Monday Mar 20 2023 SPY SPX ES Actionable Levels

In Thursday’s newsletter, I wrote:

We did defend this level even after some failed breakdown’s on Friday. I played puts on these breakdowns. In fact, I tweeted early in the session:

I posted that when SPX was 3945. We fell to a low 3901. Just by watching the price action, volume and levels I could tell we were going much lower.

I played 3920 SPX Puts for 144% gains. This was just from leveraging the levels posted here Thursday night.

1 min chart of 3920 0DTE SPX Put below.

The levels worked out great Friday. Leading to nice put gains as I opened off failed breakouts of levels. Simply trust the levels and you will win.

Currently, we are now sitting right on top of the all important downtrend line that traces all the way back to January ‘22. This is significant, and if this does not hold, the short term bull thesis will be nullified.

Additionally, FOMC and rate decision is this week. We can expect a lot more volatility as the market chooses a direction.

We did defend the 3911 level - more on my macro thoughts regarding this below.

Now we sit in AH testing the 3920 resistance 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 Monday’s session and Friday’s trade recap.

Learn the system to make 1-3 low risk, high trades per day using SPY/SPX options.

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