Buy Put Options If This Technical Support Level Is Breached Today

One Option Trading Blog http://ift.tt/2qcAyKr Posted 9:00 AM ET - Yesterday we saw profit-taking in the first hour of trading. Buyers pulled bids and we hit an air pocket. The S&P 500 was down 15 points and support at SPY $238 held. Once the lows were in, buyers nibbled and the market recovered most of its losses. This morning we are likely to challenge that support level again. Based on the price action yesterday we know that the bid is still solid. Another round of selling might soften it. If the SPY closes below $238 I will buy some July ATM puts and I will hold …