Wednesday May 31 2023 SPY SPX ES Actionable Levels

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In Friday’s letter, I wrote:

This is exactly what happened. We saw the touch of 4235 in PM before the regular session today. Then, we opened and sold all the way down to test 4196 before bouncing.

Now that we ended flat on the day, but made new YTD highs, where are we headed next?

More on the plan for tomorrow including a check on volume below.

The 6DTE $SPY 421 calls ran from a low of $219 to $310 = 42% gain.

I traded these a few times, but some from $229 to $290 = 27%. In fact, I actually have held on to runners as a swing. Given that at the time of writing this we are up to $420.34 on SPY, so far this looks like the right choice. We will see in the AM. This was my final trade after having puts in the AM and then a few failed starts at calls. More in the trade recap below.

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

Levels from last night were great (15 min chart). The helped guide my entry on the puts in the AM and then on multiple call trades. Today was harder than it should have been. Even though we were trend down I knew we would reject one of these levels & bounce. The move down was very choppy which didn’t help. More in the trade recap. Always trust the levels!

Now we are sitting in AH right above the 4203 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 the next session and today’s trade recap.

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