Friday June 2 2023 SPY SPX ES Actionable Levels

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In yesterday’s letter, I wrote:

100% this is precisely what we saw today. We held 4184 overnight and then lost multiple levels into/after the open. We fell down and defended 4167 level (low of 4171) and then blasted off remainder of the day. We even hit both secondary targets and then had a late day sell that failed and then reclaimed the 4223 level.

As we near the top of this range, will we see buyers step in and break us out to new YTD highs tomorrow?

More in the trade plan below.

The 0DTE $SPX 4225 calls ran from an afternoon low of $195 (they were $20 earlier in the day) to $870 = 346% gain.

This was my last trade of the day and caught them from $230 to $720 = 213% gain. This was after trading other calls several times from the bottom. Some were longer dated but I traded 0DTE end of day. 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 amazing (15 min chart). They helped my patience in the AM as we fell to not jump into a trade and get trapped, and they helped guide my entry into calls at the bottom and then where to set stops on them as we moved higher. Always trust the levels!

Now we are sitting in AH right under the 4226 resistance 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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