Henry Gambell Markets Analysis and Position Update

Henry Gambell of Simpler Options updates S&P levels post-FOMC and with March expiration behind us. Bulls have shown some strength during the most recent advance, but the test of support on the way back will be key for playing the weekly chart. Costco was one of our bullish setups from last week and we've hit immediate targets. The daily chart still looks good, but depending on the strategy you applied it may be time to start taking profits. Pfizer is another favorite and after Monday's spike higher it's time to start evaluating support. Southwest pulled back and gave us an entry in our April put spread we weren't able to get last week. The chart still looks good, but holding Tuesday's low is key as immediate support. Crude has seen a bounce the past several session but the trend is still intact and this may be a fresh opportunity to sell calls in a ticker with a nice IV rank. Alibaba and Zillow may have some downside potential and will be a couple that we keep on our bearish watch list.