Thursday November 7 2024 SPY SPX ES Actionable Levels

$SPX has monster 2.5% rally on election reaction. As we prep for FOMC, what level must $SPY defend to continue higher?

In partnership with

The Rising Demand for Whiskey: A Smart Investor’s Choice

Why are 250,000 Vinovest customers investing in whiskey?

In a word - consumption.

Global alcohol consumption is on the rise, with projections hitting new peaks by 2028. Whiskey, in particular, is experiencing significant growth, with the number of US craft distilleries quadrupling in the past decade. Younger generations are moving from beer to cocktails, boosting whiskey's popularity.

That’s not all.

Whiskey's tangible nature, market resilience, and Vinovest’s strategic approach make whiskey a smart addition to any diversified portfolio.

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

There seems to be some confusion as to the premium subscription and the discord chat. If you are premium and you do not have access to the “Premium Members Only” channels including “members-only” please authenticate yourself in the “bot-request-premium” chat. Or send me a DM in the discord!

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 bottom of premium content: Trading Plan section below.

Order Now - Mastering Emotions lesson launched and new lessons soon.

In yesterday’s letter, I wrote:

For tomorrow, I am closely watching the key SPX levels of 5777, 5764, and 5806.

I would long a dip and defense at 5777, 5764, or even 5750. This would be a long entry to target a push up through 5806 first and 5819 second. If we take out that critical level, then 5832 and 5855 would be on the menu. Even 5867 and higher is possible on volume.

This is what happened. The levels played out tremendously well. After Monday's close, we never needed to dip lower than the 5777 level, and then we embarked on a rally that took us all the way to 5922 prior to the open. Following a brief retest, we surged nearly to the 5938 level, achieving a high of 5936.14. An incredible move indeed!

See how well the levels work?

Now that we’ve made such significant gains, where do we go from here? As we look toward FOMC decision, what key levels should we be watching to sustain this bullish momentum?

More in the trade plan below.

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

The levels did their job as the returns were rolling in. We never had to dip below 5777 and we ran hard from there. Always trust the levels.

Now we are sitting in AH right above the key 5924 support level. What does this 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.

If you are enjoying this letter, consider sharing with a friend! We even have a referral program where you can earn free subscription time for referring others that sign up for a paid subscription.

Trading Plan

The market generated a monster 2.5% move up on higher volume, which is a strong indicator of continued interest. However, tomorrow is the FOMC meeting, and we will also receive unemployment data in the morning, which could lead to volatility. Keep those levels in mind as we prepare for what could be a pivotal day in the markets.

As always, stay alert and follow your plan as we navigate through potentially turbulent waters.

I am receiving some great questions from beginners. This is helping me develop guides for this group as well as the course. More to come but I’ve created a separate channel in the discord just so you can not be shy about bringing those questions to the group. No question is dumb, we grow stronger together!

In fact, I’ve created this single resource as a guide. It is a living document and we will continue updating it. You must be logged into the site to read it:

https://letter.spyoptionsactionablelevels.com/p/strategy-guide-the-basics

As readers know trading after a massive move in either direction is risky.

Trying to predict when trend will break is a fool’s game because the trend can be stronger than you ever realize.

Going with the trend is hard because it has already run so far (or dropped) and move may be close to over.

All you can do is pick your entries carefully and with proper position sizing. Trading out 1-3 DTE or further also helps soften the blow.

Yes it will decrease the amount of profit but will greatly help keep you in a trade long enough to see return.

For tomorrow, I am closely watching the key SPX levels of…

Subscribe to Premium to read the rest.

Become a paying subscriber of Premium to get access to this post and other subscriber-only content.

Already a paying subscriber? Sign In.

A subscription gets you:

  • • Actionable SPY SPX Levels provided daily.
  • • Trade recap and current outlook and plan for the next session.
  • • Live Chat during market hours. Join the community including comments/discussion.
  • • Subscriber-only posts and full archive.