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- Monday December 9 2024 SPY SPX ES Actionable Levels
Monday December 9 2024 SPY SPX ES Actionable Levels
$SPX continues chop at all time highs. Has $SPY finally stalled out?
In yesterday's letter, we wrote:
For tomorrow, I am closely watching the key SPX levels of 6063, 6041, and 6085.
If we dip to 6063 and defend, I will want to be long for the move to 6085 and 6100.”
This is exactly what unfolded. The levels were fantastic, as we dipped precisely to the 6063 SPX level (6076 ES) TO THE PENNY, just an hour before the regular session opened. Following the data release, we witnessed a strong bounce all the way through 6085 and came within JUST THREE PENNIES of hitting the 6100 mark.
See how well the levels work?
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Now that we’ve seen this movement, where do we go from here? Have we finally stalled out and need to come back in before the next move higher? The key levels to watch are still in play, particularly as we gauge any potential pullbacks or further advances.
More in the trade plan below.
Below, we’ll cover the actionable levels, how I played them today and what they mean for the next session.
Levels were great as we got the defense precisely at the 6063 level (to the penny) before bouncing to new all time highs. Always trust the levels.
Now we are sitting in AH right on the key 6084 support level. What does this 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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Much of the mainstream financial media is designed to drive traffic, not good decision-making. Whether it’s disingenuous headlines or relentless scare tactics used to generate clicks, modern business news was not built to serve individual investors.
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Trading Plan
This was another slightly green candle on similar volume as before.
Looking ahead, Monday appears to be a light day on the calendar, with only wholesale inventories scheduled for release. However, it’s essential to stay vigilant and aware of any significant news over the weekend, particularly concerning the incoming administration and global events from the Middle East, Russia, or Taiwan, as these could impact the market significantly.
I am receiving some great questions from beginners. This is helping me develop guides for this group as well as the course. More to come but I’ve created a separate channel in the discord just so you can not be shy about bringing those questions to the group. No question is dumb, we grow stronger together!
In fact, I’ve created this single resource as a guide. It is a living document and we will continue updating it. You must be logged into the site to read it:
https://letter.spyoptionsactionablelevels.com/p/strategy-guide-the-basics
As readers know trading after a massive move in either direction is risky.
Trying to predict when trend will break is a fool’s game because the trend can be stronger than you ever realize.
Going with the trend is hard because it has already run so far (or dropped) and move may be close to over.
All you can do is pick your entries carefully and with proper position sizing. Trading out 1-3 DTE or further also helps soften the blow.
Yes it will decrease the amount of profit but will greatly help keep you in a trade long enough to see return.
For Monday, I am closely watching the key SPX levels of…
Savvy Investors Know Where to Get Their News—Do You?
Here’s the truth: there is no magic formula when it comes to building wealth.
Much of the mainstream financial media is designed to drive traffic, not good decision-making. Whether it’s disingenuous headlines or relentless scare tactics used to generate clicks, modern business news was not built to serve individual investors.
Luckily, we have The Daily Upside. Created by Wall Street insiders and bankers, this fresh, insightful newsletter delivers valuable insights that go beyond the headlines.
And the best part? It’s completely free. Join 1M+ readers and subscribe today.
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