S&P 500 Daily Plan: Surfing All-Time Highs

Bulls target the Globex high at 6508.75, but a break below the key 6489.50 - 6486.25 pivot zone could trigger a move towards major support

Good morning, everyone.

It's Friday, August 15th—let's make the best of it and finish the week strong. We've already had a busy morning with Core Retail Sales and Empire State Manufacturing data hitting the wires. The main event for the cash session, however, will be at 10:00 AM ET, when we get a trifecta of Consumer Sentiment, Inflation Expectations, and Business Inventories. Be prepared for some market gyrations around that release.

Overnight, the market followed yesterday's bullish momentum perfectly. After playing our 6453.75 level and squeezing to the 6504.00 target, prices slowly drifted higher in the Globex session, printing a new all-time high at 6508.75. Inventory is net long coming into the open, but volume remains relatively light. This low-volume profile suggests a "default to trend" environment, which for now, remains firmly up.

Let's get into the levels and build our plan.