Tuesday May 30 2023 SPY SPX ES Actionable Levels

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This is a repost of Friday’s letter for Tuesday.

In yesterday’s letter, I wrote:

This is where we went, and not only did we reclaim 4173 within the first 1/2 hour of the regular session, but then went on an absolute squeeze higher to 4197 where we chopped around for the majority of the day. Then we had a late day push higher to close over 4200.

We are now firmly back at the breakout levels we saw just 3 sessions ago and originally breaking out 6 sessions ago.

But will we break higher to new YTD highs or will we fall right back in the consolidation range we have been stuck in for 2+ months?

More in the trade plan below.

More in the trade plan including a check on volume.

The 0DTE $SPX 4210 calls ran from a low of $115 to $560 = 387% gain.

I traded these from $145 to $310 = 114%. This was my final trade and my best trade that I was able to hold the longest. 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 amazing (15 min chart). The helped guide my entry on all of the trades I took. Even my put trade that I ended up stopping out for a small loss. Wish I had that one back because if I either could have held another 2 minutes or opened it a bit later it would have been very profitable, but rules are rules! It was tough getting in with the trend, it always is when it’s this strong. You have to try to get the best entry you can but hard when we are moving straight up. Best trade was the end of day failed breakdown of 4197. Got in at the recent low and held through 4207 break. Always trust the levels!

Now we are sitting in AH right below the 4214 resistance 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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