Friday May 26 2023 SPY SPX ES Actionable Levels

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In yesterday’s letter, I wrote:

This is the direction the market chose. If you remember, I indicated the levels that were must hold today and that’s precisely what we did. Then we were able to consolidate and build up to 4165 for a quick spike and 4156. Even with a level to level sell end of day we managed to hold the 4147 area.

Now that buyers stepped in, and there is a doji printed on the daily candle, where do we go from here?

More in the trade plan including a check on volume.

The 0DTE $SPX 4145 calls ran from a low of $350 to $2250 = 543% gain.

I traded these from $500 to $900 = 80%. I wished I had held on even longer!

This was one of several call scalps traded. Then very late in the day I tried some small put & more call plays. 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 great (15 min chart). They helped guide my entry on multiple call plays as we kept defending the same levels. Always trust the levels!

Now we are sitting in AH right on the 4145 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.

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