SPG — Seeing Support Around 155.00

I like that SPG is holding above the 200 SMA along with an important Fibonacci price cluster of support at the 155.64-156.61 area. If we continue to hold above here, target 1 is 166.39. Target 2 is 169.03. The risk can be defined either below the recent low at 156.70, OR just below the low end of the price cluster zone. Consider buying the pullbacks in this one, as long as they terminate above this zone!!

An interesting way to play this may be through buying a SPG Apr 155 Call at 7.85 and selling a SPG Apr 165 Call for 1.45 and a net cost of 6.40. SPG closed today at 161.46 and with this vertical spread you are playing the stock on a one for one basis up to 165.00 or down to 155.00 at April expiration.

spg.gif