Friday June 9 2023 SPY SPX ES Actionable Levels

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

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 top of premium content below.

In yesterday’s letter, I wrote:

Well this is definitely the direction the market chose. Overnight, we were able to defend a breakdown of 4261 and then reclaim 4267. When unemployment data came out prior to the open the market reacted positively.

However into/after the open we fell hard again losing 4267 and 4261 briefly before a failed breakdown defense. Then it was rally time. We reclaimed 4267, broke 4277 and 4283 and reaching a high of 4298.01 got very close to the 4299 level.

With this move higher secured, where do we go from here?

Do we need another rest before continuation? What levels are targets (higher and lower)? More in the trade plan below.

The 5DTE $SPY 427 calls ran from a low of $171 to $359 = 110%

I traded these from $178 to $262 = 47% gain. I could have had more, but got stopped out for profit where I set my stop. That happens! You are not going to catch the entire move but it’s worth trading that way for me because I don’t know when the move will end or how high we will go! More in the trade recap section.

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 fantastic (15 min chart). They got me into calls on the failed breakdown of 4161 and it was all up from there. Then I was able to exit the core position and manage runners a few times as I re-entered on retests of levels. Always trust the levels!

Now we are sitting in AH right under the 4295 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.

Subscribe Now

Subscribe to Premium to read the rest.