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In yesterday's letter, we wrote:

This is what happened. Overnight we dropped to the 6770s before bouncing back up to the key 6815 SPX level, where it faced rejection exactly at our resistance. This inability to hold above the critical levels we outlined has kept the bias firmly to the downside. During the regular session, we lost multiple supports, including 6763, which triggered a substantial drop down to the key 6710 level, hitting a low of 6707.51 before making a brief recovery above 6745. However, we were unable to regain the crucial 6763 level, leading to another sell-off into the close. $SPY ( ▼ 1.07% )  $SPX ( ▼ 1.12% )  $ES_F ( 0.0% )  

See how well the levels work?

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Now, as we reflect on today’s action, we ask ourselves: where do we go from here? Which key levels must we reclaim to shift the market sentiment, and where is the next support below?

More in the trade plan below.

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

The loss of 6763 triggered a large move down that finally supported at 6710 before bouncing. Always trust the levels.

Now we are sitting in AH right on the key 6736 support level. What does this mean and where do we go from here? Read below for our 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.

If you are enjoying this letter, consider sharing with a friend! We even have a referral program where you can earn free subscription time for referring others that sign up for a paid subscription.

Don’t miss the Topic Directory - Getting lots of questions that are answered in here.

There seems to be some confusion as to the premium subscription and the discord chat. If you are premium and you do not have access to the “Premium Members Only” channels including “members-only” please authenticate yourself in the “bot-request-premium” chat. Or send me a DM in the discord!

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 bottom of premium content: Trading Plan section below.

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Trading Plan

Today’s trading session saw a significant 1% decline, accompanied by high volume, indicating strong selling pressure.

Looking ahead to tomorrow, we have the University of Michigan consumer sentiment and inflation expectations data set to be released, along with speeches from at least three FOMC members throughout the day. These events could add to the market’s volatility, so it’s vital to stay alert and be prepared to adjust our strategies accordingly.

We are receiving some great questions from beginners. This is helping us develop guides for this group as well as the course. More to come but we’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, we’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.

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