Wednesday May 10 2023 SPY SPX ES Actionable Levels

Don’t miss the Topic Directory - Getting lots of questions that are answered in here

Also - if you missed it - join our chat during market hours for premium subscribers. We are now leveraging discord for this. Link is at the very top of premium content below.

In yesterday’s letter, I wrote:

“For tomorrow, I don’t believe we would see real selling until we break 4104…To break 4104 we would need to break multiple levels starting with 4134, 4126 and 4121.

More likely, we would see these levels and then reclaim and chop around ”

This is what happened. We didn’t see real movement, real selling because we didn’t get down to 4104. We did break 4134, 4126 and 4121 with multiple reclaims and chop.

Today was a positioning day for CPI tomorrow and it was ugly chop we have experienced for the last two sessions.

Will CPI finally give us some fireworks to trade? More in the trade plan below.

The 1DTE $SPY 411 call ran from a low of $174 to $239 per contract. - 37% gain.

I traded these, and caught what part of the move I could, from $187 to $198 = 6% gain. I left runners that were stopped out. This was one of 2 call scalps. There was not much here today. If you were precise with your entries you could do better but there was just too much risk to make it worth it. Hoping for some big moves tomorrow after putting on a position for the open at the close today. More in the trade recap below.

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

Levels from last night were ok (15 min chart). Again, the problem was the sideways chop was not worth trading. We didn’t run through enough levels - just like yesterday! I did scalp a level to level move of a level reclaim and then touch on the open. Always trust the levels!

Now we are sitting in AH sitting right on the 4120 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 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.

Subscribe Now

Subscribe to Premium to read the rest.