Still waiting for a trade

You may have noticed that I did not post an SPX credit spread trade on Monday. The reason – I did not place one. With only two weeks to go until expiration I did not have a trade that fit my criteria, so I waited. Now look what happened today!

The SPX still did not break resistance, but we should wait until tomorrow to see what happens, if it bounces or breaks through. I am not going to guess here I will wait and let the market tell me which direction it is wanting to go.

So we are in a holding pattern for a credit spread trade, we have time for next months expiration.