Thursday Apr 27 2023 SPY SPX ES Actionable Levels

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In yesterday’s letter, I wrote:

This is the direction the market chose. We could not reclaim 4086-87 in the intraday action and lost multiple levels (all the way down to 4049) prior to a late pop into the close. I noted my lean yesterday was that we were continuing to leg lower and that’s precisely what we did. I also noted the levels that we needed to breakdown to lead to a much heavier leg lower. More on this in the trade plan for tomorrow.

This was again another major move on the daily.

That last red candle is today. You can see that this is significant and breaks the pattern we have been in for all of April and brings us back to where we closed March.

Now that we have had two back-to-back selloffs will we get a relief rally or will we continue another leg lower? More on this and volume associated in the trade plan below.

The 0DTE $SPX 4065 put ran from an AM low of $80 to $1587 per contract. - 1884% gain.

I traded these - and caught a really good chunk of that move, entering at $200 and closing at $1100. This was my second trade. My first trade were calls of the failed breakdown of 4066. Today had really good tradable moves in both directiojns. More in the trade recap 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). They allowed me to play calls off the failed 4066 breakdown (I missed my put fill for the morning move lower) and then traded puts off the failed 4087 reclaim. More info in the trade recap regarding this. Always trust the levels!

Now we are sitting in AH sitting just on top of the 4058 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 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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