Tuesday Jan 2 2024 SPY SPX ES Actionable Levels

Don’t miss the Topic Directory - Getting lots of questions that are answered in here.

There seems to be some confusion as to the premium subscription and the discord chat. If you are premium and you do not have access to the “Premium Members Only” channels including “members-only” please authenticate yourself in the “bot-request-premium” chat. Or send me a DM in the discord!

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.

Before the update for Tuesday & game plan + levels, I wanted to talk about something I’m very excited about. It’s on the below topic:

It can challenging to profit on options or maintain consistency.

Even when the underlying stock moves your way you can lose money if you don’t understand the driving forces behind contract prices. This can take you out of the game fast.

I’ve realized that many students are newer to this world and can benefit from understanding the fundamental & emotional lessons that can make consistency achievable.

That’s why I’ve decided to use the holidays as a time to reset, focus on the basics and build something that I think will be beneficial for many of you.

It is a mini-course dedicated to solving the above challenge.

With this course, you’ll learn how to overcome pricing pitfalls, how options move & how to select a contract to capitalize on your desired strategy.

This would be designed as the perfect solution for a beginner looking to take their options knowledge to the next level.  You’ll learn the fundamentals of options, how they’re priced & what makes them valuable in order to win.

I’m sending this out as a test balloon to gauge interest. If the interest is there I will put the final bow on this and get it out to all of you. I will even throw in some bonus items including a free month of the premium levels.

Take a look at the details & save your seat now to lock in 35% off regular pricing below. Only $37 and only 2 days left before it’s closed. Let me know your thoughts!

The lowest volume of the year brought a tight range until today when $SPX had 36+ points lost at one point before making some of that up into the close.

Now that the 4752 zone was defended, are we still on track for new all time highs?

What key levels below must hold and what are next targets above?

More in the trade plan below.

Now we are sitting in AH right on the 4761 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.

Trading Plan

Here is a current check of the daily:

This includes all the way back to 3/30 & all overnight action.

We punched deeper but did defend the low of current range.

Quick volume check:

Nothing to see here! We knew this week would be the quietest of the year. Today had some final trading day of ‘23 volatility which did elevate volume. Looking forward to next week and return of more typical trading days.

Tuesday is very light on events/data. Just two AM reports post-open that focus on manufacturing and construction. Later in the week we have more significant reports.

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.

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