Tuesday Mar 21 2023 SPY SPX ES Actionable Levels

In yesterday’s newsletter, I wrote:

This is the direction the market chose. Although we did not reach 3968 yet, we did fail to breakdown 3905 and reclaimed right off it in the overnight session. This led to a break of 3920 & 3950 and hold into the close. Today we reached a high of 3956.62.

Despite the massive rally, we are still respecting the 20 SMA as a rejection spot and cannot break out above.

Today I had 3 put plays. I know, this was a counter trend decision but it seemed the regular session was always at the top of the level. Multiple rejections of the 3950 level were easier to play than hoping for a breakout.

I also had a losing trade which I will detail.

Today I scaled down to SPY which allowed for even more contracts for even better scaling out.

This is the 1 min chart of 391 SPY Put below.

The levels worked out great today. Leading to nice put gains as I opened off failed breakouts of the 3950 level. Simply trust the levels and you will win.

Currently, we are now sitting well above the all important downtrend line that traces all the way back to January ‘22. This is significant, and should lead to further upside if it holds.

Additionally, FOMC and rate decision is this week. We can expect a lot more volatility as the market chooses a direction.

Now we sit in AH sitting just above the 3948 support. 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 tomorrow’s session and today’s trade recap.

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

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