Thursday Apr 6 2023 SPY SPX ES Actionable Levels

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In yesterday’s letter, I wrote:

While we did not hit that lower level of 4062 we did hit the 4072 target on SPX. After failing 4099 and 4088.

The late rally did spare some of the damage for bulls but we are now below (in AH) yesterday’s low.

This obviously is not screaming bullish for the rally of the last week.

Today was another day where you could play to the downside for the first half of the session and then play long the second half.

The 0DTE $SPX 4095 Put ran from under $740 to over $2275 per contract. - 207+% gain.

I did play these, but I didn’t hit 200%! My runner was 9.10 entry to 17.50 exit - 92% gain. Patience pays!

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 played the rejection of 4099 for some puts. I wished I had stopped after these morning trades as I got stuck in a poor put position in the afternoon and didn’t get out quick enough. More in the trade recap below. Always trust the levels!

When $SPX bounced back to 4082 after dipping below I tweeted:

We then failed the 4082 breakout and fell to touch 4072.56.

Now we are sitting in AH right on top of the key 4084 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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