S&P 500 Daily Plan: Stuck in the Chop Zone

With Volume at a Standstill, Here's How to Trade the Key Pivot at 6467.50 and the "Favorite" Support Zone at 6425.00.

Good morning, everyone. Today is Tuesday, August 19th.

We are once again starting the day after a lackluster Globex session. Price remained coiled in a tight 25-point range, balancing back and forth. Yesterday was a challenging day, testing our patience more than anything, with extremely low relative volume that never really picked up. Today, we're seeing a repeat performance: price barely moved overnight, we're sitting dead center in yesterday's value area, and relative volume is again very low at -25%.

This type of environment often leads to a choppy morning as the market tries to determine its next move. Let's get into the levels so we can be prepared for either direction.