Monday Apr 3 2023 SPY SPX ES Actionable Levels

Major rally for $SPX & $QQQ. Pullback looming for next week?

April 02, 2023

This is a repost of Friday’s letter for Monday.

In yesterday’s letter, I wrote:

Not only did we break the 4056 resistance in pre-market, but defended and held after the open and then tested 4072 eventually breaking and squeezing to a high of 4110.75.

This is a major move in a short period of time. Over 300 points higher in 15 sessions (110 of which in the last 3). But like all quick moves you have to prepare for a healthy pullback.

Today was all buyers. We had a muted response to PCE and we had already run so far overnight I did not anticipate this large of a move higher. Once we broke 4072 though it was clear the train had left the station.

Because of the above I initially was looking for a rejection of 4072 and tested puts (actually closed some for small profit and then others for a minor loss).

Once we broke 4072 I was able to play calls. More in the recap below!

The 0DTE $SPX 4080 Call ran from under $500 to over $3100 per contract. - 520+% gain.

I did play these, but I didn’t get near the 500% gains I could have had. Patience pays!

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

Levels from last night worked out great (15 min chart). After failing on some puts early I had some nice profits on calls. This was another day I had wished I was more patient to get into the trade and waited until closer to end of day to get into calls due to cheaper premiums end of day and the late session rally. More in the trade recap below. Always trust the levels!

Now we are sitting in AH just below the key 4111 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 Monday’s session and today’s trade recap.

Learn the system to make 1-3 low risk, high trades per day using SPY/SPX options.

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