Monday July 17 2023 SPY SPX ES Actionable Levels

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

In yesterday’s letter, I wrote:

Today was a bit of both of these things. Overnight we held the 4496 and reclaimed the 4505 level. Prior to the regular session we reclaimed 4514. That led us on a quick blast up to break multiple levels and hit a high of 4527.76, 1.76 more than the 4526 significant level mentioned.

After that, we came down hard and flirted with VWAP before finally giving in and not being able to reclaim. Losing multiple levels and hitting a low of 4499.56.

See how the levels tell the story of where we are headed long before they do? Because we reclaimed 4505 and 4514 and held on retests we blasted higher 2 levels after the open.

Then because we were not able to reclaim 4514 after losing it we fell all the way down 15 points to close the day.

Now that we have punched up through new 52 week highs but are taking a bit of a breather, how much deeper do we need before we can continue & what are the key targets?

Additionally, what are the must hold levels to inform us that we are still on a path higher or we need a deeper retracement?

More in the trade plan below.

The 0DTE $SPX 4495 puts ran from a low of $25 to $265 = 960% gain.

I traded these and got in at $30 - I almost never get in so close to the day’s low! I was unable to take profit at the very highs but did scale out and got some out at $160 for 433% gain. This was one of multiple put trades (all puts today I never tried calls) and all but one was profitable. 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 friendly (15 min chart). The levels helped my patience for waiting for the run up to fizzle out and then got me long on bounces but rejections of key levels. They also helped me scale out at potential support zones as we fell. Always trust the levels!

Now we are sitting in AH right on the key 4497 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.

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