Thursday July 20 2023 SPY SPX ES Actionable Levels

Don’t miss the Topic Directory - Getting lots of questions that are answered in here

Also - if you missed it - join our chat during market hours for premium subscribers. We are now leveraging discord for this. Link is at the very top of premium content below.

In yesterday’s letter, I wrote:

This is where we went. We even took out some levels above this but then sold back off. These were the levels I told you yesterday I would open puts, and I did!

See how well the levels work? They told us all day that we were at the highs and rejected right off them.

But now that we have yet again punched higher, when will we rest and what levels inform us that the rest has started, or is now over?

More in the trade plan below.

The 0DTE $SPX 4565 puts ran from a low of $160 to $900 = 463% gain.

I traded these between $540 and $710 = 31% gain. I was unable to obviously get in at the very lows, I got in on a failed breakout of the 4564 level. I didn’t close at the highs but let myself get stopped out naturally. Prior to this I traded longer dated SPY puts and at the very end of the day I had a 0DTE put that didn’t go my way. 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 nice (15 min chart). They kept me patient until we struggled at key 4575 to go higher and entered puts for the move back down. They also helped me scale out as we reached next level down. Always trust the levels!

Now we are sitting in AH right under the 4565 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.

Subscribe Now

Subscribe to Premium to read the rest.