OpEX Today. Protect Your Gains in Volatile Waters! Trade Ideas for Fri Sep 19
Navigate SPY's tight range with key reversal setups today. Will we get more 100-200% payers today? or Will OpEx give us 500% payer? Learn how to trade yesterday's action
VIDEO LESSON of SPY/SPX Trade Ideas
Overall lots of great opportunity and wild action! This morning we are getting a gap up off yesterday’s failed breakdown reversal.
What is Two Hour Trading?
Two Hour Trading is my system for finding and executing trades while spending less than two hours a day trading. My goal is to earn 100-300% on the capital I risk while waiting for 1000%+ gain trades to set up. Key benefits include:
High-quality trades with excellent reward vs. risk
Avoiding overtrading and losses from it
Trading to win vs. trading not to lose
Stacking the deck in your favor
If you are busy and want to see my commentary and ideas in real time consider joining THT-PRO.
Plan for Fri Sep 19
Stick to process. The process and trade setups I teach works. Rinse and repeat over and over again. There will be losses. Any good system will have them. Being systematic also means the gains will repeat and come again too. If you keep changing your system/process trying in an effort to never lose a trade, you will never get to where you want to go.
Market Context
SPY is showing a neutral bias in premarket, trading in a narrow range with low volume and no clear directional momentum. The latest premarket close is 661.87, just below the pivot at 661.96 and above supports at 658.81 and 656.07, positioning it for potential failed breakdown reversals if it holds above 661. Chart patterns indicate consolidation after yesterday's close at 662.39, with resistance at 664.69 likely capping upside moves early.
Remember today is OpEx so we could get wild moves or we could get pinned action!
Key Events Today
No major events scheduled today, potentially leading to range-bound action.
Key Levels and Their Significance
673.72: Project R3.
667.84: Projected R3
664.69 - High Priority: Key resistance near premarket price; significant for failed breakout reversals, with 70% probability based on multi-day high holds and volume spikes, for day traders active at open; aligns with Fibonacci extension from recent lows.
662.39: Previous day close acting as minor resistance; potential for failed breakdown if price dips below then reverses, 60% probability based on bounces in after-hours, suited for intraday traders mid-session.
661.96 - High Priority: Central pivot point; critical for reversals with high volume support in premarket, 75% probability based on frequent holds, watch at open; clear rejection on 1-minute chart.
658.81 - High Priority: Primary support level; key for failed breakdown reversals, 70% probability based on volume spikes >2x average and historical bounces, for scalpers during early trading.
656.07: Secondary support; potential reversal point with 55% probability from multi-day low alignments, suitable for swing traders if approached late in day.
650.19: Deep support for extreme moves; low probability (30%) unless major breakdown, with past reversals on high volume, for longer-term traders.
Tips for Recognizing When a Trade Idea Is in Play
Volume Surge: Look for volume >2x average on reversal candles at key levels to confirm entry strength.
Candle Rejection: Watch for pin bars or doji at supports/resistances indicating failed moves.
Price Action Confirmation: Ensure a higher low or lower high forms after testing the level before entering.
Time of Day Alignment: Focus on open or mid-session for higher liquidity at pivots.
Multi-Timeframe Check: Verify 1-minute setups align with 5-minute trends for added conviction.
Risk Management Cue: If stop loss is hit quickly, exit and reassess for opposite scenario.