Wednesday Apr 5 2023 SPY SPX ES Actionable Levels

Market breaks lower & remain below key level. Healthy pullback or sign of things to come?

April 04, 2023

In yesterday’s letter, I wrote:

We really had both of these moves take place today. In PM we broke 4128 and broke through 4136 to hit 4141 and then came back under 4136.

In regular session we broke 4095 hitting a low of 4086 (not quite 4081 level) and then recovering 4095 by end of day.

The 0DTE $SPX 4115 Put ran from under $260 to over $2800 per contract. - 977+% gain.

I did play these, but I didn’t hit 900%! Patience pays!

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

Levels from last night worked out great (15 min chart). I played the rejection of 4128 for some puts. I wished I hadn’t tried calls in the afternoon as I gave back some gains. Actually, I’ll rephrase. I don’t regret playing calls in the afternoon I regret how patient I was with them. I should have known to get out earlier than I did. More in the trade recap below. Always trust the levels!

When $SPX hit 4100 I tweeted:

We then broke down 4095 again and breached 4087 to touch 4086.87.

Now we are sitting in AH right on top of the key 4099 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.

Learn the system to make 1-3 low risk, high trades per day using SPY/SPX options.

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