Friday July 14 2023 SPY SPX ES Actionable Levels

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In yesterday’s letter, I wrote:

This is exactly what happened and we hit an intraday high on SPX of exactly 38 cents over the 4517 level mentioned.

See how well the levels worked today? We held the 4470+ all overnight and then started in early hours making our way up breaking 4484 and then holding on all the retests as we broke higher.

Now that we have continuation and new highs, when will we consolidate and how deep will we need to retest before we can continue higher?

Additionally, what are some warning signs that this rally may be running out of steam?

More in the trade plan below.

The 0DTE $SPX 4500 calls ran from a low of $70 to $840 = 1100% gain.

I traded these right before this run, from $90 to $210 = 133% gain. I wish we hadn’t gotten a chop back down before the blast because I would have definitely sold for $600+! This was my last entry of the day. Earlier in the day on a dip down to retest and defend 4491 I opened 0DTE 4500 and 7/19 448 calls. All of these trades were profitable and I was able to close core position and then loosely manage stops all day as we trickled up. 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 beautiful (15 min chart). The levels got me long at the right time being really patient waiting for a nice retest and defense of key level. Then helped get me scaled out as we hit new resistance prior to mini-dips. Always trust the levels!

Now we are sitting in AH right on the key 4505 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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