The overall market rallied into the close on Friday and broke the down-trend line identified in the earlier (mid-morning) update.
Such reversals help to identify opportunities. The chart of TSM has a lower high, lower low and a lower close for the day’s session.
A dramatic reversal in the S&P with TSM (thus far) not going along, helps point us to downside opportunity.
Best case scenario for going short TSM would be for the S&P to post an inside (upward buoyant) day on Monday and for TSM to do the same.
If that happens, price action would stay within the down trend line as shown and bleed off option premium; therefore allowing for a lower cost entry towards the end of the session.
Charts by StockCharts