2/5 Weekly Trade Plan

SPY QQQ

SPY

The Market Makers (MMs) weekly implied move is $6.87

Upper range = 501.22

Lower range = 487.48

1D SPY

1D SPY Monthly Volume Profile

We are pushing off of January’s POC and VAH and into new price discovery. The current February VAH is 496.05, POC 494.40, and the VAH sits where January’s POC was at 487.35.

Very strong bullish trend, I can’t tell you when it’s going to end. I would say keep an eye on the 1D 10 and 20 SMA’s. we keep holding the 10 the past few times we have seen it since November. Just something to keep an eye on.

I want to share this 1W chart with you to maybe forecast where this thing can go. Not 0dte I can’t stress this enough. This is a weekly chart so this can take some time to play out. But the fibs are lining up quite nicely.

1W SPY with Fibonacci retracement from swing low in March 2020 to swing high in January 2022.

From the swing low back in March 2020 to the swing high in January 2022. We pulled back 50% with the lows back in October 2022. IF this holds true our long-term target should be the 50% extension at 610.84. Obviously, this isn’t going to occur soon, and we will have waves up and down along the way.

I would expect some selling pressure at 506.15 I will get into more realistic levels for this upcoming week in the section below.