Wednesday Sept 6 2023 SPY SPX ES Actionable Levels

Critical $SPX & $SPY levels lost. Where does this set us for a big move in September?

Author

SPY Options
September 05, 2023

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In Friday’s letter, I wrote:

❝

“Same drill applies. For Tuesday we need to hold 4509/4502 to keep longs in charge.

So these levels are key - but they are weaker now after multiple tests. If we lose them and cannot recover we likely see 4495...”

This is what happened. After losing 4509 overnight we bounced right off the 4495 level and fought with 4509 again before chopping and bouncing between these 3 levels and ultimately losing into the close and AH.

See how well the levels work?

Again, now that we have lost these critical levels, where do we head from here and how much lower could we see?

More in the trade plan below.

The 0DTE $SPY 450 puts ran from an AM low of $57 to $133 = 133% gain.

I took this trade prior to this final dip from $90 to $125 - 39%. This was my only trade of the day.

This was chop city and I knew if I could get one decent entry on a retest of vwap and rejection of key level I could be one and done.

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 Friday were nice. I wish we had seen more of them but it did let us know where we could test and reject. Always trust the levels!

Now we are sitting in AH right below the 4498 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.

Learn the system to make 1-3 low risk, high reward trades per day using SPY/SPX options.

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