Wednesday Mar 29 2023 SPY SPX ES Actionable Levels

In yesterday’s letter, I wrote:

And:

If you remember 3969 was the key level I was watching. Well we had a little bit of everything. We originally held overnight and rallied to 3993, but we were NOT able to breakthrough (much less under volume). So instead, we dropped and played ping pong between 3969 & 3979. Once we broke 3969 we did drop down below 3952 (3951.53) but then this level was also defended.

This set up a late day rally to reclaim - you guessed it, 3969.

It was once again a day full of setups in both directions! Ultimately though, we ended the day practically where we closed yesterday AND where we ended last week. So again…which way will we break?

When $SPX was 3963 I tweeted:

We broke down and hit the low of day (3951.53).

Below, we’ll cover the actionable levels, how I played them today and what they mean for the rest of the week.

Levels from last night worked out great. I had some nice put gains but I lost a bit on calls and was stopped out on some of the puts prior to the move I was looking for. More in the trade recap below. Always trust the levels!

Now we are sitting in AH just below the key 3979 resistance 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 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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