Tuesday Aug 1 2023 SPY SPX ES Actionable Levels

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In Friday’s letter, I wrote:

This is what happened, both prior to the open and into the close. The rest of the day was all chop and consolidation. Not a great day to trade intraday honestly.

Just like the close on Thursday was the ‘tell’ for Friday’s rally. I am hopeful that the close today is a ‘tell’ for tomorrow. We were able to hold the key levels and then breakout 4583. In after hours we reclaimed the 4590 level also as part of the same 4573 failed breakdown blast that took us all the way up through 4583 and reclaimed 4590.

See how well the levels work?

So after rallying prior to the open, flagging all day in consolidation and then having the late day breakout, where do we go from here and what is the plan for tomorrow?

More in the trade plan below.

The 0DTE $SPX 4585 calls ran from a low of $5 to $800 = 15900% gain.

I did not trade these - I did look at them but was so sick of today and already had 3 entries I was done. I did actually try 4590 0DTE earlier but was out of them prior to this move. I will always be honest with you. I got completely chopped up today. Honestly I probably was in the best trade initially but I got chased out on a quick drop and failure of 4583. This shook me out of my longs and then I got into puts quick which turned out not to be a very good trade. Then I was back long again for most of the day waiting for something that didn’t happen until the close. Luckily I swung some of the longer dated calls and will hope we continue the rally overnight.

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 fine (15 min chart). We just didn’t have enough movement. We basically had our run up overnight, then stair stepped down to flat during the day and then a quick rocket up at the close. These levels did show we were defending. Always trust the levels!

Now we are sitting in AH right on the 4591 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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