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- Tuesday November 12 2024 SPY SPX ES Actionable Levels
Tuesday November 12 2024 SPY SPX ES Actionable Levels
$SPX chops in range for first post-election rest. How much more is in store for $SPY?
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Don’t miss the Topic Directory - Getting lots of questions that are answered in here.
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In Friday’s letter, I wrote:
“For Monday, I am closely watching the key SPX levels of 5988, 5964, and 5948.
If we don’t lose 5988 now, that would be extremely bullish, but I’m looking more for a long off the 5964 dip and defense level. If we can defend there, then 6008 and 6024 would be the first targets.”
This is what happened. The levels played out excellently as we didn’t even need to retest the 5988 SPX level before running up overnight to above 6024. Upon opening, we tested the 6008 level, which ultimately gave way to a test of the 5988 level during the regular session. We defended it and saw a small bounce from there.
See how well the levels work?
Now that we had our first post-election rest. How much more do we have in store? Do we need to retest lower before picking up steam? What critical level must we hold?
More in the trade plan below.
Below, we’ll cover the actionable levels, how I played them today and what they mean for the next session.
The levels played out great as we didn't even need to retest 5988 SPX before running up overnight to 6024+ level. Then we opened, tested 6008, finally gave way to test the 5988 level during the regular session, defend and small bounce. Always trust the levels.
Now we are sitting in AH right above the key 5997 support level. What does this 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.
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Trading Plan
Today was relatively flat on lesser volume, which can be a sign of consolidation. Tomorrow, we have at least five FOMC members scheduled to speak, along with Cleveland Fed inflation expectations data. This could lead to increased volatility, so it's important to remain vigilant and prepared for potential market reactions.
As we look ahead, keep an eye on the key support and resistance levels, as they will guide your trading strategy in the coming sessions.
I am receiving some great questions from beginners. This is helping me develop guides for this group as well as the course. More to come but I’ve created a separate channel in the discord just so you can not be shy about bringing those questions to the group. No question is dumb, we grow stronger together!
In fact, I’ve created this single resource as a guide. It is a living document and we will continue updating it. You must be logged into the site to read it:
https://letter.spyoptionsactionablelevels.com/p/strategy-guide-the-basics
As readers know trading after a massive move in either direction is risky.
Trying to predict when trend will break is a fool’s game because the trend can be stronger than you ever realize.
Going with the trend is hard because it has already run so far (or dropped) and move may be close to over.
All you can do is pick your entries carefully and with proper position sizing. Trading out 1-3 DTE or further also helps soften the blow.
Yes it will decrease the amount of profit but will greatly help keep you in a trade long enough to see return.
For tomorrow, I am closely watching the key SPX levels of…
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