Thursday May 18 2023 SPY SPX ES Actionable Levels

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In yesterday’s letter, I wrote:

Well yes, and 5 other levels! You can see I was not expecting a big trend up. We have had 2 sessions of chop, flat action. I expected that before debt deal & Unemployment/G7 catalysts later this week we would have another day of chop.

I thought we could move a bit higher, but not much more than 4130. We really jumped as we ran all the way to a high of 4164 on $SPX.

In the morning, we broke down and failed 4130/4123 and tested 4114.

This level was strongly defended and the rally was on.

Is this the beginning of a breakout? More in the trade plan below along with a volume check & key events to come.

The 0DTE $SPX 4170 calls ran from an AM low of $5 to $410 = 8100% gain.

I traded these, from $50 to $185 = 270% gain. This was my last trade of the day. Not long from the open I traded puts for a nice profit. Then, not long after we bottomed I got into calls, then into runners and let them run all day! More in the trade recap below.

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

Levels from last night were great (15 min chart). Had a great put trade about 15 minutes into the session and then hopped into calls. Quickly was able to take the core position off for profit and then let the rest run all day. Low stress, high reward trading. Always trust the levels!

Now we are sitting in AH sitting right on top of the 4151 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 tomorrow’s session and today’s trade recap.

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

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