Friday December 6 2024 SPY SPX ES Actionable Levels

$SPX chops in tight range at all time highs. Is this it for $SPY in 2024?

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In yesterday's letter, we wrote:

For tomorrow, I am closely watching the key SPX levels of 6082, 6072, 6058, and 6041.

If we get a dip to 6072 or 6058 and see a strong defense reaction—bounce by 5+ points—then I want to be long for a move to 6082 and 6095…

This is what happened. The market opened after moving up past the 6082 level overnight, without needing to retest 6072. The bullish momentum took us within just 45 pennies of the 6095 target, reaching a high of 6094.55 before experiencing a slight dip towards the end of the day, finally testing 6072 into the close.

See how well the levels work?

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Now that we have made a strong move up, what lies ahead? Will we maintain this momentum, or are we due for a pullback? What supports need to hold, and what targets should we focus on moving forward?

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 great, very bullish as we didn't even need to retest the 6072 before taking out 6082 level and getting within just 45 cents of the 6095 level. Always trust the levels.

Now we are sitting in AH right on the key 6069 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.

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

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Trading Plan

Overall we had a narrow range candle on similar volume as yesterday.

Tomorrow brings in significant news with unemployment and NFP data, along with at least four FOMC members scheduled to speak. The market's reaction to these events will be crucial, and I will be watching closely for any potential volatility or shifts in sentiment.

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.

For tomorrow, I am closely watching the key SPX levels of…

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