Friday Nov 24 2023 SPY SPX ES Actionable Levels

$SPX breaks out key resistance level. How much further can $SPY run?

Author

SPY Options
November 22, 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:

❝

“For tomorrow, we have defended the key 4523 level once. Will we retest again and if so, how we react there is key. If we defend or not even retest we can keep momentum alive to move higher.

If we do breakout above 4545 then 4556, 4561 and 4570 are next.”

This is precisely what happened. We ended up not needing to retest 4523 after the first few minutes after hours yesterday. Then we rallied off 4533 overnight and all the way to test 4570 into the open with a high of 4568.43.

See how well the levels work?

Now that we’ve broken out of the 4545 key resistance level. How much further can we run before more consolidation or a pullback?

More in the trade plan below.

The 0DTE $SPX 4560 calls ran from a low of $240 to $790 = 229% gain.

I did not trade today!

Below, we’ll cover the actionable levels, how I played them today (I didn’t) and what they mean for the next session.

Levels from last night were alright. I didn’t use them, but they sure look like they showed where we could defend the critical 4545 breakout level after testing higher. Always trust the levels!

Now we are sitting in AH right below the 4556 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 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.

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.