Traders,
I recorded this video before the futures market opened Sunday night, so at the time of recording I did not know that we would gap down right into last week’s value area high. Big week this week, I think we could get some decent movement.
SPY
We are knocking on September’s VAL with the potential that if it holds, we can see the 446 area again. We also have that gap sitting right where the MMs weekly expected range is. 7.70 this week on SPY.
Last week’s VAH is 425.65, POC at 422.53, and VAL sits at 420.62. The bulls want to support price if it comes into this area. It is going to be key.
One other level to note is the Quarterly open, its 426.62. Under that level the Q and M flip back to red and we have some range down below. It’s going to be fun, some of these moves are going to get crazy, I can feel it.
We want to see if 425-420 will hold as support and then we also want to know what happens at 433.44 if that area ever trades.
My plan for tomorrow is pretty straight forward. With the news on the war, it appears that we could test last week’s vale area pretty early in the weekly session. You should be excited about this. Price expansion is a wonderful thing, it’s going to create some good setups.
We could maybe see a situation where retail loads puts tomorrow, and they run it back up. Or they push it down all the way under last week’s VAL, making it look very bearish, and then they rally it. We have to wait and see what happens. I will do my best to update you if I see anything worth pointing out.
QQQ
This is wild on QQQ. Pretty massive level here, trying to push into Aug's value. It seems we could be headed for the Sep POC at 374.20. It is critical that the bulls hold 360-355. Could open the door down to 336 if it goes.
It appears that we are rejecting this Aug VAL based on the overnight news, but we are still a way from the open.
Last week’s VAH is 360.73, POC at 359.53 and VAL sits at 355.55. Under 355.55 we can go 347.91. If we can hold above 360.73, we should see 368.67.
Tomorrow’s open is very important. Also, the Quarterly open on QQQ is 358.54. It could be a battle for that level, but we have to think to ourselves, we should be bullish above that level and bearish below (not 0dte), I am talking bigger picture, but it starts with that level.
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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