1/2 SPY Trade Plan
First trading week of 2024!!
SPY
The Market Makers (MMs) weekly implied move is $5.33
Upper range = 480.64
Lower range = 469.98
This range is very similar to last week. Coming off a holiday we could see some more chop/slow grind.
We also get a new 12M candle. We ended the 2023 year inside the range of 2022. If you look at a 12M chart, you can see that we are consolidating on a larger scale. 2003 was the one and only other time SPY had an inside year.
We can use the 2023 High of 477.55 and the Low at 377.83 as key levels going forward. Note, ATH is at 479.98.
A few other notable names that had inside year’s; GOOGL, AMD, NFLX.
There were 182 stocks that have weekly options that ended the year inside. I will focus of some of these setups over the next few weeks.
December’s values are in and January’s starts tomorrow!
VAH = 477.85
POC = 475.34
VAL = 460.82
Last week’s values, VAH 476.49, POC 475.40, VAL 474.49.
Bulls need to defend the VAL. Under last week’s VAL would open the door down to 471.37.
Bears need to defend the VAH; above that we can see ATH +. There are no value areas above 479.98. Above here it is all new price discovery.
We can see that this area from 474-477.50 is getting a little congested. December’s VAH and POC sit here at these levels. I want to have a bullish lean above 476.50 and a bearish lean under 474.27. Above 476.50 I want to target ATH+ but we have to be aware of December’s VAH. Under 474.27 I want to target 471.37-470.20.
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.