Tuesday July 25 2023 SPY SPX ES Actionable Levels

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In yesterday’s letter, I wrote:

This is what happened. We defended key level overnight and reclaimed 4534 early in the AM prior to market open.

4544 was reclaimed at open and then we reclaimed 4554 later in the session.

We made a great push to 4563 hitting a high of 4536.34 which was then later sold off. Late in the day we reclaimed 4554 to set up tomorrow’s session.

See how well the levels work?

Now that we have defended and broke Friday’s high can we build on this before FOMC?

More in the trade plan below.

The 0DTE $SPY 453 calls ran from a low of $71 to $202 = 185% gain.

I traded these between $123 and $195 = 59% gain. I traded some other longer dated calls as well. While those were profitable, I did not hold onto those long enough. Happy to find a decent move amongst the chop though! More in the trade recap below.

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

Levels from last night were nice (15 min chart). They told the story of where we were going to struggle to break through and where we would find support. My first open wasn’t the best but I knew where we were heading and added on the retest. Always trust the levels!

Now we are sitting in AH right on the 4553 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.

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