Friday Aug 18 2023 SPY SPX ES Actionable Levels

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In yesterday’s letter, I wrote:

This is exactly what happened. We tried at the open to reclaim 4419 and could not hold. Then it was all downhill from there (albeit a single attempt to reclaim vwap).

Not only did we break down all levels above, but closed the day at 4370.36.

See how well the levels work?

Now that we sit down here at levels not seen since late June, when does it end? And what are next targets (higher & lower) to give us the necessary guidance on when we have bottomed?

More in the trade plan below.

The 0DTE $SPY 439 puts ran from a low of $26 to $324 = 1146% gain.

I took this trade from $50 to $85 at best sale 70%. I was already done trading for the day before we hit the intraday low of $26. Wish I had re-entered and held for the remainder of the day! More in the trade recap below.

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

Levels from last night were amazing. Once we couldn’t hold 4419 I knew we were headed down. Although choppy, once we lost vwap we mostly remained below. When we lost it for the final time we really flushed. Always trust the levels!

Now we are sitting in AH right on the 4360 key 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 the next session and today’s trade recap.

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

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