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In yesterday’s letter, we wrote:

This is what happened. The market encountered significant resistance at the 6890 level. Despite a high of day reaching 6894.87 in the morning, we were unable to maintain momentum above that critical threshold, which triggered a decline down to a low of 6824.31. This drop aligns perfectly with our expectations, as we highlighted the importance of holding above to maintain a bullish stance. $SPY ( ▲ 0.72% )  $SPX ( ▲ 0.69% )  $ES_F ( 0.0% )  

See how well the levels work?

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Now, as we look ahead, the question remains: can we reclaim where we need to next week? What key levels should we focus on as we navigate this uncertain environment?

More in the trade plan below.

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

The failure to reclaim and hold the 6890 level triggered a decent drop before defending and bouncing. Those that chose to trade long on this defense and run through 6832 support also were rewarded. Always trust the levels.

Now we are sitting in AH right on the key 6858 support level. What does this mean and where do we go from here? Read below for our 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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Don’t miss the Topic Directory - Getting lots of questions that are answered in here.

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Trading Plan

Today’s action was primarily a consolidation day, which allowed traders to reassess their positions. The defense of the 6832 level was a strategic move, proving beneficial as it led to a bounce back to 6858 by the close. This highlights the importance of having clear levels to trade against.

Looking ahead to Monday, we have the Manufacturing PMI data scheduled to be released, along with crucial employment figures later in the week. These reports will be instrumental in shaping market sentiment, so it’s essential to stay alert and ready to adjust our strategies as needed.

We are receiving some great questions from beginners. This is helping us develop guides for this group as well as the course. More to come but we’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, we’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.

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