Monday September 23 2024 SPY SPX ES Actionable Levels

$SPX chops and drops at all time highs. How much further can $SPY run?

In partnership with

šŸ¦¾ Master AI & ChatGPT for FREE in just 3 hours šŸ¤Æ

1 Million+ people have attended, and are RAVING about this AI Workshop.
Donā€™t believe us? Attend it for free and see it for yourself.

Highly Recommended: šŸš€

Join this 3-hour Power-Packed Masterclass worth $399 for absolutely free and learn 20+ AI tools to become 10x better & faster at what you do

šŸ—“ļø Tomorrow | ā±ļø 10 AM EST

In this Masterclass, youā€™ll learn how to:

šŸš€ Do quick excel analysis & make AI-powered PPTs 
šŸš€ Build your own personal AI assistant to save 10+ hours
šŸš€ Become an expert at prompting & learn 20+ AI tools
šŸš€ Research faster & make your life a lot simpler & moreā€¦

Donā€™t miss the Topic Directory - Getting lots of questions that are answered in here.

There seems to be some confusion as to the premium subscription and the discord chat. If you are premium and you do not have access to the ā€œPremium Members Onlyā€ channels including ā€œmembers-onlyā€ please authenticate yourself in the ā€œbot-request-premiumā€ chat. Or send me a DM in the discord!

Also - if you missed it - join our chat during market hours for premium subscribers. We are now leveraging discord for this. Link is at the very bottom of premium content: Trading Plan section below.

Order Now - Mastering Emotions lesson launched and new lessons soon.

In yesterdayā€™s letter, I wrote:

ā

ā€œFor tomorrow, I am closely watching the key SPX levels of 5696, 5682, and 5707.

Itā€™s bullish if 5696 holds or doesnā€™t even retest. We may also defend at 5682ā€”either of these scenarios could see us push up through 5707ā€

This is what happened. The market opened with a strong bullish sentiment, and after a brief moment of uncertainty and dip below the 5682 level, we saw a successful reclaim that set the tone for the day. Once we held 5682, the rally was on, pushing us directly to the 5707 target and ultimately reaching a high of 5715.14, just above the 5714 level I had mentioned yesterday. The levels played out perfectly, reinforcing the importance of trusting the key support and resistance points.

See how well the levels work?

Now that weā€™ve chopped and dropped on the day where do we go from here? What supports should we be watching to prevent any potential major pullbacks?

More in the trade plan below.

I traded a call on the reclaim of 5682 as called out in the chat, and it worked out beautifully as we surged towards our targets. After hitting 5707, we experienced a minor dip but quickly bounced back to 5715. This shows the strength of the market and the resilience of the bullish trend.

Below, weā€™ll cover the actionable levels, how I played them today and what they mean for the next session.

Levels played out great after a failed breakdown of 5682 must hold level this morning, we rallied up to 5707 and finally 5715. Always trust the levels.

Now we are sitting in AH right above the key 5695 support level. What does this 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 todayā€™s trade recap.

Learn the system to make 1-3 low risk, high reward trades per day using SPY/SPX options.

If you are enjoying this letter, consider sharing with a friend! We even have a referral program where you can earn free subscription time for referring others that sign up for a paid subscription.

Trading Plan

On the daily chart, weā€™ve observed a small dip but remain well within yesterday's mid-upper range. Volume was lighter than usual for a Friday, which is not surprising given typical market behavior heading into the weekend.

Looking ahead to Monday, keep an eye on the PMI release after the open, as well as at least three FOMC members speaking throughout the day, which could introduce volatility and further trading opportunities.

I am receiving some great questions from beginners. This is helping me develop guides for this group as well as the course. More to come but Iā€™ve created a separate channel in the discord just so you can not be shy about bringing those questions to the group. No question is dumb, we grow stronger together!

In fact, Iā€™ve created this single resource as a guide. It is a living document and we will continue updating it. You must be logged into the site to read it:

https://letter.spyoptionsactionablelevels.com/p/strategy-guide-the-basics

As readers know trading after a massive move in either direction is risky.

Trying to predict when trend will break is a foolā€™s game because the trend can be stronger than you ever realize.

Going with the trend is hard because it has already run so far (or dropped) and move may be close to over.

All you can do is pick your entries carefully and with proper position sizing. Trading out 1-3 DTE or further also helps soften the blow.

Yes it will decrease the amount of profit but will greatly help keep you in a trade long enough to see return.

For Monday, I am closely watching the key SPX levels ofā€¦

Subscribe to Premium to read the rest.

Become a paying subscriber of Premium to get access to this post and other subscriber-only content.

Already a paying subscriber? Sign In.

A subscription gets you:

  • ā€¢ Actionable SPY SPX Levels provided daily.
  • ā€¢ Trade recap and current outlook and plan for the next session.
  • ā€¢ Live Chat during market hours. Join the community including comments/discussion.
  • ā€¢ Subscriber-only posts and full archive.