Breakout for SPX, difficult trading day, changing levels - profit slightly above $550 - (9/3)
This is the follow-up on my post from 09/02. I did not expect yesterday that SPX could break the resistance at 7700 and then 7725 today. I wrote yesterday - "impossible to break 7725 resistance without a catalyst". And there we went. The day started as planned with SPX pushing against the call wall at 7725 and then rejecting very hard.
And at 11:00 am ET they needed to manipulate the market on Waller's comments.
Today we saw 2x the expected move for the day (39 pt.), which alone spoke for itself.
https://preview.redd.it/sjdwb5iuvcnh1.png?width=1692&format=png&auto=webp&s=d6df9c84dc0cf37e3368fb73600cc634642d220d
When I look at the levels, which I posted yesterday on my analysis for those trading options, SPX touched my 4th target for the day. A directional day, not easy to trade credit spreads. Levels were migrating all day long.
https://preview.redd.it/me9w2d3dycnh1.png?width=1294&format=png&auto=webp&s=a765732acb4ad14d57f112ed5d213372c41daab9
I took three trades today: all of them exited at 50% - 60%. Total of $550 profits, closed the last one ccs 7760/70 because we entered the power hour.
https://preview.redd.it/3w4i0d5hycnh1.png?width=2264&format=png&auto=webp&s=3f7b78bb48f2ce670a93a6546ec6255d3bb7ab01
https://preview.redd.it/lvs1txqiycnh1.png?width=2260&format=png&auto=webp&s=7dec86b98df08b578c15ddcc4091f97030990a34
We have for tomorrow 1st support at just 7745 level and resistance at 7765.
I am sure that one will give - if the resistance is taken over with force, next resistance is around 7820 levels. Here marked 7800 but it is only fragile. Support will be way down at 7650 if we break down the 7745 level. And that support at 7650 looks reliable ate least from current point of view.
All levels need to be confirmed tomorrow after 08:30 am EST, we will have repositioning, this is for sure.
To make everything even more funny we had a massive call credit spread at 7750/7755 level today with 10K contracts! As per writing the post they are struggling there and slightly ITM.
Source for the levels: [gammawalls.com](http://gammawalls.com)