Friday Sept 29 2023 SPY SPX ES Actionable Levels

$SPX rallies after defense and reclaim of key levels. Can this continue for $SPY?

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SPY Options
September 28, 2023

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In yesterday’s letter, I wrote:

❝

“For tomorrow, we need to defend the 4256 level for today’s bounce to hold.

If we do, we can start taking out additional targets to the upside. 4280, 4289 and 4297 as a first step.

If we don’t have too much resistance there we can target 4302, 4308, 4314 and even 4318 on volume.

You could try bidding the 4256 or 4262 levels if we get down there and defend, or you could watch for the break of 4280/4289 and go long on a dip that holds.”

This is exactly what happened. We hit an intraday high of 4317.27 - just shy of the 4318 target written yesterday.

See how well the levels work?

Now that we’re continuing to reclaim levels and defend the lows where do we head from here and can we break out the top of this new consolidation range?

More in the trade plan below.

The 0DTE $SPY 427 calls ran from a low of $61 to $340 = 457% gain.

I took this trade from $100 to $135 for 35%. This was my only trade and called out in the chat. I ended up being stopped out at 98 on a dip and then did not re-enter but that was the move, we blasted again above vwap and reclaimed 4274 and it was off to the races. If I had re-entered or entered just a bit later I would have caught the larger move. Oh well, have to stick to rules for consistency. This is part of the cost of this game. 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 this last night were magical. They showed where we had support and had to hold in order to get the continuation up. One we blasted above swing high it was off to to the races. They also helped guide our exits from the long side as we hit levels above and were sure to face at least temporary resistance. Always trust the levels!

Now we are sitting in AH right on the 4296 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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