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What we’re reading:

In yesterday’s letter, I wrote:

This is what happened. Overnight, we held precisely at the 4952 SPX level and rallied up, all the way through levels above and just a hair shy of 5008 in after hours.

See how well the levels work?

Now that we’ve defended this key level and rallied, is this a short term bounce or a bottom being set? What key levels prevent another sell off?

More in the trade plan below.

The $SPX 0DTE 4990 calls ran from a low of $50 to $1550 = 3000% gain.

I missed the big move in these unfortunately and traded from $200 to $225, then from $155 to $230 called out in the chat. This was after trading the 498 0DTE calls from $20 to $29 also called out in the chat. The beginning of the day had me manage the swing call position I had from the prior day. 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 the prior letter were awesome. We held where we needed to, rallied, sold and then rallied some more. It was one of those range bound chop days until it wasn’t and by the time it took place many (including myself) were done for the day. I wish I had entered the 4990’s above one dip later, would have had the big move. Always trust the levels!

Now we are sitting in AH right on the key 4998 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.

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

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Trading Plan

Here is a current check of the daily:

This includes all the way back to 6/29 & all overnight action.

We had an inside day but brought us firmly back into the new range we have been forming.

Quick volume check:

Decent volume, less than sell off Tuesday but higher than many recent sessions.

I am receiving some great questions from beginners. This is helping me develop guides for this group as well as the course. More to come but I’ve created a separate channel in the discord just so you can not be shy about bringing those questions to the group. No question is dumb, we grow stronger together!

In fact, I’ve created this single resource as a guide. It is a living document and we will continue updating it. You must be logged into the site to read it:

https://letter.spyoptionsactionablelevels.com/p/strategy-guide-the-basics

We have a lot of data tomorrow pre and post open and also some Fed Member speeches.

As readers know trading after a massive move in either direction is risky.

Trying to predict when trend will break is a fool’s game because the trend can be stronger than you ever realize.

Going with the trend is hard because it has already run so far (or dropped) and move may be close to over.

All you can do is pick your entries carefully and with proper position sizing. Trading out 1-3 DTE or further also helps soften the blow.

Yes it will decrease the amount of profit but will greatly help keep you in a trade long enough to see return.

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