Wednesday June 28 2023 SPY SPX ES Actionable Levels

$SPX defends key level and bounces 50 points. Is the cool off over?

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SPY Options
June 27, 2023

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In yesterday’s letter, I wrote:

❝

“If 4331 holds, or 4324 fails the breakdown and recovers quickly then we can continue the path up. First 4340, then 4353 and 4362. 4362 is the clear resistance that we cannot seem to hold last few sessions, today we tried hard but just couldn’t overcome it.

Once we have reclaimed and held 4362 we can launch to 4373…”

If you read this & followed it you should have made money today. We clearly defended the 4331 level all overnight and into the open. After reclaiming 4340 during the regular session we had one quick retest to check up 4331 and then it was all up from there. We hit a high of 4384 and then sold off into the close.

Was the low put in yesterday? Have we rested enough to move back up?

More in the trade plan below.

The 0DTE $SPY 433 calls ran from a low of $38 to $380 = 900% gain.

I traded these from $58 to $322 = 455% gain. I also traded some longer dated mid-July calls and was done for the day! The days where you plan for a significant level to hold or break and then trend all day are definitely my favorite. Trend days are hard if you are not prepared for them, but if it plays out the way you have prepared they are wonderful. Less trades are better every day but especially on these days. More often than not we do not trend, but they are welcome when we do! 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 fabulous (15 min chart). They got me long not too long after the open into calls as we were defending the key 4331 level. One good open today and one good exit and then managing runners is all you need! Always trust the levels!

Now we are sitting in AH right on the key 4370 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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