Trade Recap for Thursday 10/12/23

Trade: $NKE 100c

• Reasoning: relative strength/key level break

• Entry on the contract: .65

• Exit on the contract: .34

• Profit in percent: 46%

Today, NKE alerted that price was triggering over 99.50 which instantly put this on watch, especially with seeing this sector as a whole starting with a gap up. TGT was another name that I was focusing on but saw that $NKE was setting up for a key level breakout over 100. When NKE broke over 100, I went long with a risk at LOD. NKE was only able to run .05 through 100 before U-turning lower and stopping me out under the lows. Solid setup, but after the entry NKE and the discretionaries reversed lower.

Trade: $SPY 437c

• Reasoning: key support bounce

• Entry on the contract: 1.29

• Exit on the contract: .18

• Profit in percent: 8%

Today, SPY started with a pullback into the key range of 435/436 and after the open it was setting up for a bounce. SPY held higher lows over 435 and then on the reclaim of 436 this was the entry for a bounce. My main target on this was 367.20. There was a higher high print that was at 436.70 that SPY needed through to run. SPY broke through this level but ended up quickly pulling back into 436. Simultaneously, QQQ broke HOD and then quickly reversed which was a sign of a reversal. I raised stops on QQQ to 436 and when it broke under 436 I cut the position. Shortly after, SPY ran right into 437.20.