Spread will be opened.

I will wait until the afternoon before entering to avoid the potential late-day volatility we have seen so frequently. I will look to sell a put spread with a short put delta of -.15 or less, for .75 minimum credit.

It is a trader's choice as to exact entry time depending on your market view and trading schedule.

Trade entry details will be posted after entry.

Dot Hazlin