Friday Apr 14 2023 SPY SPX ES Actionable Levels

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https://spyoptions.substack.com/7042a817

In yesterday’s letter, I wrote:

Not only did we see 4077 hold (the level I indicated yesterday that had to be defended) we then broke through multiple levels for a 60+ point rally that undid the damage from the prior day session and completely overtook the highs from the prior 5 sessions. We not only broke through 4130 on $SPX but also 4135, 4141 and 4147 (then broke down).

Additionally, we have now broken and closed above the significant downtrend line 4141 of Aug ‘22 and Jan ‘23 highs which we broke yesterday in PM but could not hold. Look how quickly we came back here!

The 0DTE $SPX 4120 call ran from a low of $210 to over $3050+ per contract. - 1352+% gain.

I traded these - but did not catch the full move (don't expect to - no one does!). $580 entry to $840 exit = 45% gain on the majority of the contracts. This was about the only decent trade I made today. I kept trying to play a rejection and never got one! More in the trade recap below.

Below, we’ll cover the actionable levels, how I played them today and what they mean for tomorrow.

Levels from last night worked out great (15 min chart). Unfortunately I did not read them like I should and my call trade was the only one the helped my bottom line today. More in the trade recap below. Always trust the levels!

Now we are sitting in AH sitting right on the 4140 support level. What does this all mean and where do we go from here? Read below for my trade plan which includes actionable support & resistance levels, outlook for tomorrow’s session and today’s trade recap.

Learn the system to make 1-3 low risk, high trades per day using SPY/SPX options.

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