Wednesday June 26 2024 SPY SPX ES Actionable Levels

$SPX defends critical level. What's next in store for $SPY?

Don’t miss the Topic Directory - Getting lots of questions that are answered in here.

There seems to be some confusion as to the premium subscription and the discord chat. If you are premium and you do not have access to the “Premium Members Only” channels including “members-only” please authenticate yourself in the “bot-request-premium” chat. Or send me a DM in the discord!

Also - if you missed it - join our chat during market hours for premium subscribers. We are now leveraging discord for this. Link is at the very bottom of premium content: Trading Plan section below.

Reminder - I will never direct message you and ask you to trade with me or deposit money into an account. Even if it looks like me it is a scam. I wish I had ways to prevent those on social networks impersonating me. All I have is this letter which the premium subscription-only through beehiiv, opens up the discord.

Order Now - Mastering Emotions lesson launched 3/24 and new lesson soon.

In yesterday’s letter, I wrote:

For tomorrow, I am closely watching the key SPX levels of 5446 and 5459.

Now that we are testing, and possibly losing a critical level into the close today, we need to reclaim 5459.

If we can hold 5446 and reclaim 5459, then we can target 5471…

May look to long the reclaim of 5459 or a defense of 5446 at about 5451 or so.

If we chop, it is likely above 5446 or so and below 5471.

This is what happened. The high of the day was 5472.88, the low of the day was 5446.56. Do I need to say anymore?

See how well the levels work?

Now that we’ve reclaimed levels above, are we out of the woods? Where must we target/hold the remainder of the week to prevent a proper flush?

More in the trade plan below.

The $SPX 0DTE 5490 call ran from a low of $35 to $100 for 186%.

I traded these from $45 to $70. This was after a small gain on the short. A lot of tight range chop today made it hard. More info 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.

Choppy but followed the levels and eventually broker out higher. Took its time! Always trust the levels!

Now we are sitting in AH right above the 5467 key support level. What does this 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.

If you are enjoying this letter, consider sharing with a friend! We even have a referral program where you can earn free subscription time for referring others that sign up for a paid subscription.

Trading Plan

Here is a current check of the daily:

This includes all the way back to 1/5 & all overnight action.

Firmly within the new range.

Quick volume check:

Very light volume. This is a very interesting setup.

Tomorrow we have a very light day in terms of data including new home sales.

I am receiving some great questions from beginners. This is helping me develop guides for this group as well as the course. More to come but I’ve created a separate channel in the discord just so you can not be shy about bringing those questions to the group. No question is dumb, we grow stronger together!

In fact, I’ve created this single resource as a guide. It is a living document and we will continue updating it. You must be logged into the site to read it:

https://letter.spyoptionsactionablelevels.com/p/strategy-guide-the-basics

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.

For tomorrow, I am closely watching the key SPX levels of…

Subscribe to Premium to read the rest.

Become a paying subscriber of Premium to get access to this post and other subscriber-only content.

Already a paying subscriber? Sign In.

A subscription gets you:

  • • Actionable SPY SPX Levels provided daily.
  • • Trade recap and current outlook and plan for the next session.
  • • Live Chat during market hours. Join the community including comments/discussion.
  • • Subscriber-only posts and full archive.