Tuesday July 16 2024 SPY SPX ES Actionable Levels

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

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Order Now - Mastering Emotions lesson launched 3/24 and new lesson soon.

In Friday’s letter, I wrote:

For Monday, I am closely watching the key SPX levels of 5592 & 5622.

If we rally up through 5622 without retesting 5592, it may be a long opportunity to push up through 5634, even 5651.

If we take out 5666 then we are off to the races.

This is what happened. In Sunday futures and overnight into Monday we did not need to retest the 5592 and rallied up through 5592 to a high of 5666.94, right at the 5666 hard resistance level.

See how well the levels work?

I am not trading tomorrow but wanted to send a note to premium subscribers.

More in the trade plan below.

Learn the system to make 1-3 low risk, high reward trades per day using SPY/SPX options.

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Trading Plan

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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