Wednesday Mar 15 2023 SPY SPX ES Actionable Levels

In yesterday’s newsletter, I wrote:

CPI brought the volatility that we have come to expect. Upon release, immediately dropping and bouncing right off the 3853 level posted yesterday.

After rallying in the regular session to 3937, 10 points above the key 3927 level indicated yesterday, we dropped back to 3873 and then rallied in the final 1/2 hour to close 3919.

The fact that we could not remain above 3927 nor reclaim the level (yet) is very telling in my opinion.

The levels worked out great today and clearly showed where we had support & resistance as we continued to break through level by level. Simply trust the levels and you will win.

As of now, we are sitting just below the important downtrend line that traces all the way back to January ‘22. We briefly rose above and then failed and broke through before rallying again.

For me, I had huge put plays today - all for over 300% and one for approximately 875% gains by trusting the levels. I even had a small loss that led to a massive gain. More on that below along with a good lesson on how to ensure your losses are small so that your gains can be big.

Now we sit in AH exactly between the key support/resistance levels listed yesterday. The 3919 that we reclaimed at the very end of the day has been lost, at least for now.

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 tomorrow’s session and today’s trade recap.

Learn the system to make 1-3 low risk, high trades per day using SPY/SPX options.

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