Thursday June 1 2023 SPY SPX ES Actionable Levels

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In yesterday’s letter, I wrote:

This is exactly what happened. We lost 4203 overnight and failed to reclaim 4197 in PM. After the open we lost 4184 and fell straight down to 4166 where it was defended before a late day rally.

Did buyers do enough to defend 4166 and where are we headed from here?

More in the trade plan including an interesting check on today’s volume.

The 0DTE $SPY 417 calls ran from a low of $48 to $214 = 346% gain.

I traded these later in the day and held on for a great run. I held from $77 to $176 = 129% gain. This was after trading some other calls that were longer dated and prior to that some puts for the move down after the open. 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 fantastic (15 min chart). They helped guide my entry on every trade, from the puts in the AM to the calls in the afternoon. Always trust the levels!

Now we are sitting in AH right on top of the 4179 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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