Wednesday Nov 8 2023 SPY SPX ES Actionable Levels

$SPX takes another notch up but does volume support this move higher for $SPY?

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SPY Options
November 07, 2023

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In yesterday’s letter, I wrote:

❝

“For tomorrow, buyers remain firmly in control. If we hold the 4350 level, we can consolidate and eventually breakout higher.

That may look like another session or two between the 4350-4370 range for eventual breakout to 4377, 4383…”

This is precisely what happened. We did not lose the 4350 level overnight and in premarket, we defended right off it and then blasted into the open all the way up to 4370 and hitting a high of 4386.26 after working for quite some time on the 4383 level.

See how well the levels work?

But where do we head from here? And does volume support a move higher? Which key levels tell us direction and timing?

More in the trade plan below.

The 0DTE $SPY 437 calls ran from a low of $16 to $95 = 494% gain.

I traded these from $67 to $87 at best sale for 30%. This was my only trade of the day and called out in the chat. I missed an earlier entry to long and took the best one I could. After this we got an even better short entry down to vwap and a nice long back up again. We were really rangebound and you could have traded this range long/short multiple times today. 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 fine. We made the move into/at the open and mostly chopped around. Not unsurprising after so many huge runs during the trading session recently. We clearly saw where we had support and resistance for entries and exits. Always trust the levels!

Now we are sitting in AH right on the 4375 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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