Thursday Apr 13 2023 SPY SPX ES Actionable Levels

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https://spyoptions.substack.com/7042a817

In yesterday’s letter, I wrote:

In fact, with down significantly today, the tech safety trade continues to show signs of weakness and at the very least a little breather.

Additionally, we did break the 4143 level mentioned above on CPI release - hitting 4150 in PM post data. BUT, and this is key, we were not able to hold this level. More on this in the trade plan but I think this is significant. It was all selling in the morning from that high and we broke 7 levels on $SPX before turning around and reclaiming 4 levels up to 4122.

At that point we lost steam but chopped around until FOMC minutes were released and then it was all selling again.

We formed the letter “M” with the last vertical line longer and deeper than the rest.

The 0DTE $SPX 4100 put ran from a low of $50 to over $1300+ per contract. - 2500+% gain.

I traded these - but did not catch the full move (don't expect to - no one does!). $125 entry to $760 exit = 508% gain! I had 3 trades, first was a major winner. Second was a moderate loser and this was the third one. I was happy with this especially after taking that loss on the previous trade. More in the trade recap along with a very important topic on using multiple timeframe analysis!

Below, we’ll cover the actionable levels, how I played them today and what they mean for tomorrow.

Levels from last night worked out great (15 min chart). I had a great put trade in the AM. Locked in gains and then tried another put trade but really held too long. Finally, had an amazing late day entry into puts again. This was even prior to the big drop. More in the trade recap below. Always trust the levels!

10 minutes after the open, I kind of stuck my neck out there a bit and tweeted the following:

https://twitter.com/CTInterest/status/1646146286138032134

This was when $SPX was 4131. We now know what happened, it was a direct sell to initial low of 4095, 36 points lower.

Now we are sitting in AH under the 4093 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 tomorrow’s session and today’s trade recap.

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

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