Tuesday Sept 5 2023 SPY SPX ES Actionable Levels

Don’t miss the Topic Directory - Getting lots of questions that are answered in here

Also - if you missed it - join our chat during market hours for premium subscribers. We are now leveraging discord for this. Link is at the very top of premium content below.

Final mention regarding this! Before we get into the letter for today, I want to highlight the above free newsletter. I hope you consider signing up. Doing so supports our community and daily letter. This letter is also only weekly, so you will not be burdened with more than you can handle!

Ok, on to the letter for today.

In yesterday’s letter, I wrote:

This is exactly what happened. After holding 4508 all night long we ran up in premarket all the way to breach 4538! Then, into the open we sold it all off and came down to lose 4508 and test 4501. Multiple times we defended 4501 and we ended up closing after a reclaim of 4508.

See how well the levels work?

Again, now that we have defended this key level once again and are filling out a new range, when does the next move occur? Also, what levels are targets and what critical level will guide us on direction?

More in the trade plan below.

The 0DTE $SPY 450 calls ran from a low of $37 to $132 = 257% gain.

I took this trade prior to this final dip from $71 to $105 - 48%. This was my best trade of the day in these chop conditions.

Prior to this I had a small call loser and before that I had a slight win on calls.

All 3 of these trades were after missing a fill on 452 puts that would have easily been a much better trade than any of these and I would have had a 1 trade and done.

Rare for me to trade 3x but I did because my first was slightly green and my second a small loser.

Hard to keep your emotions in check when you miss a fill and all you can think about is how you had it right and how much you would have made.

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 last night were great. I wish after the dip we had a better run to the upside or at least continue the trend down. The chop is hard to make much of but the levels showed again where we would face support or resistance. Always trust the levels!

Now we are sitting in AH right on the 4508 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.

Subscribe Now

Subscribe to Premium to read the rest.