The S&P 500 just broke a major support. -2-

We are using a standard rolling procedure for our SPY spreads: In any vertical bull or bear spread, if the underlying hits the short strike, then roll the entire spread. That would be roll up in the case of a call bull spread or roll down in the case of a bear put spread. Stay in the same expiration and keep the distance between the strikes the same unless otherwise instructed.

Also, for outright long options, roll if they become 8 points in-the-money.

Long 1 TSEM (Mar. 20) 140 call and short 1 TSEM (Mar. 20) 155 call: Roll up both sides, 15 points each, if TSEM (TSEM) trades at 155.

Long 1 BMO (June 18) 130 call: Roll the call up if BMO (BMO) trades at 150. Use a trailing closing stop at 140 for the call.

Long 6 AAL (Mar. 20) 14 puts: We will continue to hold as long as the AAL (AAL) put-call ratio is on this sell signal.

Long 1 LH (Mar. 20) 280 call: We will hold the call as long as the put-call ratio for LH (LH) remains on a buy signal.

Long 3 ERAS (Mar. 20) 12.5 calls: Raise the closing stop for ERAS (ERAS) to 13.60.

Long 1 BKR (July 17) 65 call and long 1 BKR (July 17) 60 put: Roll the call up at 75 for BKR (BKR) and roll the put down at 50.

Long 2 ARKK (Apr. 17) 74 calls: We will hold the calls as long as the weighted put-call ratio for ARKK ARKK remains on a buy signal.

Long 2 SLV (Mar. 20) 79 calls and short 2 SLV (Mar. 20) 94 calls: We will hold these spreads as long as the put-call ratio is on a buy signal for SLV SLV. Roll both sides up if SLV trades at the higher strike in the spread.

VIX "spike peak" buy signal: The spread recommended last week was bought in line with that buy signal, but was stopped out on March 6 when VIX closed higher than 28.41.

All stops are mental closing stops unless otherwise noted.

Send questions to: lmcmillan@optionstrategist.com.

Lawrence G. McMillan is president of McMillan Analysis, a registered investment and commodity trading advisor. McMillan may hold positions in securities recommended in this report, both personally and in client accounts. He is an experienced trader and money manager and is the author of "Options as a Strategic Investment." www.optionstrategist.com

(c)McMillan Analysis Corporation is registered with the SEC as an investment advisor and with the CFTC as a commodity trading advisor. The information in this newsletter has been carefully compiled from sources believed to be reliable, but accuracy and completeness are not guaranteed. The officers or directors of McMillan Analysis Corporation, or accounts managed by such persons may have positions in the securities recommended in the advisory.

-Lawrence G. McMillan

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03-14-26 1217ET