Friday Oct 20 2023 SPY SPX ES Actionable Levels

Major breakdown for $SPX. When does the pain end and what levels are required to break the trend in $SPY?

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SPY Options
October 19, 2023

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In yesterday’s letter, I wrote:

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“For tomorrow, we need to hold the 4301 level. If we don’t, we are falling through 4294, 4286, 4280 and even 4274.”

This is precisely what happened. We chopped around and tried to defend (failed 4301 breakdown) but ultimately we lost 4301 and fell hard. Losing multiple levels and falling to a low of 4269.69.

See how well the levels work?

Now that we lost critical levels and have a major breakdown in SPX, what levels are critical for us to stop the bleeding?

More in the trade plan below.

The 0DTE $SPY 427 puts ran from a low of $1 to $143 = 14,200% gain.

I took this trade from $55 to $90 at best sale for 64%. This was my second trade after having a so-so long call trade. Both were called out in the chat and were traded based on the exact levels and plan from yesterday’s letter. 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 brilliant. When we lost 4301 and accepted the breakdown I knew where we were headed, and we did so in a hurry. Always trust the levels!

Now we are sitting in AH right on the 4269 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.

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