Thursday June 22 2023 SPY SPX ES Actionable Levels

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In yesterday’s letter, I wrote:

The 4368 area is where we battled all day long. This was the last spot I said I would be long and with several failed breakdowns and then a quick blast above to reclaim 4378 and then get close to 4388 that was the extent of the move today.

Today is one where you could have gained playing the short side as well.

End of day we may have lost this key level, but we will see how we do AH & overnight. More in the trade plan below!

The 0DTE $SPX 4380 calls ran from a low of $100 to $840 = 740% gain.

I traded these from $150 to $450 = 200% gain. This was after already being in longer dated 6DTE calls and adding to them on the failed breakdown of 4368. 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 very good (15 min chart). They helped guide my entry into calls on failed breakdowns of 4368. The fact we kept reclaiming the level gave me confidence that there were buyers there and I could just wait and be patient. Finally the patience paid off when we blasted higher end of day before we sold off. Always trust the levels!

Now we are sitting in AH right on the 4368 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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