March 18, 2024 SPX, ES, SPY Trade Plan
Weekly Market Overview
Reminder folks we are in the week prior to March Quarterly OPEX. So I will remind you all of a recent study that we shared in last week’s trade plan…
Here is a great study by Wayne Whaley where the week prior to quarterly OPEX we see the market trend up and then post that quarterly opex we start to see the market turn bearish. Let’s keep an eye on this one, it is an interesting future view into what may come in the market.
From a seasonality standpoint we are due for a rally into the remainder of the month, but that rally is going to be a sideways chop going upward…
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Here is an overview of the Gamma/GEX data we are seeing longer term…
Customers are treating this market as negative gamma - short the rips
5150, 5100 are your top net GEX levels
5200 still has interest on it if revisited but will be major resistance
There will be a squeeze if we break and hold this level…
It also could play as an interim top/resistance level until opex
5140 is a key pivot - above we target 5200 and below we head towards 5000
5000 is a key level of support
Here is what it looks like intraday or 0DTE…
Spot is sitting right above a massive put support at 5100 - stay above it stay bullish and below it bearish
5150 is a upside LIS level intraday
5175 is our upside max target if we were to get there
With that let’s jump into our trade plan….
3/18 News Catalysts
There is no news catalyst, but Monday overnight we do have BOJ Monetary Policy Statement…
For more information on news events, visit the Economic Calendar
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