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Before the update for game plan + levels, I wanted to talk about something I’m very excited about. It’s on the below topic:

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This is a repost of Sunday’s letter for Tuesday.

In Thursday’s letter, I wrote:

This is what happened. We defended 4762 with a failed breakdown roughly 3 hours prior to the open Friday. Then we based above the level and rallied hard at the open to a high of 4802.4, just below the 4804 level above.

From here we rejected and chopped between 4770 and 4790.

See how well the levels work?

Are we on the path to new all time highs? If we get there, will the market reject or blast right through? What key levels are must hold now and what targets above show us the way?

More in the trade plan below.

The 4DTE $SPY 478 calls ran from a low of $61 to $103 = 69% gain.

I traded these prior to this move and caught them from $120 to $136. I later scalped a 4DTE put and that was it for the day. This rangebound day would have been great for selling premium. After so many strong trend days we were due for this, likely more to come. Hard not to get chopped up especially when the market shifts from strong trend to range. 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 the prior letter were great. We rejected right at the breakout level and defended right at the ‘bullish’ hold and bounced right in between. Always trust the levels!

Now we are sitting in AH right below the 4780 key resistance 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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Trading Plan

Here is a current check of the daily:

This includes all the way back to 6/29 & all overnight action.

An inside bar with lower high and higher low. Still sitting near highs of current range. How long we fill this out before breaking out or down is anyone’s guess.

Quick volume check:

Volume less than Thur but within current average. I still want to see even greater volume on a firm trend up day particularly on breakout of top of range for confirmation that bulls are in control.

Tuesday we have the manufacturing data prior to the open and FOMC Member Waller speaks.

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

Trying to predict when trend will break is a fool’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.

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