5/11 SPY Trade Plan
More news, same price...
Readers,
Are you sick 412 yet? May’s profile is looking a lot like April’s. We continue to build value inside April’s value area, its choppy. The market needs to create an imbalance out of this area and find it elsewhere. Big picture we are still inside August 22’ value area but the VAH is still naked at 420.36 (meaning it has not been retested yet since it formed).
On the weekly profile we are building value within last weeks value area just above the POC. This current area we are in is tougher to trade, it’s just a balancing act. Price will eventually leave and find value somewhere else. 403.54 is still a naked POC and so is 426.53. We should hav better R/R once we leave this bus stop.
The MMs are doing a good job of keeping us within the weekly range.
Positive Gamma
424, 418, 415, 413, 410, 403
Negative Vanna
425, 421, 420, 417, 416, 414, 411, 403, 397
The key levels have not changed much due to the range we have been stuck in.
Key Levels Above (previous close - 412.85)
413.99 - 414.83
413.99 is April’s VAH
413/415 are positive Gamma (this could be the key level on the week, if we come up to this level and reject it could mean far lower prices, but if we break it, we could see 420+) we had one rejection so far.
413 positive Gamma
414 negative Vanna
415.27, 415.82, 416.09
We have a gap in volume from 414.83 to 415.27
415.82 is last weeks VAH
415 positive Gamma
416 negative Vanna
417.08, 418, 418.50
417.08 is Feb’s VAH (still a key level) a break of this can send us higher.
417 negative Vanna
419.53, 419.96, 420.36, 421.22, 421.87
We have a gap in volume from 419.96 to 421.22
419.53 is the MMs weekly high target.
420.36 is Aug 22’ VAH
420/421 negative Vanna
Key Levels Below (previous close - 412.85)
412.35, 411.70, 410.89
412.35 April’s POC
410.89 last weeks POC
410 - 409.30
Demand
410 positive Gamma
408.28 - 407.77
408.28 April’s VAL
407.77 last weeks VAL
407.27 - 406.50
We have a gap in volume from 407.77 to 407.27 could be strong demand.
405.73, 404.60, 403.54
405.73 is the MMs weekly downside target
403.54 is a naked weekly POC
403 is negative Vanna and positive Gamma (stronger support)
Happy Trading,
—WICK—
To cover our basis…
Welcome to my Substack where I provide a daily SPY trading plan to help guide my intraday trading. The purpose of this letter is not to advice 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.