Market Analysis and Straddle Adjustment Strategies (2024-09-05)

This is how the market looked yesterday:

And this is how it looks today:

There is a general downward trend across most indexes and sectors, particularly in the shorter-term (5-day) moving averages, suggesting a short-term market pullback or increased volatility.

Existing Positions

XSP Sep 6th 562 Short Straddle

It recovered a little, but I closed it for a loss as it is getting very close to expiry.

XSP Sep 9th 558 Short Straddle

Close untested call and STO another Call just above strike

XSP Sep 10th 556 Short Straddle

This one is still looking fine for now.

New Position

XSP Sep 11th 552 Short Straddle