In yesterday’s newsletter, I wrote
This is exactly what happened (albeit we didn’t get as high as 4000’s) but defending the 3979 brought us first up to the highs today of 3997.5.
I also wrote
This was how the remainder of the day shook out as we broke 3979 and closed 3967.
The story of these two moves is outlined below in tweets.
I had posted 11:55 AM ET when $SPX was 3978-3980 that 3979 was acting as a wall so far and it looked like we would see 3991-3994 next.
Choppy Choppy ugly day. However, the 3979 level appears to be somewhat of a wall to the downside. If this holds, we will see 3991-94 up next. Otherwise fail and fall to 3967. $SPX #SPX $SPY #SPY $ES #ES #OptionsTrading #Options #DayTrading #Levels
— SPY Options~Actionable Levels~Compound 💵 (@CTInterest)
4:55 PM • Feb 28, 2023
This is exactly what happened as we held and broke through 3991-3994 and hit 3997.
The 3979 $SPX wall paid off as we defended level posted yesterday and broke through 3991-94 and hit 3997 close to testing the next level up.3993 now, if we can break this 4001-04 next.Levels below applicable if fail. #SPX $SPY #SPY $ES #ES #OptionsTrading #Options #DayTrading
— SPY Options~Actionable Levels~Compound 💵 (@CTInterest)
6:22 PM • Feb 28, 2023
Later, we started sell off and $VIX had bottomed for the session, I wrote at 3:09 PM ET when $SPX was 3981 that 3979 was being tested again and if it broke we could see 3967.
Full round trip coming up as 3979 is being tested once again after hitting 3997. This breaks and we fail to 3967 level from last night. Continue defending and 3991-94 in play. $SPX #SPX $SPY #SPY $ES #ES #OptionsTrading #Options #DayTrading #Levels
— SPY Options~Actionable Levels~Compound 💵 (@CTInterest)
8:09 PM • Feb 28, 2023
This is what happened, and we fell into the close and even hit that level (and much lower) in AH as the low during the RTH was 3968.
Now we find ourselves AH just clinging onto support of 3949-3942. What does this all mean and where do we go from here? Read below for my game plan which includes actionable support & resistance levels, outlook for tomorrow’s session and today’s trade recap.
