Thursday Nov 16 2023 SPY SPX ES Actionable Levels

$SPX chops after the big move. What key levels need to be held for $SPY to continue higher?

Author

SPY Options
November 15, 2023

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In yesterday’s letter, I wrote:

❝

“For tomorrow, we may not even fail 4491 before continuing higher.

If we hold 4491 or you get a long off one of the above levels then we can target a reclaim of 4504, 4510 and then hit 4517, 4523…

We also could chop after such a huge move (after many recent rallies) between 4480 and 4517 or so.”

This is one of those all of the above kind of consolidation days. We did not fail 4491 overnight and before the open on data we blasted up to 4523+ and then rejected hard. This set the tone for the day. We did reclaim vwap and get close to 4517 level acceptance (high of 4521.17) during the morning, but then we sold off and ended the day just above 4500.

See how well the levels work?

Now that we’ve broken out into a new range, chopped around but managed to defend the key levels, where do we head from here? And what critical levels need to be held now to continue the move higher?

More in the trade plan below.

The 0DTE $SPY 452 calls ran from an AM low of $21 to $53 = 152% gain.

This was one of 3 trades I took today all called out in the chat. Because of the choppy consolidation day, I ended up trading my max 3 trades/day. This first trade was a small win (6.4% overall and 18% at best sale) and I had another trade 450 calls that was a similar small win. The trade in the middle was another entry into these 452’s (smaller size) that I was stopped out for small loss. Overall green on the day by 8%. 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 terrifying. They showed where we had support and resistance but the choppiness and the small range was rough. Always trust the levels!

Now we are sitting in AH right on the 4498 key 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.

Key Notes

This is not financial advice. This helps keep me honest and is a place for my notes. It is for educational & entertainment purposes for all who choose to subscribe. Not all investments are suitable for all investors.

I try to take action on less than 3 moves per day. Most days are chop and there are usually less than 3 great high confidence setups.

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