Thursday Aug 17 2023 SPY SPX ES Actionable Levels

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In yesterday’s letter, I wrote:

This is exactly what happened. We had a failed start overnight and in the regular session to reclaim 4443. But once we lost it confidently it was all downhill from there. We broke through all of these levels and in AH we are testing 4400.

See how well the levels work?

We are now at levels not seen since early July. I wrote yesterday about how the loss of the key level on Tuesday could be the start of a multi-day sell off event. This is now under way. Where do we need to head to put an end to this and what are next targets down?

More in the trade plan below.

The 1DTE $SPY 442 puts ran from a low of $77 to $283 = 268% gain.

I took this trade from $122 to $262 at last sale 115%. I also traded a 6DTE call on the reclaim (and hold) of 4443 earlier in the session. This trade did not work out and I had to close for a loss once we lost 4443. 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 last night were amazing. Once we lost the critical 4443 level again, we clearly saw we were going lower and then each level below showed where we may get some temporary pause/support. Always trust the levels!

Now we are sitting in AH right on the 4407 key 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 the next session and today’s trade recap.

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