Friday Aug 4 2023 SPY SPX ES Actionable Levels

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In yesterday’s letter, I wrote:

This is exactly what happened. Overnight we could not defend 4509 and fell all the way down to 4485 level where we defended and bounced. Then, in the regular session we came down and defended the 85 level again.

We flirted with reclaiming 4509 a couple times but ultimately could not hold.

Now that we’ve closed above 4500, is the low in? Where do we head tomorrow and into next week?

More in the trade plan below.

The 0DTE $SPY 450 calls ran from a low of $27 to $132 = 388% gain.

I took this trade from $50 to $119 at last sale. I scaled out along the way. I also traded out of some swing positions for a loss and even traded some higher strikes for an even quicker scalp. 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 strong (15 min chart). It definitely helped guide entry on where we would defend and where we may face some temporary resistance to scale out. Always trust the levels!

Now we are sitting in AH right on the 4504 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.

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