Monday July 3 2023 SPY SPX ES Actionable Levels

$SPX breaks to new 52 highs. When will cool off come and how deep?

Author

SPY Options
June 30, 2023

Don’t miss the Topic Directory - Getting lots of questions that are answered in here

Also - if you missed it - join our chat during market hours for premium subscribers. We are now leveraging discord for this. Link is at the very top of premium content below.

In yesterday’s letter, I wrote:

❝

“If we hold 4392/4380/4373 then we can target 4402/4407/4413 and 4422. On strong volume we could blast up to 4455 and higher to new YTD highs.

This could easily take place tomorrow or in the next few sessions.”

This is what happened. We blasted up overnight and broke 4413 and 4422 just before the open. Once regular session opened we rocketed all the way up to 4477 before cooling off before another move higher to break out new 52 highs.

Do you see how clearly the levels work out?

Now that we printed new 52 highs, how much further can we run before we cool off and have another rest?

More in the trade plan below.

The 0DTE $SPX 4400 calls ran from a low of $2945 to $5899 = 100% gain.

I didn’t trade these, because I didn’t trade today! I knew where we were headed, but I didn’t want to chase the move in the AM and am already planning to not trade Mon/Wed next week. I really wish I had kept some of the longer dated contracts I had yesterday as swings! 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). Even though I didn’t trade, you can clearly see where we had support and resistance for minor rejections on the move up. Always trust the levels!

Now we are sitting in AH right on the key 4442 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.

Subscribe to Premium to read the rest.

Become a paying subscriber of Premium to get access to this post and other subscriber-only content.

Already a paying subscriber? Sign In.

A subscription gets you:

  • • Actionable SPY SPX Levels provided daily.
  • • Trade recap and current outlook and plan for the next session.
  • • Live Chat during market hours. Join the community including comments/discussion.
  • • Subscriber-only posts and full archive.