Monday Oct 16 2023 SPY SPX ES Actionable Levels

$SPX breaks down critical levels. Will buyers show up for the $SPY dip?

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SPY Options
October 13, 2023

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In yesterday’s letter, I wrote:

❝

“For tomorrow, if we can hold 4335/4328 levels - the same ones we held today we can continue basing and moving higher.

If we do, we can eventually breakout and reclaim the 4355 level that we lost today. Then start to work our way up 4360, 4369 and 4378.

We may fill out this range a bit more between 4320 and 4386 before we can make the big move.”

Pretty much we got all of the above today. We held 4345 overnight and then was able to rocket into the open all the way to a high of 4377.1 - just shy of the 4378 mentioned above. Then we rejected hard and lost 4335 and 4328. After a failed 43238 breakdown we rallied hard back to 4345 and then fell deeper before recovering 4320 and chopping around into the close.

See how well the levels work?

Now that we’ve chopped some more and lost some of the critical levels above, where do we head next week & what key levels do we need to reclaim to keep longs alive?

More in the trade plan below.

The 0DTE $SPY 433 calls ran from a low of $34 to $106 = 212% gain.

I took this trade from $50 to $100 at best sale for 100% gain. This was after entering them too early at $92 and getting stopped out on a deeper sell. Prior to this, I closed my 434 call swing (10% remaining position from yesterday) that I opened at $106 and sold today at best sale $223 for 110% gain. 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 beautiful. When we started losing levels gained at the open and then testing the critical levels written yesterday we knew where the final support would be, this is where I found entries on calls. Then we chopped rest of day. Always trust the levels!

Now we are sitting in AH right on the 4320 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.

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