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- Thursday Aug 31 2023 SPY SPX ES Actionable Levels
Thursday Aug 31 2023 SPY SPX ES Actionable Levels
Choppy day for $SPX $SPY to close green. What are next targets & warning signs?
SPY Options
August 30, 2023
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Ok, on to the letter for today.
In yesterday’s letter, I wrote:
“The 4505 level is next up and it is a major resistance.
You could try the short there OR, let it get close to 4515 and then lose 4505. Then on a bounce try the short if we are still below 4505.
From there we could retest 4497, 4488…
If we chop around but finally breakout of 4515, then we could see 4519…”
We really saw a mix of all of this. After dipping down to test 4488 overnight we reclaimed to rally before the open and then chop around, losing 4505 and 4497 to test close to 4488 again. Then on a reclaim of 4505 and 4515 we tested 4519.
After lots of chop we bounced between the 4515 and 4519 levels to close at 4515. Those two levels were there for a reason!
See how well the levels work?
Was a lot of chop for a .4% rally day!
Now that we are back to levels not seen since August 10th, are bulls out of the woods? What are next targets above and what levels below would mean we could retrace much of this move?
More in the trade plan below.
The 0DTE $SPY 452 calls ran from an AM low of $25 to $81 = 224% gain.
I took this trade from $63 to $80 and then had the runners stopped out at 73.
27% on the core position is something I’ll take. Then I was done for the day as this was my second trade. I called out the better trade which was the short immediately after this. First losing 4515, then we lost 4505 which was the short trigger. We fell all the way down to 4493.
After we recovered it was chop rest of the day. Not uncommon after the huge moves we’ve had!
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 fantastic. I wish we could have just had a nice trend in one direction! After the morning rally and dip we rallied again and chopped rest of day. Even with this, we clearly saw where we may reject and pivot up or down. Always trust the levels!
Now we are sitting in AH right under the 4519 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.
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