Tuesday Oct 10 2023 SPY SPX ES Actionable Levels

$SPX continues the rally after defending critical level overnight. What key targets are next up for $SPY & where is heavier resistance?

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SPY Options
October 09, 2023

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In Friday’s letter, I wrote:

❝

“For Monday, if we defend the 4260 level, we can continue higher.

That may look like basing between 4260 and 4325 for a time, but eventually we can look to breakout to 4344.

First we would look to reclaim the levels we failed to breakdown or defended if we do retrace a bit of this move. Then take out 4315, 4325, 4333.

Even 4338 and 4344 on volume.”

This is exactly what happened. Albeit we did not quite reach 4344 level (4341.73 was today’s high) we defended the key 4260 overnight and then based and launched past to reclaim all other levels listed above.

See how well the levels work?

Now that we’ve continued the move higher, what key levels do we need to watch out for & where is heavier resistance found?

More in the trade plan below.

The 0DTE $SPY 428 calls ran from a low of $65 to $485 = 646% gain.

I took this trade from $87 to $366 at best sale for 321%. This was my only trade of the day and called out in the chat. I entered at the reclaim/defense of vwap and 4290 level reclaim. I was able to scale out and keep runners for the big move. I even exited those too early! 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 Friday night were magnificent. We put in another defense and launched higher. If you were already in a trade, nothing to do but continue adjusting stops and when you take profit. The levels guided the entry as well as ensure we take profits at resistance levels. Always trust the levels!

Now we are sitting in AH right on the 4332 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.

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