Monday Nov 20 2023 SPY SPX ES Actionable Levels

$SPX consolidation mode continues. Will holiday week have enough volume to break $SPY out or down?

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SPY Options
November 17, 2023

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In yesterday’s letter, I wrote:

❝

“For tomorrow, we must hold the 4494 level to continue higher.

If we fail and reclaim 4494 or do not even test we can push through 4512 and 4522…

We could also continue the chop between 4488 and 4522 or so.”

This is precisely what happened. We never tested 4494 overnight and ran up above the 4522 level before the open. Then we sold off to 4499 (the level just above 4494), defended and rallied to a high of 4520.

See how well the levels work?

Now that we’ve printed a very tight doji in these choppy conditions, continuing to consolidate near the top of this new range, when will be the next move? What key levels will tell us if we are breaking out or breaking down?

More in the trade plan below.

The 0DTE $SPY 450 calls ran from a low of $41 to $144 = 251% gain.

This was my only trade of the day (2 entries) called out in the chat. Ugly ugly hold. Both trades came out profitable but a choppy hold. 12% max gain on the largest chunk sold. Some exits I had to take at a slight loss but overall both trades were 3% green each so 6% overall. This is one of those rare days where not scaling out would have been the better option. 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 OK. They showed where we had support and resistance but the choppiness and the small range was rough. I want to see a breakout or a breakdown - something with a trend. Makes sense we would continue consolidating after a massive move. Always trust the levels!

Now we are sitting in AH right on the 4504 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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