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Option Idea Notes – Aug 31,2020

SPY is at all time high. It keeps chugging along. Stochastics on the weekly charts is at 99. On the daily charts, stochastics is at 91. it might retrace pretty soon.

But, as per the gann square of nine, this can move up to 356-357 before retracing.

Some of the ideas for today are Square, GDX, WMT

Square crossed the flat line resistance around 155 and is trending up. Should see the move to 166-169 range. I currently own SQ Sep 4 155 and 160 calls.

GDX is setting up for a big move to 46.81 this week. Need to clear the ichimoku base line support at 42.33 and flat line resistance at 42.94. currently own sep 4 GDX 40 calls and 42 calls.

WMT crossed the base line and conversion of ichimoku on the same day and reached 140. However, I feel it needs some time to consolidate atleast a day at base line and conversion. Ideally, Walmart would be a good buy around 134 and can ride it above 141.

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