Wednesday Aug 30 2023 SPY SPX ES Actionable Levels

Major rally for $SPX $SPY - are bulls out of the woods & what are the key levels?

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SPY Options
August 29, 2023

Monday Aug 21 2023 SPY SPX ES Actionable LevelsDon’t miss the Topic Directory - Getting lots of questions that are answered in here

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In yesterday’s letter, I wrote:

❝

“For tomorrow, the 4398 level is still the key to everything.

Bulls control above and Bears control below.

Now, more than 30 points up from this level, it will be the job of the long side not to lose it - in a great setup, not even get back down there!

I will be watching to see if we can continue to defend 4414. If we do, or don’t even get back down there I think we can continue to base and then make a stab at taking 4446 and 4452.

On volume we will reclaim 4458 and 4466.”

This is exactly what happened. We never broke 4420 (much less 4398) overnight and then rallied into the open.

Not only did we reclaim the levels above we hit an intraday high on $SPX of 4500.14.

See how well the levels work?

Now that we’ve rallied and are back at levels not seen since mid-August, are bulls out of the woods? How will we know?

More in the trade plan below.

The 0DTE $SPY 445 calls ran from an intraday low of $22 to $455 = 1968% gain.

I took this trade at just after 10 AM ET when we popped above key level and there was a lot of volatility. I opened at $80 and $194 at best sale for 143%.

This was my only trade. Although I did see opportunities later in the day on dips as we were just running. We retested 4479 a few times which were long opportunities. I didn’t take these as I was done from the opening trade.

I did think we were stalling out later in the day but it just slowed down and continued up! 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 phenomenal. We blasted off VWAP at the open and never looked back. The levels clearly showed where we would find some resistance temporarily and support to continue the climb higher. Always trust the levels!

Now we are sitting in AH right on the 4497 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.

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