Wednesday Nov 29 2023 SPY SPX ES Actionable Levels

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In yesterday’s letter, I wrote:

We were absolutely glued to 4549 all day. First, overnight it could not support even one more test as it failed and we fell near 4538. Then we rallied out of the open above the 4564 level to a high of 4568 and then it was all down from there despite a 10 point rally at the close.

See how well the levels work?

Now that we’ve once again continued consolidating (admittedly it looked like we may breakout higher in the AM), what is the next move? How significant was the rejection of the breakout and the doji candle printed on the daily?

More in the trade plan below.

The 0DTE $SPY 455 calls ran from a low of $17 to $142 = 735% gain.

I traded these from $62 to $87 at best sale for 40%. This was my only trade of the day called out in the chat. I was able to get 70% off for a nice profit and then stopped out on the rest. Unfortunately not long after stopping out it decided to blast! Oh well, that’s how it goes sometimes. 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 the prior letter were OK. We were really glued all day to 4549 and I was honestly pretty cautious in the AM before the run (I suppose rightfully so) as we sold it all off again later in the day. I wish the breakout had persisted and we could have based from up there for a move tomorrow. Always trust the levels!

Now we are sitting in AH right on the 4550 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.

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