S&P 500 Daily Trade Plan: All-Time High Grind & The 7069.50 Favorite Buy
A detailed ES & VIX plan for April 17th, breaking down the 7069.50 prime four-hour support, the 7022.75 untested daily below, and the VIX 17.44 midpoint pivot.
SCHEDULED NEWS
OPTIONS VOLITILITY LEVELS
Morning everyone. Today is Friday, April 17th, and we come off another unreal day in the trade plans as we called the retest of the all-time high that was made in Globex. Discord Inner Circle members were able to catch the epic long on the retest of 7056.00, which propelled us all the way to new all-time highs and has kept us moving all night in the overnight session — moving up over fifty points. Congratulations to all those who took advantage of another unreal day in the trade plans as we have captured this relative low-volume upside grind.
As we come into the day, we are sitting at all-time highs once again. We are in price discovery mode, continuing to push higher and higher into the pre-market session with no structural overhead resistance. We simply have options targets higher to lean on as we continue to traverse all-time highs, essentially searching for the new proposed value. We have no Red Tag news to speak of and extremely low relative volume — this is the essence of all-time high summertime trading.
A Note on Today’s Market:
News: No Red Tag news events today. Be aware of potential carryover volatility from any macro developments, but the calendar is clear.
Volume: Relative Volume is extremely low at -45%. This is incredibly low and reduces our potential range substantially. This is the essence of all-time high summertime trading — slow relative volume grind up as we do price discovery.
Range: Expected range of 84 points. We have moved 27 points in the overnight session, leaving approximately 57 points above or below the overnight high or low. With -45% relative volume, our potential range reduces to approximately 46.5 points, meaning we could potentially only have 19 points of effective range above or below the overnight high or low.
Gamma: We remain in Positive Gamma territory. Dealers are hedging to the upside, and we have increased options volume on the call side as seen from our GEX level skew. Massive amounts of calls are being sold to the upside.
Trend: Upside bias, without a doubt. We have gained on the Daily and four-hour timeframes. We are in price discovery mode traversing all-time highs. On low relative volume, you continue to grind with trend — you do not fade this for a short.
🧠 Current Market Context
Price Discovery Mode & The Low-Volume Grind Higher
We are at all-time highs, continuing to push higher in a low relative volume grind. This is typical all-time high trading — we have no structure to speak of overhead and are simply using options levels for targets. We have increased options volume on the call side, with massive amounts of calls being sold to the upside. The insane push up over the past three weeks has left us with some serious market inefficiencies to the downside as well as very limited and thin support below us. However, this does not mean we cannot continue higher — we simply need to look for potential structure and sweep plays to confirm we are headed in the correct direction.
