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What we’re reading:

In yesterday’s letter, I wrote:

This is what happened in the first part of the day. We didn’t even need to retest 4864 and blasted up to a high of 4903.68, just above the 4902 level above. Then we sold off hard. Giving up all of the gains from the open and most from the overnight move.

See how well the levels work?

Now that we’ve made higher highs but given most of it back, where do we head from here? Will we retest the breakout from Friday later this week?

More in the trade plan below.

The 0DTE $SPX 4885 puts ran from a low of $85 to $1899 = 2134% gain.

I didn’t trade these, but I did catch a big portion of the move up and the short back down in ES futures. 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 pretty good. We didn’t retest the must hold level overnight or even the bullish level noted above and ran all the way to 2nd target. From there we sold off hard and got continuation down. A day where you could trade both directions. Always trust the levels!

Now we are sitting in AH right on the 4868 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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Trading Plan

Here is a current check of the daily:

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

We printed the higher high but sold off and formed a possible shooting star. Will be watching for how this plays out overnight and tomorrow.

Quick volume check:

Higher volume on this day where we sold off most of the gains. Much of the volume came from the afternoon where we sold off hard.

Tomorrow we have a set of data prior to the open including GDP and unemployment claims.

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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