Thursday Aug 3 2023 SPY SPX ES Actionable Levels

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In yesterday’s letter, I wrote:

This is where we went. After yesterday’s dip and pop after hours we could not reclaim 4569 and hold (got close) and we rejected all the way down to 4606.

This was a massive sell and largest of the current rally.

But what happened end of day? An all-important level failed to breakdown (although it tried hard). What does this mean for tomorrow and moving forward?

More in the trade plan below.

The 6DTE $SPY 451 calls ran from a low of $235 to $280 = 19% gain.

I took this trade from $240 avg to $279. I also kept runners to swing and have some other calls (lighter position) for 453 and even higher strikes for next week. 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 (15 min chart). It clearly showed where we were losing support and where we may have a brief or long-term pause in the downtrend. Always trust the levels!

Now we are sitting in AH right below the 4521 key 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 the next session and today’s trade recap.

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

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