Monday Nov 13 2023 SPY SPX ES Actionable Levels

$SPX breaks defends critical level and breaks out. How much further can $SPY run?

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SPY Options
November 10, 2023

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In yesterday’s letter, I wrote:

❝

“For tomorrow, if we can hold the 4331 level we can start to recover from today and move back up the levels.

Ultimately we need to reclaim the 4372 level to feel confident a bottom is in - but shorter term we can start our way back there with a 4331 defense.

If we defend/fail the breakdown or better yet not even test then we can target 4345 by way of 4340, 4352 and 4358.

4363, 4372 on volume and if we hold here I would not look to short.”

This is precisely what happened. Although I did not indicate the squeeze levels that if we reclaimed 4398 that we could blast much higher. I did indicate that we had to hold 4331. Overnight, we tested 4340 but didn’t even get to 4331. Then we tested 4372 at the open, dipped to 4352 (almost) and then blasted all the way through 4372 to a high at the close of 4418.03.

See how well the levels work?

Now that we’ve erased yesterday’s dip and made new local highs, where do we go form here? What key levels light the way?

More in the trade plan below.

The 0DTE $SPY 436 calls ran from a low of $28 to $500 = 1686% gain.

This was the only contract I traded. Unfortunately I didn’t get the best entry the first time going long and had to take a loss. Then when it finally went my way and reclaimed VWAP I re-entered at $44 and exited at $257 at best sale for 484% gain. Had no clue we would continue the run and see $500! 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 fabulous. We got the dip to 4352 (almost) and then ran hard. What strength we had as we reclaimed the critical 4372 and blasted! The levels gave us some clues on where we’d see some rejection at least temporarily to take profits. Always trust the levels!

Now we are sitting in AH right on the 4409 key 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.

Key Notes

This is not financial advice. This helps keep me honest and is a place for my notes. It is for educational & entertainment purposes for all who choose to subscribe. Not all investments are suitable for all investors.

I try to take action on less than 3 moves per day. Most days are chop and there are usually less than 3 great high confidence setups.

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