Wednesday Nov 15 2023 SPY SPX ES Actionable Levels

$SPX breaks out in a big way. Now that We're in new range, how far can $SPY run before retracing?

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SPY Options
November 14, 2023

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In yesterday’s letter, I wrote:

❝

“For tomorrow, we will want to hold the 4389 level or fail and quickly reclaim on any dips that occur. If we do so, we can target higher, first through…Then 4426.

Here is the real test, we need to break out into a new range. Once we accept 4432 we have broken out. Then it’s 4440, 4448 and 4454.”

This is precisely what occurred. We held the critical 4389 overnight and then on CPI release blasted to clear 4454 and 4460. Then in the regular session we squeezed much higher to 4508 before closing just under 4500.

See how well the levels work?

Now that we’ve broken out into a new range, how much further can we run? What are key targets before retracing and what critical levels do we need to hold to continue the path higher?

More in the trade plan below.

The 0DTE $SPX 4490 puts ran from a low of $240 to $890 = 271% gain.

This was the only contract I traded and called out in the chat. I wanted to trade the long but I wanted a better dip to buy that never came. Instead I saw that we were struggling to breakout the 4502 level so I decided to try the put. This worked out pretty well. 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 tremendous. We held where we needed to and broke out of the critical levels provided yesterday. Then the resistance gave an entry for puts and also guided me to exit when we were at support. Always trust the levels!

Now we are sitting in AH right on the 4498 key 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.

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

Key Notes

This is not financial advice. This helps keep me honest and is a place for my notes. It is for educational & entertainment purposes for all who choose to subscribe. Not all investments are suitable for all investors.

I try to take action on less than 3 moves per day. Most days are chop and there are usually less than 3 great high confidence setups.

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