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In yesterday's letter, we wrote:

This is what happened. We initially defended the overnight support at 6818, but during the regular session, we lost that level, leading to a quick drop to 6802, where we saw the low of the day at 6806.87. However, the market quickly reclaimed 6818, which sparked an impressive rally, pushing us through to 6833, 6846, and nearly hitting the target of 6861, with a high of the day at 6855.13. $SPY ( ▲ 0.23% )  $SPX ( ▲ 0.21% )  $ES_F ( 0.0% )  

See how well the levels work?

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Now, as we reflect on this volatility, what lies ahead? Did bulls defend where they had to and are we still on track for fresh ATH? Where must we hold/defend now to keep upside in play?

More in the trade plan below.

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

The reclaim of 6818 was critical for the run today that led us nearly 40 points higher. Always trust the levels.

Now we are sitting in AH right on the key 6849 support level. What does this mean and where do we go from here? Read below for our 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.

If you are enjoying this letter, consider sharing with a friend! We even have a referral program where you can earn free subscription time for referring others that sign up for a paid subscription.

Don’t miss the Topic Directory - Getting lots of questions that are answered in here.

There seems to be some confusion as to the premium subscription and the discord chat. If you are premium and you do not have access to the “Premium Members Only” channels including “members-only” please authenticate yourself in the “bot-request-premium” chat. Or send me a DM in the discord!

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 bottom of premium content: Trading Plan section below.

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Trading Plan

Today was a good dip, defend, and run higher, although it occurred on lower volume, indicating some caution among traders.

As we look ahead to tomorrow, we anticipate a busy session with a flurry of FOMC members speaking (at least five) throughout the day, as well as a 10-year bond auction in the afternoon. These events could significantly impact market dynamics, so it’s crucial to stay alert and ready to adjust our strategies as needed.

We are receiving some great questions from beginners. This is helping us develop guides for this group as well as the course. More to come but we’ve created a separate channel in the discord just so you can not be shy about bringing those questions to the group. No question is dumb, we grow stronger together!

In fact, we’ve created this single resource as a guide. It is a living document and we will continue updating it. You must be logged into the site to read it:

https://letter.spyoptionsactionablelevels.com/p/strategy-guide-the-basics

As readers know trading after a massive move in either direction is risky.

Trying to predict when trend will break is a fool’s game because the trend can be stronger than you ever realize.

Going with the trend is hard because it has already run so far (or dropped) and move may be close to over.

All you can do is pick your entries carefully and with proper position sizing. Trading out 1-3 DTE or further also helps soften the blow.

Yes it will decrease the amount of profit but will greatly help keep you in a trade long enough to see return.

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