Tuesday Nov 28 2023 SPY SPX ES Actionable Levels

$SPX consolidation continues. How much more until we break out or down for $SPY?

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SPY Options
November 27, 2023

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In Friday’s letter, I wrote:

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“For Monday, we need to hold the 4543 level in order to keep the move up alive. A long off the 4538 or a reclaim of 4543 at about 4548 would be a nice opportunity.

If we can defend 4524 and/or 4543 then we can continue making progress higher through 4548 and 4554 to 4559…

If we choose to continue consolidating it will be between 4543 and 4563/4571.”

This is precisely what happened. Overnight we defended 4543 with force and then continued the trend up amidst choppy conditions until reaching a high of 4560.52 just above the 4559. Then we sold off to 4548 (multiple defenses at this level today) then a final bounce to 4559 only to sell off and close back at 4550.

See how well the levels work?

Now that we’ve continued the consolidation in this tight, trappy, spring-coiled pattern, when will we break out or down and what key levels show the way?

More in the trade plan below.

The 0DTE $SPX 4555 calls ran from a low of $245 to $710 = 190% gain.

I traded these from $440 to $600 at best sale for 36%. This was my only trade of the day called out in the chat. I took half off and then set stops and limit sells and all but 10% came off for 36% gain. Today was definitely a day to get in and out if you were long as we were stuck within a tight range. 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 the prior letter were amazing. I just wish we had broken above or below more of them! The did continue to show the power of the defense at multiple levels and the rejection at higher resistance. I used them to get long off support and ride as long as I could - in this choppy environment, not that long. Always trust the levels!

Now we are sitting in AH right below the 4557 key 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.

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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