Wednesday Sept 27 2023 SPY SPX ES Actionable Levels

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In yesterday’s letter, I wrote:

This is exactly what happened. We lost multiple levels which caused a 4295 retest that failed. We tried the reclaim but could not breach and then flushed hard to a low of 4265.98.

See how well the levels work?

We bounced hard off the 4265 level and closed right on the 4274.

Now that we’ve put in a lower low and flushed properly, what will it take to have longs be safe again, and what are next targets down if we continue?

More in the trade plan below.

The 0DTE $SPY 428 calls ran from a low of $83 to $147 = 77% gain.

I took this trade from $96 to $130 for 35%. This was my only trade and called out in the chat. I wish I didn’t already have a profitable trade, otherwise I would have traded the breakdown and the loss of 4295 for the short. That move was easier to read and would have been more profitable. I called it out in the chat though! 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 beautiful. They showed clearly where we were going to get temporary support from the selling and where we may bounce to and reject again before continuing the move down. Always trust the levels!

Now we are sitting in AH right under the 4283 key resistance 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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