Monday Nov 27 2023 SPY SPX ES Actionable Levels

$SPX continues consolidation after massive run up. How much further can $SPY run?

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SPY Options
November 26, 2023

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This is a repost of Friday’s letter for Monday.

In Wednesday’s letter, I wrote:

❝

“For Friday, we need to hold the 4545 level breakout today in order to keep momentum for a move up intact.

If we defend 4525 or fail the 4545 breakdown then we can work on 4556…

Until we breakdown below 4545 or above 4569 we are stuck in this range. It’s very possible we chop within this range Friday and await the larger move next week.”

This is precisely what happened. We were chopping around the 4556 level all day. We did hold 4545 as needed. Simply stuck in this range during low volume holiday conditions. Look for next week to make the move out or down.

See how well the levels work?

Now that we’ve further consolidated on low volume, where do we head from here and what key levels show the way?

More in the trade plan below.

Below, we’ll cover the actionable levels, how I played them today (I didn’t) and what they mean for the next session.

Levels from last night were fine. I didn’t use them, but they sure look like they showed where we had strong resistance and support. Always trust the levels!

Now we are sitting in AH right below the 4559 key 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 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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