Wednesday Apr 19 2023 SPY SPX ES Actionable Levels

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In yesterday’s letter, I wrote:

This is really the direction the market chose. In the PM session, it tried a breakout of 4162, accepted and even broke 4168 briefly before failing in the regular session. That fail of 4162 also caused a fail of 4148 and then almost got down to the significant level when it hit 4140.

Then we bounced, reclaimed 4148 and chopped rest of day. Closing virtually flat from where we closed yesterday.

ES futures printed a huge doji candle at the top of this range. We lost the breakout (considered today the 4162 level) of the bull flag.

The 0DTE $SPX 4145 put ran from an AM low of $155 to $1100+ per contract. - 609+% gain.

I traded these - and I caught 116% of the move. This should have been my only trade, but in the afternoon I traded as I thought volume and volatility was picking up. Instead the chop continued and it was one of the rare days that I gave back all the gains and ended red. More in the trade cap below along with some critical information to help prevent this from happening - even from veterans!

Below, we’ll cover the actionable levels, how I played them today and what they mean for tomorrow.

Levels from last night were good (15 min chart). They were not the issue today. I had a decent morning trade catching the move down. As we had been having good afternoon/late session moves I was waiting for volatility and volume to pick up and then traded end of day. This ended up being a mistake. More in the trade recap below. Always trust the levels!

Now we are sitting in AH sitting right above the 4146 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 tomorrow’s session and today’s trade recap.

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