Friday May 19 2023 SPY SPX ES Actionable Levels

Breakout is here - can we hold & what are next targets? Another day with actionable moves in both directions!

Author

SPY Options
May 18, 2023

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:

❝

“We do have unemployment data tomorrow AM - this will be market moving.

… it could launch us past 4161/4167.

If these levels break with volume then we should see new YTD highs.

It could look like more consolidation here around 4151, then a move up to claim 4161/4167 base and then breakout. First 4176 then 4181, 4186 and then through the 4190’s (4192/4198).

Then we should break to new highs for the year.

Granted, this likely will not take place in one session (although it could). This is a possible outcome if we hold the 4129-4140 range.”

Well, I couldn’t state today’s action any better if I tried. This is precisely what we had today, including the break to new highs for the year.

Now did I fully expect that it would happen today, or in a single session. I said as much. But that is why you always prepare accordingly & expect ANYTHING can happen.

Now that we’ve broken out of this range we have grown so accustomed to, can we hold? And what are next targets from here?

More in the trade plan below along with a volume check & key events to come.

The 0DTE $SPX 4175 calls ran from a low of $90 to $2800 = 3011% gain.

I traded these, and I wanted to buy them at $100!! I said so in the chat. But I finally gave in and opened them at $600 and closed (too early) at $900. This was my last trade of the day, and I was hesitant to enter because I had already traded 3 times and already had a great day. I stick to rules to stay consistent and if I wasn’t already up on the day or hadn’t traded yet I wouldn’t have hesitated opening these earlier. As it was I opened and stuck to very tight stops that I kept adjusting. This is why It didn’t run as far as it could have. But, it was nice bonus on a very successful day! More in the trade recap below.

Below, we’ll cover the actionable levels, how I played them today and what they mean for tomorrow.

Levels from last night were great (15 min chart). They allowed me to trade calls in the AM, puts mid-day and then calls again for the late day push. Always trust the levels!

Now we are sitting in AH sitting right below the 4209 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 reward trades per day using SPY/SPX options.

Subscribe to Premium to read the rest.

Become a paying subscriber of Premium to get access to this post and other subscriber-only content.

Already a paying subscriber? Sign In.

A subscription gets you:

  • • Actionable SPY SPX Levels provided daily.
  • • Trade recap and current outlook and plan for the next session.
  • • Live Chat during market hours. Join the community including comments/discussion.
  • • Subscriber-only posts and full archive.