Monday Oct 2 2023 SPY SPX ES Actionable Levels

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

In yesterday’s letter, I wrote:

We had both of these scenarios play out on this choppy Friday. We ran overnight and busted up at the open to a high of 4333.15 just shy of the 4335 level and we also lost 4280 and his a low of the day at 4274.86.

See how well the levels work?

Now that we’ve chopped around and printed a higher high and higher low - as well as a doji on the daily, where do we head next week?

More in the trade plan below.

The 0DTE $SPY 429 puts ran from a low of $32 to $313 = 878% gain.

I took this trade from $108 to $130 for 20% at greatest gain. This was my only trade and called out in the chat. I ended up taking more off at 119 and then took the remainder of runners at 80 before this really exploded. If I had re-entered or entered just a bit later I would have caught the larger move. Oh well, have to stick to rules for consistency. This is part of the cost of this game. 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 this last night were magnificent. They showed where we had resistance and when we struggled to break through where we were likely to fall and find support again. Always trust the levels!

Now we are sitting in AH right on the 4284 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.

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