Friday Mar 24 2023 SPY SPX ES Actionable Levels

In yesterday’s letter, I wrote:

This is what took place in the AM. We held where we needed to and we broke through 3949, 3968, 3976, 3989, 4000 and kissed 4006 before rejecting for the afternoon sell off.

Later in the day it was all selling. We broke all the way down through the 3925 level and managed to reclaim. Lots of chop and then a close below 3949.

Lots of movement to really go nowhere.

We briefly fell below the 200 day SMA but reclaimed. Now we are just under the 20 day MA.

Again, the big question is…do we hold right here and buy the dip again or will we fail further…the start of a larger sell off?

Below, we’ll cover the actionable levels and those that absolutely must hold to give us the answer.

Levels from last night worked out great. However, I am unhappy with how I played it in the AM (more on that in the trade recap below) and finally got my act together in the afternoon. Always trust the levels!

Now we are sitting in AH just below the 3952 key 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 tomorrow’s session and today’s trade recap.

Learn the system to make 1-3 low risk, high trades per day using SPY/SPX options.

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