Thursday Nov 30 2023 SPY SPX ES Actionable Levels

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In yesterday’s letter, I wrote:

We hit the 4577 target an hour prior to the open. Then we opened just below and blasted up to a high of 4587. It was all downhill from there as we rejected the breakout and fell all the way down near the close at 4547.

See how well the levels work?

As we were unable to support the breakout and move higher, where do we go from here? Which levels are essential to hold in order to avoid a breakdown out of this current range?

More in the trade plan below.

The 0DTE $SPY 456 calls ran from a low of $28 to $76 = 171% gain.

I traded these from $53 to $67 at best sale for 26%. This was my third and final trade and all called out in the chat. My other two trades I was able to take 50% or more off for nice profit but then get stopped out on the rest. Honestly I did not like today - lots of takeouts and slow action and then we pinned until we broke down. The breakdown end of day was my cleanest read but as I already traded 3x I didn’t take this one! 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 the prior letter were fine. It clearly showed where we couldn’t sustain the move higher and we rejected multiple resistance levels. Finally we lost the levels held all night long giving up the entirety of the move. Now we are back to practically unchanged from yesterday. Always trust the levels!

Now we are sitting in AH right on the 4549 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.

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