Yesterday's Trading Range Holds

Markets ground sideways with a downside bias today. The action was healthy in that yesterday's trading range held during today's session. Immediately overhead lies the 20 & 50 Day Moving Averages and consolidation below them is natural; especially considering the bounce recently. Consolidation days like today are encouraging for a return to higher values. Possibly another day of consolidation may occur before but I do expect SPY to exceed 130 and rise above the 20 & 50 DMA's. Once above, the MA's and 130 price level will provide solid support. Taking advantage of today's minor weakness, a new IWM Put Credit Spread was released using April options as mentioned in yesterday's post. This is a "sleep easy at night" trade as it is very conservative and a high probability trade far out of the money. A good credit was received thanks to recent volatility and rising premiums despite being so far out of the money; which is great news for us! Stay tuned and happy trading! Check out my latest interviews at TraderInterviews.com & Benzinga: Trading has been active lately and the feedback has been great! Add your review today at Investimonials. Subscribe today and don't miss out on your next profit opportunity! TradeMonster- Get $50.00 FREE for opening a new account. Enter promo code: BookingAlpha during account opening process for your FREE $50 bucks!