Thursday May 25 2023 SPY SPX ES Actionable Levels

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

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 top of premium content below.

In yesterday’s letter, I wrote:

This is exactly what we saw occur today. We sold off overnight, lost multiple levels and hit 4122 not far into the open. Then we fell to 4108 and chopped in that area for most of the day before a late day rally for a brief pop above 4129.

After two days of selling off, are buyers finally going to defend? Or are we continuing this breakdown through the bottom of this consolidation range for the last 2 months?

More in the trade plan including a check on volume.

The 0DTE $SPX 4120 calls ran from a low of $55 to $1360 = 2373% gain.

I traded these, and I caught (this is very rare for me) almost the bottom. From $65 to $880 for 1254%

This was my last trade of the day and by far my best.

Earlier in the day I had puts for the break down. These were alright, but nothing like that sharp move up late in the day. 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 great (15 min chart). They helped guide my entry on the puts in the AM to know if we lost the key level we would fall to 4108 or further. Also helped guide the call entry as we could not break much further than 4108 and defended all day. Always trust the levels!

Now we are sitting in AH right on the 4130 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.

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

Subscribe Now

Subscribe to Premium to read the rest.