Wednesday Aug 2 2023 SPY SPX ES Actionable Levels

$SPX is rangebound and sells off after hours. Was this the cool down that we needed to make a move?

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SPY Options
August 01, 2023

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In yesterday’s letter, I wrote:

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“As long as we hold this level-(now 4582 for tomorrow), especially if we continue holding 4591 as well, then I think we can continue higher. We could get as low as 4568 and I would still be wanting to look for an entry long.

Next level up is the 4598-4600 zone.”

Well this is what happened into the close yesterday, and overnight. We held the 82 and 91 levels and then blasted all the way up to 4598. We promptly rejected this prior to the open and sold off.

Then, we lost 4582 and all day in the regular session defended 4568. This is where I looked for entries as I will outline in the trade recap.

See how well the levels work?

Key question though, we could not reclaim 4582 by end of day and then sold off hard after hours.

What does this mean for tomorrow and the rest of the week?

More in the trade plan below.

The 2DTE $SPY 458 calls ran from a low of $83 to $121 = 46% gain.

I traded these a few times and best was from $92 to $115. Honestly we did not get enough movement today to really be excited about but I wanted to be in the trade in case we did get that blast. 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 (15 min chart). We again just didn’t have enough movement. We lost the big rally we had overnight prior to the open and then we chopped between 2 levels primarily. What the levels did do is show where we were defending (note the bottom wicks) and where to enter long. Always trust the levels!

Now we are sitting in AH right on the 4559 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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