Tuesday Mar 7 2023 SPY SPX ES Actionable Levels

After a rally to 4078 we round trip right back to where we ended last week. Where do we go from here?

March 06, 2023

In Friday’s newsletter, I wrote

This proved true in the Sun/Mon session. After a very small backtest we did rally through the 4046, 4056 levels all the way to an intraday high of 4078. We sold off in the afternoon, defending the 4044 level and closed 4048.

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The levels sure did their job today. Found support/rejection where you would expect. Just play the levels!

Lots to unpack today. Shooting star (bearish) candle on the daily.

Mike Wilson relaxes his stance a bit.

Back to the price action…

We now find ourselves AH supported by the 4047 level. Virtually right back to where we closed the day Friday. What does this all mean and where do we go from here? Read below for my game plan which includes actionable support & resistance levels, outlook for Tomorrow’s session and today’s trade recap.

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