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What we’re reading:

In yesterday’s letter, I wrote:

This is what happened for the most part. Other than a mid-day dip to test 4915 we chopped around 4922 and up to a high of 4931.09, just below the 4934 level.

See how well the levels work?

Now that we’re working through the move from yesterday and last week, can we avoid a major retest? What are the key levels that are “must hold” on FOMC volatility and what targets above give us the confidence to move higher?

More in the trade plan below.

The 0DTE $SPX 4935 calls ran from a low of $170 to $400 = 135% gain.

I traded these from $250 to $400 at best sale for 60% gains called out in the chat. This was my only trade. Today was tight range choppiness and I almost didn’t trade. I saw an opportunity for a move higher and took it. 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 the prior letter were great. We just didn’t cross enough of them! Always trust the levels!

Now we are sitting in AH right on the 4905 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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Trading Plan

Here is a current check of the daily:

This includes all the way back to 6/29 & all overnight action.

Printed a higher high (barely) and higher low.

Quick volume check:

Even lower volume today. Everyone appears on the sidelines awaiting the tech earnings and FOMC tomorrow afternoon.

As mentioned, the big one is FOMC tomorrow afternoon along with some data in the AM.

As readers know trading after a massive move in either direction is risky.

Trying to predict when trend will break is a fool’s game because the trend can be stronger than you ever realize.

Going with the trend is hard because it has already run so far (or dropped) and move may be close to over.

All you can do is pick your entries carefully and with proper position sizing. Trading out 1-3 DTE or further also helps soften the blow.

Yes it will decrease the amount of profit but will greatly help keep you in a trade long enough to see return.

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