Wednesday Mar 22 2023 SPY SPX ES Actionable Levels

Big rally to setup FOMC & breaking the 20 day SMA. Can the short term bull thesis remain in play through the volatility?

In yesterday’s letter, I wrote:

“As long as we can hold 3933 I believe we will go higher. First target 3968, then 3978.”

This is precisely what happened as we blasted through 3968, 3978 and 3990 touching 4010 by the close.

Big picture, we’ve rallied almost 200 points off the 3/13 lows, a mere 7 sessions ago.

How quickly we went from the world is ending to capital infusion and massive rally.

We know the volatility FOMC will bring, but can this short term rally continue through tomorrow and rest of week?

Trust the levels!

Currently, we are sitting well above the all important downtrend line that traces all the way back to January ‘22. This is significant, and should lead to further upside if it holds.

Now we sit in AH sitting just above the 4001 support. 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.