Thursday July 27 2023 SPY SPX ES Actionable Levels

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In yesterday’s letter, I wrote:

Well, we had lots of volatility, but overall 4554 held and we did briefly break 4 other levels before settling back flat. We also had a late day dump that would have been a fantastic trade - but I was already done for the day!

See how well the levels tell the story?

Now that FOMC is behind us, can we continue the move up from the prior two sessions?

More in the trade plan below.

The 2DTE $SPY 455 calls ran from a low of $155 to $325 = 110% gain.

I traded these between $215 and $320 = 49% gain. Usually I close runners and then it runs even further and I regret my close even if it was for a gain. This time was a good exit. I also traded some 0DTE calls on SPY & SPX. These were smaller scalps. 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 pretty (15 min chart). They got me long not too far into the session where we defended 4554 and I was able to open and then scale out into only runners prior to the blast during the presser. Always trust the levels!

Now we are sitting in AH right on the 4566 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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