Tuesday December 10 2024 SPY SPX ES Actionable Levels

$SPX finally gets a sell. Healthy dip for $SPY or start of something more?

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SPY Options
December 09, 2024

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In Friday’s letter, we wrote:

❝

For Monday, I am closely watching the key SPX levels of 6084, 6062, and 6046.

If we hold or get a dip and defense at 6084, then the long could still be at play up to 6099.

If we lose 6084, you could play the short to 6062, where another long opportunity could present itself. If we continue to 6046 and fail, then the short to much lower levels is in play…

If we chop without making much of a move, it is likely above 6046/6062 and below 6099 or so.”

This is what happened. The levels played out as anticipated. We opened and immediately failed to hold the 6084 level, leading us down to 6062 as predicted. We then dropped nearly to the key support at 6046, reaching a low of 6048.63, where we managed to defend for now.

See how well the levels work?

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Now, after today's action, what level must hold to keep this a healthy dip…not the start of something more?

More in the trade plan below.

Below, we’ll cover the actionable levels, how I played them today and what they mean for the next session.

Levels were great. We couldn’t defend 6084 which led to the move to 6062. Couldn’t hold there either and almost hit the 6046 target. If you followed the plan, you would have been able to capitalize on the downward move after the failure to hold 6084. This demonstrates the effectiveness of sticking to our key levels and understanding market dynamics. Always trust the levels.

Now we are sitting in AH right on the key 6048 support level. What does this 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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Don’t miss the Topic Directory - Getting lots of questions that are answered in here.

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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 bottom of premium content: Trading Plan section below.

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Trading Plan

We had a nice red candle on higher volume, indicating potential volatility ahead.

Tomorrow, keep an eye on any developments coming out of OPEC meetings, some employment data in the morning, and additional news from the Middle East. These factors could influence market sentiment and trading opportunities.

As we move forward, watch for any reactions to the economic data and geopolitical news, as they could provide further direction and opportunities for trading.

I am receiving some great questions from beginners. This is helping me develop guides for this group as well as the course. More to come but I’ve created a separate channel in the discord just so you can not be shy about bringing those questions to the group. No question is dumb, we grow stronger together!

In fact, I’ve created this single resource as a guide. It is a living document and we will continue updating it. You must be logged into the site to read it:

https://letter.spyoptionsactionablelevels.com/p/strategy-guide-the-basics

As readers know trading after a massive move in either direction is risky.

Trying to predict when trend will break is a fool’s game because the trend can be stronger than you ever realize.

Going with the trend is hard because it has already run so far (or dropped) and move may be close to over.

All you can do is pick your entries carefully and with proper position sizing. Trading out 1-3 DTE or further also helps soften the blow.

Yes it will decrease the amount of profit but will greatly help keep you in a trade long enough to see return.

For tomorrow, I am closely watching the key SPX levels of…

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