Traders,
This week the MMs are expecting a 9.04 move in SPY. That gives us an upper range of 440.54 and a lower range of 422.46.
Keep an eye on the quarterly open at 426.62 it is a level that we definitely want to keep track of, losing it opens the doorway down, more on this later.
It is very important to watch this area we are at right now. Like I stated in the video up above, we closed back under September’s VAL. Meaning price has come back inside September’s value or acceptance area and it has now rejected. It is important that if the bulls are going to save this, that they rally it back into that value area. Bears so far are doing a good job of keeping them out. If we do in fact reject this area, I want to ultimately target May’s POC and VAL at 411.56-409.77 (not 0dte).
We got our move into 437-438 that we were looking for to short last week. We also managed to close under the weekly value area. This profile is P like, most if the volume is at the highs, and we closed under, so Ideally for me, we come back up into this shaded area and we reject. I would have confidence taking puts to target 425-420 if this were to happen.
This shaded area is Friday’s value area, Monday’s open is key, but above this area I want to target last week’s POC at 435 first (if we can get there), if price accepts above it, we can probably close that gap RTH. If we come up into this and reject out, I want to target that 426.62, this is the quarterly open, very important level. If this fails under, the Q and the M will both be red, meaning sellers are in control. This level is key going forward. Under 425 I want to target 422.53 next. If we can sustain above 438.43, I think the next area is 441-443.
Happy Trading,
—WICK—
To cover our basis…
Welcome to my Substack where I provide a daily trading plan to help guide my intraday trading. The purpose of this letter is not to advise you on your trading or investment decisions. I am simply documenting my daily trading plan for myself to help with planning and execution. These are simply my opinions and the data sourced from the likes of vol.land, TradingView, Quantdata.us and others. The stock market is risky, gains are not guaranteed. This is not about getting rich quick but learn to educate yourself and make the necessary financial decisions on your own. This is not financial advice.
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