Tuesday Oct 24 2023 SPY SPX ES Actionable Levels

Major doji printed for $SPX. Did the failed breakdown on $SPY of Friday's low put in the bottom?

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SPY Options
October 23, 2023

Tuesday Oct 24 2023 SPY SPX ES Actionable LevelsDon’t miss the Topic Directory - Getting lots of questions that are answered in here

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In yesterday’s letter, I wrote:

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“For tomorrow, we must hold the 4221 level. If we lose this, it would be a great short after a bounce. For example, if we come down to 4215-4216 area, accept the loss of 4221, dip a bit more potentially and then bounce but remain under 4220, you can get short with relative safety that we are headed lower.

First 4214, 4206 and 4196. Even 4189…

If we instead hold 4221 or can fail the breakdown - dip to 4219 or so and then reclaim 4221, then we can keep 4230 and 4235 in sight. Even 4244, 4249 and 4255 on volume.”

This is precisely what happened. The first part of the story played out overnight and into the open where we lost critical levels and fell all the way down to 4189 key level (low of 4189.22) and then bounced hard and rallied all the way to the 4255 level (high of 4255.84) where the second part of the story played out. Then we gave it mostly all back into the close where we lost and then in AH rallied to reclaim the 4221 must hold key level.

See how well the levels work?

Now that we had a major failed breakdown of the prior week low and ultimately reclaimed the must hold level after hours, where are we heading tomorrow? And what key levels will guide our way?

More in the trade plan below.

The 0DTE $SPY 422 calls ran from a low of $27 to $262 = 870% gain.

I entered/exited these 3 times today. First was a tad too early and I took a loss. The next two trades were both profitable and entered at lowest $88 ($99 on second trade) and exited $259 at highest for 194%. Had to be nimble as I had the direction right but the timing not so on the first entry. The levels let me know though! 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 Thursday were incredible. They showed support and reclaim of key levels to bring us higher and then rejection an failure at critical levels for the trip back down. Always trust the levels!

Now we are sitting in AH right on the 4235 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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