Thursday Oct 12 2023 SPY SPX ES Actionable Levels

$SPX chops but then rallies late to continue higher. With CPI on deck, what is next for $SPY?

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SPY Options
October 11, 2023

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In yesterday’s letter, I wrote:

❝

“For tomorrow, after having 3 solid trend up days I am leaning towards choppy, sideways action.

We may fill out this new range and base for a few sessions before we can make the next move.

If we don’t retrace much more of today’s move we may hold the 4352-4358 zone. If we do get down to 4346 but defend that could be an area to get long.

My lean is that we will not breakdown here.

Ideally we won’t even get down that far and will defend 4346, 4352 and 4358.

Then we can reclaim 4372, 4379 and 4386. This last level is where I opened the short today as we could not break and accept that level.”

This is exactly what happened. We defended 4346 during the regular session and then blasted higher all the way to 4386 in after hours, which was the high yesterday.

See how well the levels work?

Now that we’ve continued the move higher, and defended the critical levels, what will CPI bring and what are the key must hold levels?

More in the trade plan below.

The 0DTE $SPY 435 calls ran from a low of $21 to $216 = 929% gain.

I took this trade prior to this low from $52 to $58 at best sale. This was my third and final trade all called out in the chat. Today was frustrating. Even if you had a good read on the price action and where we would hold it was so slow and choppy it was hard to hold. Then when it finally moved it was quick but I was already done for the day at 3 trades. 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 good. They did show where we had support and resistance but again, the choppy slow action made it hard to hold for very long. Always trust the levels!

Now we are sitting in AH right on the 4384 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.

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