Wednesday July 12 2023 SPY SPX ES Actionable Levels

$SPX defends and rallies late day. How does that setup CPI?

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SPY Options
July 11, 2023

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In yesterday’s letter, I wrote:

❝

“For tomorrow, as long as we do not lose 4388…I think we are basing for a move higher.

This means that 4407/4397 and 4388 are all levels to hold or reclaim.

If this happens we can target 4418/4428 and 4435. We could even see 4440…”

This is where we went as we held 4407 all night long and then broke multiple levels in the regular session until the final hour blasting all the way up and reclaiming 4440.

See the levels in action?

Question is, how does this setup for CPI tomorrow? What are the must-hold levels and targets for remainder of the week?

More in the trade plan below.

The 0DTE $SPX 4430 calls ran from a low of $40 to $1370 = 3325% gain.

I traded these much earlier than this run - from $300 to $450 = 50% gain. This was my first trade I opened today (prior to this was closing out swing calls from yesterday. Last trade, I tried another call on a dip and could have closed for small profit but ended up with a small loss because we dipped further. Too bad, because this dip was the final swing low of the day before we ran hard! The trade would have been 1500% gain if I held. We’ve been getting those strong moves end of day back to back. 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 fantastic (15 min chart). The levels kept me long overnight based on how we closed and then got me out at local high in the AM. Then, they got me long again on a dip and defense of key 4407 level. Always trust the levels!

Now we are sitting in AH right below the key 4440 resistance 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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