Friday Nov 17 2023 SPY SPX ES Actionable Levels

$SPX continues in consolidation mode. How much more chop before $SPY makes a move & what key levels need to defend to continue higher?

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SPY Options
November 16, 2023

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In yesterday’s letter, I wrote:

❝

“For tomorrow, I would want to long a failed breakdown of the 4491 level.

If we fail the 4491 breakdown or defend 4498 above then we can reclaim 4504, 4510…

We also could chop after such a huge move (after many recent rally sessions) between 4486 and 4510 or so.”

This is precisely what happened. We did fail the breakdown at 4491 hitting an intraday low of 4487 close to the 4486 level. We also hit 4510 in the morning and at the close/AH. This fulfills the choppy range between 4486 and 4510. The failed breakdown of 4491 was an incredible long as we the blasted to 4505 and closed near 4510.

See how well the levels work?

Now that we’ve continued the choppy consolidation process, when do we make our next move? And, what key levels need to hold to continue the move higher?

More in the trade plan below.

The 1DTE $SPY 451 calls ran from an AM low of $80 to $128 = 60% gain.

This was my only trade of the day called out in the chat. I traded from $104 to $123 at best sale for 18%. This was another choppy consolidation day and if I came out with one good trade I would be happy. This was OK, overall a 10% win with all the exits and scale out. 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 fine. They showed where we had support and resistance but the choppiness and the small range was rough. We did make new highs end of day/AH. Always trust the levels!

Now we are sitting in AH right on the 4505 key 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.

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

Key Notes

This is not financial advice. This helps keep me honest and is a place for my notes. It is for educational & entertainment purposes for all who choose to subscribe. Not all investments are suitable for all investors.

I try to take action on less than 3 moves per day. Most days are chop and there are usually less than 3 great high confidence setups.

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