$SPY Key Levels, Analysis, & Targets

$SPY Key Levels, Analysis, & Targets

So as of right now I have no position. Today I played 0DTE calls and took 50% in about 15 minutes right at open and then was done trading for the day because I had other obligations today… (I also traded I 0dte puts on friday and took 30%) I don’t recommend those options, though, unless you’ve been trading for a while… they are quite dangerous. And if you do play them I recommend immediately after buying setting your sell order for 50% and calling it a day. This volatility can take a 50% win and turn it into a 100% loss pretty quickly... I was in and out of that very quickly but It could have backfired in a big way with today’s price action. I typically trade further out but sometimes I feel wild and scalp a little bit on the weeklies. Today was just a technical support bounce which didn’t hold but still - I won the trade.

SPY closed above a support level at 411, and the daily candle closed today showing signs of a possible reversal. If there is follow through on the reversal candle tomorrow I will likely be looking at further out calls and to the targets to the up-side. Though I don’t think that SPY will make it quite to the 200 MA (443) it’s still a potential target.

There’s a FED meeting Tomorrow, and there’s also a FED meeting on Wednesday so direction might be unclear until mid-week, but once I see some kind of confirmation of direction I’ll update this plan. For now here are just the key levels… and I might take a few small trades on the weeklies because of the chop...

Let me know what you guys think… and happy trading…