Tuesday Aug 15 2023 SPY SPX ES Actionable Levels

Did $SPX just put in a bottom pivot?

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SPY Options
August 14, 2023

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In yesterday’s letter, I wrote:

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“If we can hold the 4439 SPX level (or not even test again) and more likely base between 4456 and 4472 we can move up and reclaim 4472 & 4477 which should provide momentum to break 4484/4493 and likely we test 4500’s.”

This is exactly what happened. We defended 4439 and then we were able to take several stabs up to 4477 and use 4472 as support until end of day when we bounced and reclaimed 4484 and tested 4493. AH we broke 4500.

Now that this green day is in the books, is it a turning point or will we continue to chop further and even trend down?

More in the trade plan below.

The 8DTE $SPY 452 calls ran from a low of $93 to $161 = 73% gain.

I took this trade from $132 to $155 at last sale for a quick 17.5%. I also traded some 1DTE earlier in the day for a quick scalp. I kept a very small position to swing overnight to see if we can keep this move going into tomorrow AM. 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 strong. It definitely helped guide entry as we defended a key level and then were range bound until end of day with 3 touches of same resistance. Always trust the levels!

Now we are sitting in AH right on the 4493 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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