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- Thursday October 30 2024 SPY SPX ES Actionable Levels
Thursday October 30 2024 SPY SPX ES Actionable Levels
$SPX sells off overnight for the dip & defense and rally during the regular session. Are $SPY bulls out of the woods?
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In yesterday’s letter, I wrote:
“For tomorrow, I am closely watching the key SPX levels of 5813, 5788, and 5838.
It is key that we reclaim 5838, and I’m cautious of longs until we are above there. I could try the move from 5824 if we retest and bounce by 5+ points or from 5813. If we fail 5813, then I could take the short to 5788.
If we reclaim 5838, then I am feeling good about longs to 5852.”
This is what happened. The market opened with some volatility as we initially drifted down overnight and tested the 5813 level just prior to the open. Unfortunately, we lost that level after the open and after some fits and starts, we finally managed to reclaim 5813, which led to a breakout all the way up through the key levels—5824 and 5838—ultimately reaching a high of 5847. This high was right at the resistance level that I had outlined yesterday.
See how well the levels work?
Now that we've reclaimed 5838 and pushed through, where do we go from here? Which levels and targets should we watch as we move forward?
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 played out great as the reclaim of 5813 was the key trigger to take us all the way up through to 5847. Always trust the levels.
Now we are sitting in AH right above the key 5846 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.
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Trading Plan
The strong rally resulted in a daily green candle with higher volume than what we saw on Monday.
Tomorrow’s economic calendar is packed, as we will be watching GDP, pending home sales, and employment data. The reactions to these reports could add further volatility to the market, so stay alert.
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…
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