SPY should drop through 106 quickly

SPY should drop through 106 quickly

SPY is set to gap down and open at 106.5. Usually gaps of this size are not closed on the same day. I'm biased towards buying puts that I can hold to 104.58. But due to the the threat of the gap fill, (which is entirely possible since it's opex) I will buy a 109/108 June vertical put spread on SPY near the open. If SPY does retrace to 107.54 then I will buy back the 108 put and be left holding the 109 put. If SPY simply drops then I'll make money, just not as much as I would have had I simply bought 109 puts. Technically, the only support level I can find in between 105 and 106 is at 106.3, which I count as weak support, so SPY could drop through 106 rapidly.

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