Wednesday June 7 2023 SPY SPX ES Actionable Levels

Consolidation for $SPX and ready for another breakout?

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SPY Options
June 06, 2023

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In yesterday’s letter, I wrote:

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“If we can hold 4260, I believe we can continue to make a run. Whether 4260 is a deep/healthy enough pullback remains to be seen.

We would first target 4274, then 4282 and 4291.”

We fell after the open and defended 4260 and then bounced to break 4282 several times and then in AH got close to 4291.

How much more rest is needed before we make a move higher? Will we make a move higher? And what are the short term targets (lower & higher)?

More in the trade plan below.

The 7DTE $SPY 427 calls ran from a low of $246 to $373 = 51% gain.

I traded these several times and best was able to enter at $294 and exit at $348 for 18% gain. More in the trade recap section.

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 me on 3 call trades. Knowing where to enter and where to exit. Where to take limit sell and where to set stops. Always trust the levels!

Now we are sitting in AH right on top of the 4283 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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