Friday Apr 21 2023 SPY SPX ES Actionable Levels

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In yesterday’s letter, I wrote:

And:

This is how we played out. We were weak overnight and in the morning and then we had the slow choppy grind up we are used to and then afternoon continued the move down. We did break 4144, 4135 and then hit the low of 4114 as it was defended (4114.57).

Now that level has moved up a bit for tomorrow and the question is do we defend and buy it back up or is this the start of a breakdown to another leg lower.

More in the trade plan below.

The 0DTE $SPX 4140 call ran from an AM low of $260 to $1040+ per contract. - 300% gain.

I traded these - and caught a decent chunk of that move. This was my second and final trade after having another failed start at calls. More in the trade cap below!

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

Levels from last night were good (15 min chart). I was just not prepared for how choppy the move up in the morning was going to be. Once it took shape it did take off (and then correct lower) but it was easy to get shaken out on calls in the morning. More info in the trade recap regarding this. Always trust the levels!

Now we are sitting in AH sitting right on top of the 4130 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.

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