12/13 Trade Plan
Quick update to the weekly plan.
SPY
We finally made it to the 462.82 level we have been watching for a few weeks now. Not only did we see it, but we also surpassed it and closed above. All-time highs are now less than 3.5% away. We have FOMC tomorrow which could fuel the fire even more.
The bears are getting decimated up here and I am not sure when it will end.
Notice on the chart above how price has been coming back down inside the previous day’s value area, finding support, and then rallying out, and building new session value above it. This is pretty bullish structure.
Last week’s VAH at 458.43 has not been touched during the RTH. We already mentioned that we took out the naked POC that used to sit at 462.82 and in my weekly plan I said that if we can hold above 462.82, we can possibly make our way to 467.89.
We are also closing in on the weekly MMs implied move at 467.19.
For tomorrow I would expect us to be fairly range bound until FOMC. Could have some fake outs tomorrow so be careful.
My main levels for tomorrow are 462.54 and 464.20, yesterday’s VAL and VAH.
Above 464.20 I want to target 466.46 - 467.89. Keep an eye on where we open. If we open between 464.20 and 466.46, I will wait until one of these two levels trades.
Below 462.54 I want to target 460.44 then last week’s VAH 458.43
SPX (US500)
As stated in my weekly plan for SPX, I said that the volume profile levels above 4612 were very thin. We came within 2 ticks from Monday’s VAH at 4606.9 and rallied above 4612 and we squeezed higher.
For tomorrow, if I am a bull, I want to see the 4632-4620 area to hold, if we lose it, I think we can see the 4605-4600 area again.
Last week’s VAH sits at 4586, there is also a lot of support in this area and losing it could bring us back to the 4565-4555 area.
Above 4632-4650 I think we go for 4697-4710. This is when our buddy and pal Dark Matter.
QQQ
We are coming close to our weekly target of 402.73. The plan on this one worked out very well so far.
Bulls need continuation above 398.79 to push to 402.73.
Bears want to push us under 398.33 to target 396.56. Last week’s VAH is 390.23, if the bears can get under 393.53, I think we can possibly test 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.