Tuesday May 23 2023 SPY SPX ES Actionable Levels

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In Friday’s letter, I wrote:

This is what we saw in today’s price action. We did take a stab down to the lowest we would want to hit (4178) and we did flirt with 4209 but that was our range for the day.

While a muted session, we did get some impressive moves down and we also saw buyers defend where they had to several times.

Is the breakout still at risk and what are next targets?

More in the trade plan below.

The 3DTE $SPY 419 puts ran from a low of $173 to $320 = 85% gain.

I traded these, and caught from $223 to $290 for 30%. This was my first trade of the day and honestly once we dropped below 4183 and tapped 4178 I thought we were going to get continuation. What a monster defense the bulls had in the morning! More in the trade recap below including this important lesson on scaling out!

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). Look at those quick wicks right to the levels. I traded puts initially for the big move down after the open. I got the move I was looking for, but wanted even more. Bulls fought back hard! I had a couple more trades, a call and more puts but wrapped it up as we chopped between the levels. Always trust the levels!

Now we are sitting in AH right on the 4192 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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