Thursday June 27 2024 SPY SPX ES Actionable Levels

$SPX chops but defends once again, closing at highs of the day.. Which way will $SPY break?

In partnership with

Copper is up 70%

Discover the Zonia Advantage

  • Up to 4x faster to revenues vs. typical mines

  • 1-Billion lbs+ of Copper in global copper inventory

  • Copper +70% over last 5 years

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

There seems to be some confusion as to the premium subscription and the discord chat. If you are premium and you do not have access to the “Premium Members Only” channels including “members-only” please authenticate yourself in the “bot-request-premium” chat. Or send me a DM in the discord!

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 bottom of premium content: Trading Plan section below.

Reminder - I will never direct message you and ask you to trade with me or deposit money into an account. Even if it looks like me it is a scam. I wish I had ways to prevent those on social networks impersonating me. All I have is this letter which the premium subscription-only through beehiiv, opens up the discord.

Order Now - Mastering Emotions lesson launched 3/24 and new lesson soon.

In yesterday’s letter, I wrote:

If we can hold 5442 or (even better) not test, then we can continue the push up. 5453 could be a spot to wait for a dip and reclaim to go long. We may chop a few sessions to make the push.

First up is 5483…

If we chop, it is likely above 5442 and below 4592/5483.

This is what happened. The high of the day was 5483.14, the low of the day was 5451.87. Do I need to say anymore?

See how well the levels work?

Now that we defended 5453 and closed near high of the day, near the 5483 target, where do we head from here? After almost a week of chop, which way will we finally break?

More in the trade plan below.

Below, we’ll cover the actionable levels, how I played them today and what they mean for the next session.

Choppy, but there were a couple moves that were actionable. First the move down to defense at 5453 area and then the long from down there back to 5483. I missed them both unfortunately. Always trust the levels!

Now we are sitting in AH right above the 5468 key support level. What does this 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.

If you are enjoying this letter, consider sharing with a friend! We even have a referral program where you can earn free subscription time for referring others that sign up for a paid subscription.

Trading Plan

Here is a current check of the daily:

This includes all the way back to 1/5 & all overnight action.

More chop, still firmly within the new range.

Quick volume check:

Continues to be very light volume. Summer holiday or very weak or a mix of both?

Tomorrow we have GDP and unemployment prior to the open along with goods orders and pending home sales. Don’t forget the debate after the close, this could have Friday impacts.

I am receiving some great questions from beginners. This is helping me develop guides for this group as well as the course. More to come but I’ve created a separate channel in the discord just so you can not be shy about bringing those questions to the group. No question is dumb, we grow stronger together!

In fact, I’ve created this single resource as a guide. It is a living document and we will continue updating it. You must be logged into the site to read it:

https://letter.spyoptionsactionablelevels.com/p/strategy-guide-the-basics

As readers know trading after a massive move in either direction is risky.

Trying to predict when trend will break is a fool’s game because the trend can be stronger than you ever realize.

Going with the trend is hard because it has already run so far (or dropped) and move may be close to over.

All you can do is pick your entries carefully and with proper position sizing. Trading out 1-3 DTE or further also helps soften the blow.

Yes it will decrease the amount of profit but will greatly help keep you in a trade long enough to see return.

For tomorrow, I am closely watching the key SPX levels of…

Subscribe to Premium to read the rest.

Become a paying subscriber of Premium to get access to this post and other subscriber-only content.

Already a paying subscriber? Sign In.

A subscription gets you:

  • • Actionable SPY SPX Levels provided daily.
  • • Trade recap and current outlook and plan for the next session.
  • • Live Chat during market hours. Join the community including comments/discussion.
  • • Subscriber-only posts and full archive.