Thursday July 13 2023 SPY SPX ES Actionable Levels

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In yesterday’s letter, I wrote:

This is exactly what happened. We held the key level overnight and then post CPI broke out to new 52 week highs. We even blasted above the 4476 level for a break of next level up. To close the day in AH we reclaimed 4476 after a small dip to retest 4467.

See how well the levels worked? They told the story of where we were headed all day by where we defended.

Now, as price discovery takes place post-breakout, what the key must-hold levels and next targets?

More in the trade plan below.

The 0DTE $SPX 4475 calls ran from a PM low of $300 to $840 = 180% gain.

I traded these much earlier than this run - from $365 to $580 = 59% gain. Honestly I feel lucky to have got a good entry today as once we blasted in PM I resigned to think I might not trade today. I also traded some longer dated SPY calls. 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 great (15 min chart). The levels kept me out of the market from the open as I wasn’t already in and missed the big move! The great thing is that on the failed breakdown of key levels after a pullback they got me long. Was a beautiful move up before retesting and then closing the day higher. Always trust the levels!

Now we are sitting in AH right on the key 4475 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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