Tuesday May 9 2023 SPY SPX ES Actionable Levels

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In Friday’s letter, I wrote:

“For Monday, I don’t see real selling until we break 4116. We could fail 4128 and 4122 and reclaim and continue moving up the levels. First 4137 and 4151 as targets.”

This is exactly the direction we ended up going. As expected, it was a flat choppy day after massive trend days that took us on big directional moves. Today we defended 4128 in Sunday session and throughout regular session today. We also had a break of 4137 in PM that got us close to testing 4151.

In regular session we hugged 4137 after defending 4128. At one point on news we failed 4128 and hit 4123 before recovering.

Overall it was a frustrating, slow day to trade even if your thesis is correct and plays out!

More on this in trade recap & tomorrow’s plan below.

The 3DTE $SPY 414 call ran from an AM low of $161 to $203 per contract. - 26% gain.

I traded these, and caught what part of the move I could, from $173 to $201 = 17% gain. I left runners that were then stopped out for profit and I was done for the day. Great example of taking what the market will give you but not expecting more than what was here. There was not much here. I was right on the direction in the chat from the start of the day but it didn’t happen quick or meaningfully. More in the trade recap below.

Below, we’ll cover the actionable levels, how I played them today and what they mean for tomorrow.

Levels from last night were fine (15 min chart). The problem was we didn’t run through enough of them! They allowed me to get a nice scalp in the AM as we defended 4128 and ran to 4137. Always trust the levels!

Now we are sitting in AH sitting right on the 4134 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 tomorrow’s session and today’s trade recap.

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