Wednesday Oct 25 2023 SPY SPX ES Actionable Levels

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In yesterday’s letter, I wrote:

This is precisely what happened. We ended up defending on a failed breakdown of the 4226 level overnight and then rallied out of the open from 4235 all the way through 4256. Then we had a sell off and another test of 4226 and a failed breakdown that brought us down to test the 4219 level and then it was all up from there even spiking in AH up to the 4264 zone.

See how well the levels work?

Now that we’ve defended the critical 4226 level and bounced, what levels light the way forward? And what key levels must be reclaimed to feel that a bottom is in?

More in the trade plan below.

The 0DTE $SPY 423 calls ran from a low of $31 to $250 = 706% gain.

I traded these before this low was reached, from $132 to $230 at best sale for 74%. I was able to enter on a defense of the critical 4235 level and that we had already held the 4226 must hold level. Was able to scale out for profit in waves. 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 marvelous. They showed the strong defense off the critical support and bounce and where resistance was as we sold off before rallying again. Always trust the levels!

Now we are sitting in AH right on the 4237 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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