Wednesday June 21 2023 SPY SPX ES Actionable Levels

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In yesterday’s letter, I wrote:

This is the spot we battled all day long. At first we couldn’t defend and broke down 4375 and then reclaimed 4385 and 4394.

Then we lost 4394 end of day and finally defended 4385 once again.

This level is critical to hold, and so far we have. But what will happen overnight, and was this enough rest to start the move back higher?

More in the trade plan below.

The 3DTE $SPY 436 puts ran from a low of $123 to $264 = 115% gain.

I traded these later after a failed start at calls and traded from $221 to $260 = 18% gain. I then was done for the day. After a failed trade in the morning and knocking out 18% on these I wrapped it up. We were not seeing the momentum I wanted and I really thought if we could get one more level up we could go much higher but it never happened. 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). They helped guide that my entry into calls was wrong and I should get out (which I did). They also helped guide my entry into puts on a bounce as we had lost the 4385 level in the AM. Always trust the levels!

Now we are sitting in AH right on the 4388 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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