Monday May 1 2023 SPY SPX ES Actionable Levels

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In yesterday’s letter, I wrote:

This is definitely the direction the market chose. After a breakdown we were able to reclaim 4137 and break the above levels all the way above 4169!

After two red sessions that brought us down to the bottom of the consolidation range, we have now blasted back in two sessions to the very top.

And yet, we are still within the same range as we were since 3/31.

Will we finally break out or are we at risk of chopping around more and possibly breaking down?

More in the trade plan below including a check on volume.

It’s also worthy to note we have recovered the significant level, the downtrend line of the Aug ‘22 & Jan ‘23 highs.

The 0DTE $SPX 4155 call ran from an AM low of $125 ($80 in PM!) to $1570 per contract. - 1156% gain.

I traded these, and I caught a decent chunk of the move entering at $210 and closing at $1140 = 443%. This was early in the day and while others were opening short positions, those in the chat traded calls together for a beautiful rally. Later in the day I had some additional call plays and then many (very small) put plays that were all profitable (until the last one!). More in the trade recap below.

Below, we’ll cover the actionable levels, how I played them today and what they mean for Monday.

Levels from last night were good (15 min chart). They allowed me to play calls in the morning as we got that 10 AM top of the hour blast higher and then allowed me to open additional calls off key levels. Then, as we lost momentum between 4158 & 4163, I played puts every time we tapped the high for multiple profitable scalps. More info in the trade recap regarding this. Always trust the levels!

Now we are sitting in AH sitting just on top of the 4169 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 Monday’s session and today’s trade recap.

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