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- Friday Sept 1 2023 SPY SPX ES Actionable Levels
Friday Sept 1 2023 SPY SPX ES Actionable Levels
Chop day continues to close out month. Where does $SPX head & was key $SPY level defended?
SPY Options
August 31, 2023
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Ok, on to the letter for today.
In yesterday’s letter, I wrote:
“For tomorrow, I would not be surprised to see choppy conditions continue before setting up the next leg. However, as long as we hold 4505 I think we can go higher.
First target up is 4519 which is strong resistance (as we saw today). If we can blast through there we could see 4525 and 4529…
If I had to guess though we will see 4525 and 4529 before we see 4489 again. That is my lean.”
This is exactly what happened. We never lost 4505 and we rallied up to high of 4532 before falling, chopping between 4525 and 4519 and then ultimately losing 4519 and 4505 defending (so far).
See how well the levels work?
Now that we have chopped for a couple days, when does the next move occur and what are the key levels to target above & below? Plus, did interaction with a critical level shed light on direction?
More in the trade plan below.
The 0DTE $SPY 451 puts ran from a low of $26 to $105 = 304% gain.
I took this trade from $37 to $50 at best sale for a quick 35%. Obviously these went much higher but it was a very choppy day and you do not want to sit in a losing position for the possible chance of making more. After taking a couple chunks of the core position off I set runners with a stop for a slight profit and those did get stopped out.
This was my only trade. I missed probably the best actionable trade which was the strong defense near the 4505 level to ride it back up.
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. Again I wish we had broken out or down more of them for a nice trend in either direction. It’s expected with the blast we have had this week. Always trust the levels!
Now we are sitting in AH right on the 4508 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.
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