Monday Apr 17 2023 SPY SPX ES Actionable Levels

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In yesterday’s letter, I wrote:

This is precisely what happened. Not only did we fail to break and hold above 4155, we then failed multiple levels all the way down 4113 close to the 4110 level. This was a 20 point lower move than I had anticipated and was significant with $VIX remaining below 18. Afternoon we defended 4110, 4123 and bounced to close near 4147.

Funny enough - we are literally back where we were at the close yesterday. Big moves to go nowhere continues to be the theme.

The 0DTE $SPX 4145 put ran from a low of $400 to $3200+ per contract. - 700+% gain.

I traded these - and I caught a good chunk of the move. I actually flipped to these after a small loss on 4135 puts and then trading calls for gain. This was my third trade of the day. More in the trade recap below.

Below, we’ll cover the actionable levels, how I played them today and what they mean for Monday.

Levels from last night worked out great (15 min chart). As noted I was able to take a small loss on puts not too long after open, some very good call gains and then flip to puts for the big move down. I also played a small call position late day for the move higher. More in the trade recap below. Always trust the levels!

When $SPX was 4140 after failing the 4155 breakout and losing 4147 I tweeted:

Followed up a little later:

From first tweet above we fell from 4140 another 27 points to 4113 before bouncing.

Now we are sitting in AH sitting right on the 4139 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 Monday’s session and today’s trade recap.

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