Thursday Sept 14 2023 SPY SPX ES Actionable Levels

$SPX defends critical level on CPI release. Now that $SPY has bounced, where do we head next?

Author

SPY Options
September 13, 2023

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

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 top of premium content below.

In yesterday’s letter, I wrote:

❝

“For tomorrow, the plan has not changed much but since it’s CPI we may finally get the move. We need to continue holding the 4445 level. If we do so on any dips or we fail the breakdown (dip below and recover swiftly) then we can continue higher.

First we will take out 4466 by way of 4460, then 4475, 4482…”

This is precisely what happened. We defended 4445 exactly on the CPI release and then continued up the levels all the way to 4479.

See how well the levels work?

Now that we’ve put in another defense of the consolidation low and bounced off it, where do we go from here?

More in the trade plan below.

The 1DTE $SPY 447 calls ran from an PM low of $63 to $111 = 76% gain.

I took this trade late in the day from $90 to $110 at best sale (scaled out multiple times) for 22%. This was my only trade of the day as I missed the intraday bounce off the 4450 level which was the best long entry of the day. This wasn’t an amazing trade, but 22% for a few minutes of work is pretty great. 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 incredible. We needed to hold that critical level and we did on the CPI release. This was the clue that long was the side to play. It also let us know where we were failing supports and should have taken profits. Always trust the levels!

Now we are sitting in AH right on the 4465 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.

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.