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- Friday November 15 2024 SPY SPX ES Actionable Levels
Friday November 15 2024 SPY SPX ES Actionable Levels
$SPX dips, can't defend, and gives up ground. Where must $SPY hold to prevent major sell off?
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In yesterday’s letter, I wrote:
“For tomorrow, I am closely watching the key SPX levels of 5987, 5975, and 5998.
If we lose 5975, I want to be short for the move to 5960 and 5950 first, with 5935…”
This is what happened. The levels played out great as we initially got the dip and defense at 5975. However, once we failed to hold that level, it became a clear short entry, leading to a loss of 33 points as anticipated. The market moved quickly after losing that critical support, and the downward momentum was evident.
See how well the levels work?
Now, with today’s price action establishing a bearish tone, we need to assess where we go from here. What levels will we need to watch for potential reversals, and how does the volume impact our outlook?
More in the trade plan below.
Below, we’ll cover the actionable levels, how I played them today and what they mean for the next session.
Levels were really great. I focused on the dip & defense at 5975 which was good, but even better was the failure of that same level that led us down 33 points. Always trust the levels.
Now we are sitting in AH right above the key 5935 support level. What does this 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.
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Trading Plan
Today’s daily candle is a decent sell on even higher volume, indicating rising interest from sellers over the last four sessions.
Looking ahead, tomorrow we have retail sales data coming out before the open, alongside speeches from at least two FOMC members during the session. Market participants will be keen to digest this information and react accordingly.
I am receiving some great questions from beginners. This is helping me develop guides for this group as well as the course. More to come but I’ve created a separate channel in the discord just so you can not be shy about bringing those questions to the group. No question is dumb, we grow stronger together!
In fact, I’ve created this single resource as a guide. It is a living document and we will continue updating it. You must be logged into the site to read it:
https://letter.spyoptionsactionablelevels.com/p/strategy-guide-the-basics
As readers know trading after a massive move in either direction is risky.
Trying to predict when trend will break is a fool’s game because the trend can be stronger than you ever realize.
Going with the trend is hard because it has already run so far (or dropped) and move may be close to over.
All you can do is pick your entries carefully and with proper position sizing. Trading out 1-3 DTE or further also helps soften the blow.
Yes it will decrease the amount of profit but will greatly help keep you in a trade long enough to see return.
For tomorrow, I am closely watching the key SPX levels of…
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