Monday Dec 4 2023 SPY SPX ES Actionable Levels

$SPX finally breaks out and sustains. Will $SPY bulls take it to new highs before end of year?

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SPY Options
December 01, 2023

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In yesterday’s letter, I wrote:

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“For tomorrow, the plan has not changed much as we are not too far from where we have been for many sessions.

We need to hold and defend the key must hold level of 4541. We had a failed breakdown of this level today and once we reclaimed for good we rallied back hard.

Shorter term we need to reclaim the 4567 breakout level where we closed today and have since fallen below in after hours.

If we can defend the levels below to 4541 or not even retest then we can rally higher to first target of 4596.

First we would see 4573, 4583, 4590 and finally 4596.

If we do not reject here we could even see 4601”

This is exactly what happened. Overnight we retested levels below 4567 but never had to retest 4541 after the defense yesterday. Then after morning shakeout at the open we based and ran all the way to 4599, just above the 4596 target.

See how well the levels work?

Now that we’ve broken out, can we sustain this rally next week? What are next targets above and what key levels must hold to keep this move alive?

More in the trade plan below.

The 0DTE $SPY 457 calls ran from a low of $34 to $270 = 694% gain.

I traded these from $67 to $85 at best sale on first trade and $89 to $116 on second trade. Then I was done for the day. I do wish I managed to not get stopped out on runners and could have held at least to $200 but I traded before we really got momentum. Once I saw the final dip and blast higher I was already done trading for 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 the next session.

Levels from the prior letter were phenomenal. They clearly showed where we had support and would not let us drop below before we blasted higher. We launched right to the 4596 key target from the letter yesterday. Always trust the levels!

Now we are sitting in AH right on the 4596 key 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 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.

Key Notes

This is not financial advice. This helps keep me honest and is a place for my notes. It is for educational & entertainment purposes for all who choose to subscribe. Not all investments are suitable for all investors.

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