6/5 SPY Trade Plan
Bulls???
Readers,
The first trading day in June we tested and bounced right off May’s VAH 417.68 and we punched through some key levels and we are now trying to build value here at 428. The next naked level we have on the monthly volume profile is up at 445.48 which is April 22’ POC. Do we get there? Our current POC is sitting at 428.
On the weekly profile we punched through value at 425.53 but stalling out before we could fully rotate through. We created a gap in between two value areas. Good chance this area could be revisited, this area is 423.95-422.92. Last weeks value area is still naked at 421.85-416.47 The next naked value area above the VAH at 429.94 is at 436.01-447.55. This aligns with the monthly profile as well.
We closed the week at a big weekly imbalance to the upside closing above the VAH. We should note that we found value above 425.53.
The market makers are expecting a weekly range of $5.62, that puts us between 422.30 and 433.54.
Positive Gamma
417.50, 427-433. 435
Negative Vanna
417.50, 427, 428, 434, 436
Key levels above (previous close - 427.92)
We have this area right near the close from 427.75-428.74
427 and 428 are both negative Vanna and positive Gamma (this will be key to price action).
429.94-431.73
429.94 is a naked VAH of the current weekly value area that we closed inside of.
Positive Gamma (could act as resistance)
433.54-436.01
433.54 is the MMs weekly expected high
436.01 is a weekly naked VAL
433/434/436 negative Vanna
433/435 positive Gamma
Key levels below (previous close - 427.92)
426.53-425.53
previous naked weekly VAL and POC
427 negative Vanna
427 positive Gamma
423.95-422.92
We have a gap in volume here, if this area trades it will be very important to see if we rally or if we lose it and retest. Eyes on this zone!
422.30-421.85
422.30 is the MMs weekly expected low
421.85 is a naked weekly VAH
420.85-420.47, 419.62-419.09
Demand
418.16, 417.68, 417.11
Naked weekly POC and May’s VAH
416.47-416
Naked weekly VAL
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.