Tuesday Nov 14 2023 SPY SPX ES Actionable Levels

$SPX chops around and ends flat. With CPI on the horizon, which way for $SPY to break?

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SPY Options
November 13, 2023

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In Friday’s letter, I wrote:

❝

“For Monday, we must hold the 4402 level to keep the rally without a deeper retracement.

If we come down and touch 4402 and reclaim 4409 that could potentially be a long entry. Then we can target 4415, 4420…

If we lose 4402, then we likely see 4396…”

This is a great summary of what occurred. We lost and reclaim 4402 overnight, then lost 4402 and dipped after the open down to a low of 4394 and then blasted up to 4421.76. We chopped around some more and ended the day flat.

See how well the levels work?

Now that we’ve held the key 4402 level, where do we head from here with CPI on the horizon? What key levels will show the way and what does volume say?

More in the trade plan below.

The 0DTE $SPY 441 calls ran from an afternoon low of $16 to $54 = 238% gain.

This was the only contract I traded and called out in the chat. I traded them from $32 to $48 at best sale for 50%. Unfortunately I missed the best long entry of the day, the defense of 4396 and ES vwap and 4402 reclaim. I was mobile during that time and couldn’t catch it! 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 tremendous. We kept showing the 4402 key support defend and reclaim, then we got the final check on 4402/4396 before running to 4422. Always trust the levels!

Now we are sitting in AH right on the 4409 key 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.

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

Key Notes

This is not financial advice. This helps keep me honest and is a place for my notes. It is for educational & entertainment purposes for all who choose to subscribe. Not all investments are suitable for all investors.

I try to take action on less than 3 moves per day. Most days are chop and there are usually less than 3 great high confidence setups.

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