Tuesday June 6 2023 SPY SPX ES Actionable Levels

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In Friday’s letter, I wrote:

Well look at a chart & tell me where we had support, launched from, broke through and then hit the high. We didn’t quite get to 4309 but we hit 4299.28. Pretty close!

Then it was all selling. Kept looking for places to bounce but we just kept heading lower.

How much more rest is needed and what are the short term targets (lower & higher)?

More in the trade plan below.

The 0DTE $SPX 4275 puts ran from a low of $25 to $180 = 620% gain.

I traded these several times and best was able to enter at $35 and exit at $95 for 171% gain. This was my last trade after calling/trading the morning beautifully with calls. Really should have stopped after we hit high of day. Hindsight is 20/20 though, so of course I know what I should have done now. More in the trade recap section.

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 great (15 min chart). They helped me navigate the entry on calls in the AM and help me set my limit sell on those in places for maximum profit (level to level move) on core position and then where to set stops for best exit if we reversed (which we did). Unfortunately I added to longs too early after this trade and then didn’t pay puts early enough to really matter. Should have stopped at high of day! Always trust the levels!

Now we are sitting in AH right on top of the 4270 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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