Monday Sept 11 2023 SPY SPX ES Actionable Levels

$SPX chops after the breakdown, but are key $SPY levels still being defended? How will we know longs are safe?

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SPY Options
September 08, 2023

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In yesterday’s letter, I wrote:

❝

“For tomorrow, we ultimately need a reclaim of 4482/4487. Before that, we need to defend 4445/4435.

If we can continue defending 4445 and 4435 then I believe we can make a run higher.

First we can kick out 4463, 4470 and 4476.

This entire area is choppy so we likely have lots of fakeouts but ultimately if we can defend 4445/4435 then we can push up here.”

This is what happened. We defended 4445 all day and we did make a push up to 4470+ but couldn’t hold and chopped back down to remain within this choppy consolidation range. At the end of the day, we blasted back up to defend 4451 and test 4463 breakout.

See how well the levels work?

Now that we’ve held the 4445/4435 range once again, how significant is this and where do we head next week? Plus, which targets will let us know longs are safe?

More in the trade plan below.

The 0DTE $SPY 447 calls ran from an AM low of $26 to $84 = 223% gain.

I took this trade from $43 to $75 for 74%. This was my only trade of the day and as always called out in chat. I also did call out a potential short once we tested 4463 and vwap too many times and it looked like we were going to lose it. 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 phenomenal. We had a nice rally in the AM followed by a reversal and a lot of chop until some nice moves down near the end of the session. The levels kept us in check on where we should enter and where we should take profits. Always trust the levels!

Now we are sitting in AH right on the 4457 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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