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In yesterday’s letter, we wrote:

TThis is what happened. We had a decent range day and when we couldn’t hold 6068 it was not something I wanted to long. We saw a move all the way down not far from the key 6042 critical downside target.

See how well the levels work?

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Now that we gave back much of yesterday’s gains, where do we go from here? Where must we hold to avoid a major sell-off? Where must we reclaim to feel better about longs?

More in the trade plan below.

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

Levels were fine. When we couldn’t hold 6068 I did not want to long, then it was all range until the end of the day when we sold off and ended not too far off the key 6042. Always trust the levels.

Now we are sitting in AH right on the key 6056 support level. What does this 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.

If you are enjoying this letter, consider sharing with a friend! We even have a referral program where you can earn free subscription time for referring others that sign up for a paid subscription.

Don’t miss the Topic Directory - Getting lots of questions that are answered in here.

There seems to be some confusion as to the premium subscription and the discord chat. If you are premium and you do not have access to the “Premium Members Only” channels including “members-only” please authenticate yourself in the “bot-request-premium” chat. Or send me a DM in the discord!

Also - if you missed it - join our chat during market hours for premium subscribers. We are now leveraging discord for this. Link is at the very bottom of premium content: Trading Plan section below.

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Trading Plan

The volume today was noteworthy, characterized by a strong retest lower, which indicates that sellers may still be in control of this market. This could have implications for the next trading day as we await further signals.

Tomorrow appears to be a light day concerning reports and scheduled events, which could lead to quieter trading conditions. However, be vigilant for any unexpected developments, particularly from the G7, that might influence market sentiment. Keeping an eye on the key levels will remain essential as we navigate through this market environment.

I am receiving some great questions from beginners. This is helping me develop guides for this group as well as the course. More to come but I’ve created a separate channel in the discord just so you can not be shy about bringing those questions to the group. No question is dumb, we grow stronger together!

In fact, I’ve created this single resource as a guide. It is a living document and we will continue updating it. You must be logged into the site to read it:

https://letter.spyoptionsactionablelevels.com/p/strategy-guide-the-basics

As readers know trading after a massive move in either direction is risky.

Trying to predict when trend will break is a fool’s game because the trend can be stronger than you ever realize.

Going with the trend is hard because it has already run so far (or dropped) and move may be close to over.

All you can do is pick your entries carefully and with proper position sizing. Trading out 1-3 DTE or further also helps soften the blow.

Yes it will decrease the amount of profit but will greatly help keep you in a trade long enough to see return.

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