Friday Sept 15 2023 SPY SPX ES Actionable Levels

$SPX breaks out. Will it hold? What are key $SPY levels to determine the move from here?

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SPY Options
September 14, 2023

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In yesterday’s letter, I wrote:

❝

“For tomorrow, the plan has not changed again…We must continue to hold the 4445 level and if we do we are going higher.

First we can take out 4473 by way of 4465. Then 4479, 4483 and 4491.

If 4491 is broken and held then we are off to the races and can see 4500, 4507 and 4518 on volume.”

This is exactly what happened. We were testing 4491 even before the open and had one final bounce off 4479 and then ran all the way up to hit a high of 4511.99.

See how well the levels work?

Now that we’ve broken out, will we hold and what levels give us the guidance on where we head from here?

More in the trade plan below.

The 0DTE $SPY 449 calls ran from a low of $31 to $209 = 574% gain.

I took this trade a couple times, first from $62 and then scaled out at $72 & $80. The second time I traded from $50 to $173 for 246%. These two opens and closes of the same contract were my only trades of the day and called out in the chat. 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 beautiful. We got the defense of multiple levels we needed to run up the levels. Now, we are above the recent consolidation zone. The levels also showed where we were having trouble with levels and should take profits. Always trust the levels!

Now we are sitting in AH right below the 4507 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.

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