Monday June 26 2023 SPY SPX ES Actionable Levels

This is a repost of Friday’s letter for Monday

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In yesterday’s letter, I wrote:

This is where the market chose to go today. First we lost 4370 overnight and then into the open we lost 4361. That failed and we quickly lost 4350 and tested 4339. This area was defended and we rallied all the way back above 4361 before then giving it back and chopping around end of day.

4339 did defend all day and even into the close. Does this mean we survived the cool off and we are in the clear to move higher again?

More in the trade plan below.

The 0DTE $SPX 4350 calls ran from a low of $440 to $1758 = 300% gain.

I traded these from $710 to $1300 = 83% gain. This was a pretty easy trade after we opened and defended 4339, reclaimed 4350, reclaimed vwap. I was able to take the core position off at a local high above vwap and then let runners go until we hit touched 4361 and backed off. I also traded out of my longer dated July 6 calls, a portion that I opened yesterday and then added to in the AM. 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 fine (15 min chart). They got me long at the lows and then got me out when we touched levels higher. They also helped me know where to set stops (just below the level down) to ensure that if the thesis wasn’t working I got out at first sign. Always trust the levels!

Now we are sitting in AH right between the key support/resistance levels. 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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