Wednesday May 17 2023 SPY SPX ES Actionable Levels

Choppy price action with late day break below key level. Where do we go next?

Author

SPY Options
May 16, 2023

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:

❝

“Tomorrow, if we lose 4134/4129 and don’t reclaim, that brings about 4115. This is again the significant level.”

This is what happened today. We lost 4134 & 4129 and then never could reclaim. We dipped down to test 4115 in the morning and then a late day breakdown to breach the significant level.

If this holds, it could be significant. Will be watching this overnight. More in the plan for tomorrow along with a volume check.

The 3DTE $SPY 411 puts ran from AM low of $141 to $232 = 65% gain.

I traded these, from $186 to $222 = 19% gain. This was my first trade of the day. 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 Friday were great (15 min chart). Had some great morning movement to the downside and then a reversal to defend and pop back up above key levels. Then we had a lot of chop end of day. Always trust the levels!

Now we are sitting in AH sitting right under the 4114 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 reward trades per day using SPY/SPX options.

Subscribe to Premium to read the rest.

Become a paying subscriber of Premium to get access to this post and other subscriber-only content.

Already a paying subscriber? Sign In.

A subscription gets you:

  • • Actionable SPY SPX Levels provided daily.
  • • Trade recap and current outlook and plan for the next session.
  • • Live Chat during market hours. Join the community including comments/discussion.
  • • Subscriber-only posts and full archive.