Friday Dec 1 2023 SPY SPX ES Actionable Levels

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In yesterday’s letter, I wrote:

We hit a high in premarket of 4569 on SPX. Then we opened and lost the 4557 and 4549 levels all the way down to rest 4541 must hold level. We didn’t end up losing it and finally rallied back to 4569.89 at the close.

See how well the levels work?

Now that we continue to test the breakout levels higher and we defended the critical 4541 must hold level, are we ready to breakout to the upside? What role will Powell’s speech tomorrow play and what does volume tell us?

More in the trade plan below.

The 0DTE $SPX 4550 puts ran from a low of $420 to $1420 = 238% gain.

I traded these from $740 to $980 at best sale for 32%. This was my only trade of the day and called out in the chat. I wish I didn’t get stopped out on the runners as this continued running all the way to 14.20! I also was so close to opening in the $500’s but just as I was about to enter they jumped to $700+. This is the way it goes sometimes - to be consistent you give up some of the massive wins but being green on the day is the most important thing! 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 the prior letter were fantastic. They clearly showed where we were hitting resistance and couldn’t continue higher and then when we finally had support to move back up. They guided my entry into puts. Always trust the levels!

Now we are sitting in AH right on the 4559 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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