Friday Sept 8 2023 SPY SPX ES Actionable Levels

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In yesterday’s letter, I wrote:

We had all of the above. We came down to test 4434 in premarket and in the regular session. Every time it held or failed the breakdown. Then an hour into the session we were able to reclaim vwap and continue holding the remainder of the day. We even closed above the 4448 level.

See how well the levels work?

Now that we took multiple stabs down to the 4434 level but defended every time, where do we head tomorrow? And what targets confirm that we are done with the sell off?

More in the trade plan below.

The 0DTE $SPY 443 puts ran from an AM low of $48 to $106 = 121% gain.

I took this trade from $58 to $105 for 81%. This was my only trade of the day. I did call out a potential long once we defended 4434 for a final time, bounced and reclaimed vwap. 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 had a nice flush and then reclaim of levels, then it was all chop. Even power hour was a bore. But the levels kept us in check and told us when we should take action and when we shouldn’t. They also guided the exit once we were in the trade. Always trust the levels!

Now we are sitting in AH right on the 4451 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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