Tuesday Apr 11 2023 SPY SPX ES Actionable Levels

36 point rally after an overnight drop. Big data this week - which way will we break?

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https://spyoptions.substack.com/7042a817

Apologies for this letter being released later than usual. As you will find, I spent some extra time in the Trade Recap section explaining some of the factors I am looking for upon entry and then management of the position post-entry.

In Thursday’s letter, I wrote:

“Now that 4090 is reclaimed and we have another level 4101 in between as protection, the market could continue its upward move on Monday…If we lose 4090 again we will retest 4072”

We kind of had a little of everything written above as the market made a move in premarket Sunday night and Monday early.

We lost 4090 again before the open and sure enough, we retested 4072. This is exactly where we held (4072.55) and then made our way back up the levels.

The 0DTE $SPX 4080 Call ran from a low of $540 to $2800+ per contract. - 418+% gain.

I played these - but I took profits before the mid-day dip and didn’t hit 418%! My runner was 8.70 entry to 11.90 exit - 37% gain. Patience pays! I then played smaller after taking many contracts off and chose to play SPY rest of day. This yielded higher % gains but lower $ gains. More info in the trade recap.

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

Levels from Thursday worked out great (15 min chart). I played the failed breakdown of the 4072 level for calls. More in the trade recap below. Always trust the levels!

35 minutes prior to market open when $SPX hit 4082 I tweeted:

https://twitter.com/CTInterest/status/1645410072556720128

We then failed 4082 and dropped to 4072 and defended.

Now we are sitting in AH right below the 4113 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 tomorrow’s session and today’s trade recap.

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