Tuesday Aug 29 2023 SPY SPX ES Actionable Levels

$SPX defends key levels and rallies again. Are bulls out of the woods?

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SPY Options
August 28, 2023

Monday Aug 21 2023 SPY SPX ES Actionable LevelsDon’t miss the Topic Directory - Getting lots of questions that are answered in here

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In Friday’s letter, I wrote:

❝

“For Monday, nothing has changed. The 4399 level is the key to everything. We closed not too far above and what side we land on will be key. I am willing to long if we hold and move higher and also willing to long if we dip below and reclaim.

If we hold 4399 or fail the breakdown then we can reclaim 4414, 4420 and 4428.

If we have strong volume we could even see 4431, 4439”

This is exactly what happened. We did not lose 4399 and we were able to break through multiple levels, several times!

Because we bounced between levels but never gave up 4414 in the regular session you could have played the short or the long.

We were able to run all the way to the 4439 level posted Friday, with intraday $SPX high of 4439.56.

See how well the levels work?

Now that we’ve continued the rally and printed a higher low and higher high where do we go from here?

More in the trade plan below.

The 0DTE $SPY 443 calls ran from an AM low of $12 to $82 = 583% gain.

I took this trade prior to these AM lows from $86 to $100. I honestly didn’t get a good entry because right after I opened we fell to vwap for the first time and then bounced hard. If I had opened at vwap it would have been an incredible trade. Later, these actually hit a low of $2 and then rallied sharply to $52 for 2500% gain. Since we were filling out this zone back and forth there were multiple opportunities on both sides today.

Then we fell to test 4420 and 4414 the first time. I called out this long opportunity in the chat but didn’t take it as I already had my win. I also called another drop late in the day to a defense of 4414 as a long opportunity. 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 on target. We defended the all-important level all night and then bounced heavy into the open. Then we had a W during the regular session where we filled out this range. Always trust the levels!

Now we are sitting in AH right on the 4431 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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