Tuesday Oct 3 2023 SPY SPX ES Actionable Levels

Choppy mess for $SPX. But were key levels on $SPY defended today?

Author

SPY Options
October 02, 2023

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In Friday’s letter, I wrote:

❝

“For Monday, we need to hold the 4270 level, 4252 absolute lowest, then we can continue a move higher.

If we do, and we can base around 4284-4299 and start taking out targets.

If we lose 4270 then we likely retest 4261 and 4252. That would be the last spot to want to try the long as if we fail 4252 we likely see low 4200’s.”

This is what we had amidst the chop. We rallied Sunday and overnight and even broke 4312 and tested 4321. Then into the open we struggled with 4284 and even 4273. We had one nice push to 4299 but rejected at 4300.58 high and then sold off losing 4270 and even testing 4260 before rallying hard at the close to reclaim vwap and 4284.

See how well the levels work?

Now that we’ve chopped around, tested the lower end of this range and reclaimed the key levels by the close, where do we head tomorrow?

More in the trade plan below.

The 0DTE $SPY 426 puts ran from a low of $20 to $187 = 835% gain.

I took this trade from $74 to $100 for 35%. Then I was stopped out on runners on the rally and this contract then moved down to the low of $20. This was my only trade and called out in the chat. I do wish I had reentered when we peaked and rejected 4299 but have to stick to the rules! This is part of the cost of being consistent. 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 were beautiful. They showed where we had resistance and when we struggled to break through where we were likely to fall and find support again. They guided entry Ito puts on the failure of key levels and helped guide exits as we hit support. Always trust the levels!

Now we are sitting in AH right on the 4290 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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