Monday July 10 2023 SPY SPX ES Actionable Levels

$SPX completes the upside down V as the rally is sold off. What are next week's targets & critical levels?

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SPY Options
July 09, 2023

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

In yesterday’s letter, I wrote:

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“If we defend 4394 or fail and quickly reclaim we should see 4405 through 4417/4428 and even 4433.”

This is where the market took us. We defended 4394 just prior to the open and then launched breaking all levels above PLUS 4439 as we hit an intraday high of 4440.39. Then, it was all downhill from there. The last 2+ hours of the session saw us give back all of today’s gains and more.

Do you see how clearly the levels work out?

So where do we go from here? We didn’t lose any ground from the close yesterday, but we also didn’t gain anything.

Next week is big, we have CPI & PPI as well as multiple Fed speakers.

What are the must hold levels and targets for Monday?

More in the trade plan below.

The 0DTE $SPX 4415 calls ran from a low of $296 to $2577 = 771% gain.

I traded these from $550 to $1950 at last take profit = 255% gain. I also traded some longer dated SPY calls. At the end of the day, after we had retested some levels I decided to try the long again as a small position. This did not work out! 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 fantastic (15 min chart). They got me long after we defended 4394 & held 4405 and vwap. They then got me out in stages after breaking through key levels. Always trust the levels!

Now we are sitting in AH right on the key 4405 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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