For the SPY we would like to see if it continues upward with the first level of 386.75 will be where I would be looking at going long on possible Calls for SPY. Keep in mind I usually will day trade SPY just because it does tend to move very volatile. If I do buy Calls that I believe we can hit in 2 to 3 weeks I usually will do $10 moves for the SPY.
In the event that it’s ready to break above 386.75 later on we could see 399 to 400, 401.44. On the Put side with spy assuming it winds up breaking underneath 380.5 it has no support 379, 378.22 on the off chance that we go to the downside SPY has support at 370.
For the QQQ 288 which would take out the last areas of support. If the QQQ can fall under 288 I’m going to be searching for short positions and there is no support at 284.94 after that 283.41, 279.8, 277.03, and afterward 275.
The economic calendar on Monday we get the NAHB home builders index which you do want to pay attention to on Tuesday at 8 30 we have building permits and housing starts Wednesday at 10 a.m we do have existing home sales but then going into Thursday at 8 30 we have initial jobless claims continuing jobless claims leading economic indicators and the Philadelphia fed manufacturing index and then Friday at 9 45 we have our manufacturing PMI and then for services PMI.