Monday Aug 28 2023 SPY SPX ES Actionable Levels

$SPX rallies after Jackson Hole volatility. Does it have legs?

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SPY Options
August 27, 2023

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

In yesterday’s letter, I wrote:

❝

“For tomorrow, I am closely watching the 4394-4402 range that we lost at the very end of the day.

If we can reclaim then bulls can regain control.

First sign that this is in play is the reclaim of the 4386 level.

Then it’s a reclaim of 4394 & 4402. If this happens we can see 4408, 4414 and 4422 in a hurry.”

This is where we went. It was volatile, which can be expected given the events, but we did defend and reclaim these levels and even spike up above very close to 4422. Even after a light sell end of day we defended this key area.

Initially after spiking above then selling off hard and then the bottom was set and we rallied remainder of the day.

Definitely could have played the short on loss of these levels or the long side.

See how well the levels work?

Now that we’ve rallied and defended this area, have we put in a local bottom? What are the key levels for Monday?

More in the trade plan below.

The 0DTE $SPY 440 calls ran from an intraday low of $11 to $150 = 1264% gain.

I took this trade prior to the lows, near the open from $116 to $185 at best sale 59%. This was my only trade of the day. As the above showed, we dipped and the better long was later in the day, which I called out in the chat. I didn’t take it because I already had my win earlier. 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 defended strongly the key level on our spike down and then it was all up from there. Before and after this move, we could tell the direction based on the key 4394/4402 level. Always trust the levels!

Now we are sitting in AH right on the 4399 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.

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

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