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Before the update for game plan + levels, I wanted to talk about something I’m very excited about. It’s on the below topic:

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It can challenging to profit on options or maintain consistency.

Even when the underlying stock moves your way you can lose money if you don’t understand the driving forces behind contract prices. This can take you out of the game fast.

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In yesterday’s letter, I wrote:

This is what happened. After initially testing upwards to the breakout level above us on CPI, we ended up chopping and then selling off hard after the open.

We continued selling off all the way until about mid-day when we hit a low of 4739.58. Not even needing to test the must-hold level above.

Then we showed signs of life and started the rally.

I wrote at the time:

I kind of think sometimes people must think I’m crazy when I am hinting at inverse (a recovery when we have sold off for example) when it hasn’t even begun yet but I did anyway.

From there we rallied back nearly 50 points and then almost closed flat on the day.

See how well the levels work?

Now that we’ve had the sell and defended a key level to close flat, where are we on our path to all time highs (SPY is 479.98)? What key levels are must hold now and what targets above show us the way?

More in the trade plan below.

This is what brings joy to and purpose to my life after doing this alone for so long. Hearing stories like this:

The 0DTE $SPX 4750 puts ran from a low of $80 to $1540 = 1825% gain.

I missed the boat on these and the team in the chat know it! I entered at $270 and thought we had defended and exited all at $310 for 15% called out in the chat. I had the right read, the right trade just didn’t stick with it and missed it. That will happen sometimes. So what I did (as you can see above) is then enter longer dated calls from the lows and made 70%. That made up for some of my emotions on missing the massive downward move above. More in the trade recap below plus some advise to how I could have avoided missing most of the put gains.

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 fabulous. Once we could not breakthrough the levels above and we lost levels that we indicated in the prior letter that would keep us bullish we sold off hard. Where did we sell off to? Precisely to the level we said we needed to hold. At that point we reversed. Great actionable moves in both directions today. Always trust the levels!

Now we are sitting in AH right on the 4767 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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Trading Plan

Here is a current check of the daily:

This includes all the way back to 6/29 & all overnight action.

An outside bar with a higher high and lower low. We needed a good sell and the fact we recovered most of it to close near the top of range still is pretty bullish by itself.

Quick volume check:

No surprise to have the higher volume on a day like today with so many actionable (large) moves. For confirmation that bulls are still in charge I want to see even greater volume on a firm trend up day.

Tomorrow the big event is PPI in the AM and that’s it!

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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