Thursday Mar 23 2023 SPY SPX ES Actionable Levels

FOMC volatility leads to sell off. Will this dip be bought or is it a sign of where we are headed in the next few weeks?

March 22, 2023

In yesterday’s letter, I wrote:

These levels did not hold as late in the day we sold off to 3935 after breaking multiple levels on the way down.

Now we sit right on the 200 day SMA.

Big question is…does this hold right here and the dip is bought up or do we fail further and this is the start of a larger sell off?

Below, we’ll cover the actionable levels and those that absolutely must hold to give us the answer.

Additionally, we will cover some concepts like IV (Implied Volatility) to understand why contract premiums can cost so much more on days like today and how to avoid getting losing $$ by IV crush.

Levels from last night worked out great today. A few put plays for over 100% and some for 275%. Trust the levels!

Now we are sitting in AH just above 3943 with resistance above. 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 tomorrow’s session and today’s trade recap.

Learn the system to make 1-3 low risk, high trades per day using SPY/SPX options.

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