Wednesday Aug 16 2023 SPY SPX ES Actionable Levels

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In yesterday’s letter, I wrote:

This is exactly what happened. We lost 4476 overnight and despite one valiant attempt to reclaim we rejected off and it was all downhill. We did try to reclaim vwap but could not during the day and at the very end of the session we sold off hard, losing the 4442 level.

Does this mean we start a multi-day sell off?

More in the trade plan below.

The 1DTE $SPY 444 calls ran from a low of $161 to $238 = 48% gain.

I took this trade from $180 to $222 at last sale 23%. I also traded a 7DTE that did not work out so well. I could have closed for a gain multiple times but thought the defense of 4442/4446 was in until we lost end of day! 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 on point. Other than the overnight sell and the late session sell it was primarily a tight range that looked like it could reverse until it didn’t. Honestly the best trade was likely puts off the touch of vwap earlier in the session. I did get a good call entry earlier in the day but I was not going to let my 7DTE go until we lost 4442 - and we did late in the day. Always trust the levels!

Now we are sitting in AH right on the 4438 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.

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