Monday Nov 6 2023 SPY SPX ES Actionable Levels

$SPX continues the massive rally. After 5 back to back sessions, when is first $SPY pullback and how deep?

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SPY Options
November 03, 2023

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In yesterday’s letter, I wrote:

❝

“If we clear 4320 and 4325, say 4330+ and remain above firmly, then we probably see 4331, 4339, 4345 and 4351 before any significant retracement.”

Wow. 5 massive back to back trend up sessions. Not only did we clear 4320 just prior to the open, but we blasted through all the levels above and even tested the 4370 level provided yesterday (high of 4373.62) before closing just above 4351 acceptance at 4358.34.

See how well the levels work?

Now that we’re firmly back within the range of mid-October, what levels provide a signal of first decent pullback and how deep could it be?

More in the trade plan below.

The 0DTE $SPY 434 puts ran from a low of $56 to $140 = 150% gain.

I traded these from $97 to $110 at best sale. This was my only trade of the day and called out in the chat. When the day started and we had already run so much, I actually considered not trading at all because it has been such a great week. Then I thought I saw an entry for a quick counter trend. I took it, was a small gain and then packed it up. Sure, I could have traded the long once we had dipped a bit more, but I didn’t want to risk today. Nothing worse than ending the day red when you started green, no matter how small. 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 good. They clearly showed where we had support and resistance. I used one of these key resistance levels to open puts. Even though I didn’t get as large of a move as I wanted it clued me when to enter. Always trust the levels!

Now we are sitting in AH right on the 4358 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 purposes for all who choose to subscribe. Not all investments are suitable for all investors.

I try to trade 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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