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What we’re reading:

In Friday’s letter, I wrote:

This is what happened. Although it mostly happened overnight and in the opening hour of the regular session.

We did not need to retest lower (yet) and broke through 4842 through 4854 to a high of 4868.41, just below the 4870 level.

See how well the levels work?

Then it was all chop all the time. We couldn’t hold onto 4854 and we had limited follow-through. Now that we have not yet retested the breakout from last week and we made new highs and chopped, where do we go from here?

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 from the prior letter were great, we just made the move higher, rejected and chopped. Unfortunately we could not get continuation in either direction. Always trust the levels!

Now we are sitting in AH right on the 4851 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.

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Trading Plan

Here is a current check of the daily:

This includes all the way back to 6/29 & all overnight action.

Made the higher high, sold off a bit and chopped. Still watching for the first major retest from Friday’s breakout.

Quick volume check:

Significantly lower volume on Monday. This is a sign of caution for longs.

Tomorrow we have a very light day in terms of scheduled data releases or events.

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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