Swing Trade Idea (SPG) – June 18, 2024
Our bearish trade for Tuesday, June 18th is Simon Property Group, Inc. (SPG). SPG is part of the Real Estate Sector, which has performed at -1.11% over the last month, with SPG performing at -0.67% over the same period.
SPG formed a double top around a long-term area of resistance of $155, from where it is pulling back. With the Real Estate Sector also pulling back from recent highs, SPG will likely continue this pullback with the next area of support at around $140 and then $125.
As a close, if SPG were to trade above $150 for multiple days, this would invalidate our analysis and we will consider cutting losses on the trade. We will also consider cutting losses on this options trade if the value of the vertical spread moves above $6.84 Debit.
