Tuesday Feb 28 2023 SPY SPX ES Actionable Levels

Breakout AM session to 4018 high that then brought us down to 3973 low & chop to close at 3982 where bulls are clinging to 3979 key support level.

February 27, 2023

In yesterday’s/Friday’s newsletter, I wrote

This ended up being exactly the play we got as we broke out the 3992 level prior to the open holding the 3962 line in the sand through the weekend. We had already broken out of 3981, then 3992 and 3996 and 4009 happened rapidly.

After quickly hitting the high of 4018 out of the open, we saw the selling come in all the way down to a low of 3973 and pop to close 3982.

I had posted 3:10 PM ET when $SPX was 3981 that we could see a bounce but we looked weak and we had further to fall.

This is what happened, we had a small bounce to 3984 and then falling further 5 minutes later. By 3:38 we hit the low of 3973, didn’t quite get down to the 3962-3966 level from Friday. We then chopped some more and closed at 3982.

Now we find ourselves at key support of 3979. What does this all mean and where do we go from here? Read below for my game plan which includes actionable support & resistance levels, outlook for Tuesday’s session and today’s trade recap.

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