Wednesday Mar 1 2023 SPY SPX ES Actionable Levels

Chop fest where we held 3979 support and rallied for 1/2 of the regular session and broke down to 3968 by the close.

February 28, 2023

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.

This is exactly what happened as we held and broke through 3991-3994 and hit 3997.

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.

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.

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