Wednesday Oct 11 2023 SPY SPX ES Actionable Levels

$SPX continues the move up. What's next in store and where is the biggest resistance for $SPY?

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SPY Options
October 10, 2023

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In yesterday’s letter, I wrote:

❝

“Overall, as long as we hold 4302 we should be able to base and make that move higher.

… or even 4323/4332 then we can target higher.

First 4343, 4348 and 4356. Even 4362, 4368 on volume. If we can hold this level we can make a run higher.

This could take a single session or it could take several. But as long as we hold the levels above we are going higher.”

This is exactly what happened. We didn’t even need a failed breakdown or to defend 4323 as we defended at 4332 overnight and then we blasted into the open to run all the way to .54 cents shy of the 4386 level posted yesterday. Once we broke free of the 4368 level listed above we blasted higher and then closed after an afternoon sell at 4358.

See how well the levels work?

Now that we’ve continued the move higher, what key levels do we need to watch out for & where is heavier resistance found?

More in the trade plan below.

The 0DTE $SPY 437 puts ran from a low of $73 to $271 = 271% gain.

I took this trade from $80 to $261 at best sale for 226%. This was my only trade of the day and called out in the chat. I had to be away for the big run up so I looked for another entry or was just fine not trading today. This resistance presented itself so I traded the inverse. More in the trade recap below.

Here is a sneak peek of our chat (edited for privacy):

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 wonderful. We didn’t retrace much of yesterday’s move, held support and then blasted in the regular session. After hitting major resistance we put in the high of the day and had a healthy sell off. The levels guided my entry into puts at the high of the day as well as ensuring I took profits out at support levels on the way down. Always trust the levels!

Now we are sitting in AH right on the 4358 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.

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