Tuesday Aug 22 2023 SPY SPX ES Actionable Levels

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In yesterday’s letter, I wrote:

This is exactly what happened. We never lost the 4355 level overnight and after a morning flush we reclaimed VWAP and 4378 and 4389 which was the signal to long all the way up to 4405+.

See how well the levels work?

Now that we’ve continued the bounce is the bottom in? And what are targets for tomorrow?

More in the trade plan below.

The 0DTE $SPY 439 calls ran from a low of $6 to $112 = 1767% gain.

I took this trade from $35 to $106 at best sale 203%. This was after trading puts earlier in the AM. Both signals for short and then long were posted in the chat. Once we reclaimed VWAP and held critical levels we did not let go. 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 two thumbs up. They showed us where we might get a failed breakout or rejection and once we hit bottom and reversed sharply where the next target was in play. Always trust the levels!

Now we are sitting in AH right on the 4391 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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