Tuesday Apr 4 2023 SPY SPX ES Actionable Levels

$SPX outperforms $QQQ and good setups for both puts and calls. But is the rally getting weaker?

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

In Friday’s letter, I wrote:

“For Monday, if we can hold 4095 and take out 4111 we could see 4133”

While we did not get quite up to 4133 we did hold 4095 and breakthrough 4111 to reach one level below 4133 target at 4128.

Yes, we continued buying all dips, but QQQ 0.00%↑ finally underperformed and had an inside day finally rallying into the close.

The 0DTE $SPX 4115 Put ran from under $500 to over $1900 per contract. - 280+% gain.

I did play these, but my highest percentage gain was 230% and the rest were less. That 230% was on my runner! (2.30 entry, 18.50 close). Patience pays!

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

Levels from Monday worked out great (15 min chart). I played the rejection of 4128 and 4111 for some puts. May biggest regret was not playing calls on the late day break of 4111. More in the trade recap below. Always trust the levels!

Now we are sitting in AH right on top of the key 4120 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 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.