Thursday Apr 20 2023 SPY SPX ES Actionable Levels

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In yesterday’s letter, I wrote:

This is what happened in the overnight session. We lost 4146 & 4137 and 4132. We got down to 4122 and defended. The story of the regular session was the slow grind all the way back up.

We did close below yesterday’s close. We also opened below yesterday’s close. We created a doji candle for the daily candle when you include the overnight session.

This is the second doji in a row. While we were virtually flat on the day, it is the first down (when you include overnight session) on the day in 5 sessions.

We also couldn’t get up and hold a breakout of our current range - roughly 4159 area.

The 0DTE $SPX 4165 call ran from an AM low of $60 to $1200+ per contract. - 1900+% gain.

I traded these - and while I didn’t get out at $1200 I did catch 500% of the move. This was my third and final trade after having two failed starts at puts. More in the trade cap below!

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

Levels from last night were good (15 min chart). It was just horrible, slow, low volatility chop with the lazy grind up. Not great price action at all. Info in the trade recap regarding this. Always trust the levels!

Now we are sitting in AH sitting right on top of the 4144 support level after dipping on earnings.. 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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