Coming Into a Shortened Expiration Week- Jan
Though futures are trading tonight, tomorrow’s trading day is a shortened one with the markets closed tomorrow. As a result, we should gap into positions on Tuesday. One of these is the SPY strangle that we have in position for this coming week.
We do not have our regular options that expire three times a week as we normally do as we are coming into monthly options expiration week. Here is what the first two weeks of the month delivered to us
SPY-the chart is still landlocked -above 466.5 and the chart action could stretch into 472 and below 464, we could easily see 456. If the liquidation being discussed actually occurs, we could see 450. We will trade intraday ranges using strangles as long as the options are not spiked with expanded volatility, else we will have to work on directional motion


QQQ- Also landlocked, but showing support and resistance well into the 389 region with support likely to be 370-372


IWM shows buying pressure off support on the MotiveWave setups with 210 as support and 219 as resistance

