Monday Aug 21 2023 SPY SPX ES Actionable Levels

Monday Aug 21 2023 SPY SPX ES Actionable LevelsDon’t miss the Topic Directory - Getting lots of questions that are answered in here

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In Thursday’s letter, I wrote:

This is exactly what happened. We could not reclaim 4380 overnight and fell down to test 4336. We tried to reclaim late in the day but still could not.

See how well the levels work?

Now that dipped further and then reclaimed part of that move (but no 4380 yet) - where do we go from here?

And what are next targets (higher & lower) to give us the necessary guidance on when we have bottomed?

More in the trade plan below.

The 0DTE $SPY 435 puts ran from an AM low of $117 to $214 = 83% gain.

I took this trade from $145 to $184 at best sale 27%. This was it. I didn’t trade anymore given it was Friday and it continued to be choppy action. Once we reclaimed vwap and held the long trigger was there but I was done and not going to risk it. Glad I didn’t given it was so choppy. 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 gold. Once we didn’t reclaim 4380 I knew we were going lower. I did not think we would get the entire V but we did. Good thing I was done at that point and the levels & vwap reclaim told us where it wanted to go. Always trust the levels!

Now we are sitting in AH right on the 4367 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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