S&P 500 Daily Trade Plan: All-Time High Surfing & The 7287 Last 1-Hour Buy
A detailed ES & VIX plan for May 6th, breaking down the 7309.75 favorite 1-hour buy, the 7264.50 last-stand daily, and the VIX 16.34 midpoint pivot.
SCHEDULED NEWS
OPTIONS VOLITILITY LEVELS
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Morning everyone. Today is Wednesday, May 6th, and we come off another ridiculous day in the trade plans as we ground higher all day yesterday and pushed into the all-time highs, just like the trade plan title suggested. Please keep note that in the Weekend Review and on Monday’s post-market breakdown, we talked about how if the 7204.00 Daily for ES and the 7173.91 level held for SPX, there was a high probability we would make new all-time highs. We have done more than that — we have made all-time highs yesterday and have now exceeded those highs by well over 65 points in the overnight session.
Congratulations to all those who took advantage of this high-timeframe amazing spectacle of technical analysis perfection. We had many members make lots of money on this move — even to the point where they were able to make enough to pay for their Inner Circle membership. Congratulations to all those who took advantage of this insane squeeze as we continue to push higher on Iran war conflict news.
A Note on Today’s Market:
News: No Red Tag news to speak of. We do have Non-Farm Payroll Change at 8:15 AM — not a Red Tag event, but should be on our calendar in case of a shake. Continue to monitor for headline risk on the Iran/US peace agreement and ceasefire talks.
Volume: Relative Volume is +104% — an insane amount. This means participants are here to play. With one hundred percent relative volume, we could potentially move another 79 points today on top of what has already happened. Whether that happens is a different story, but as long as relative volume stays elevated, we know players are here to participate.
Range: Expected range of 79 points. We have already moved 72.75 points in the overnight session — basically meeting our expected range for the day. With +104% relative volume, expect potential volatility and significant moves.
Gamma: The Gamma flip level has moved back below 7200.00, telling us dealers are once again hedging to the upside. We are now in Positive Gamma territory — the positive gamma is a reinforcement of our upside bias. This gives plenty of room for moves back and forth as we continue in price discovery mode of all-time highs.
Trend: Upside on every timeframe. We have not lost on the Daily, Weekly, four-hour, or even one-hour. All things right now are pointed to the upside. Oil is also down 12% and gold up 3% at the time of this writing — a signal that the Iran conflict easing news is affecting all markets simultaneously, which plays into the S&P 500’s intraday move. We have essentially been on a 45-degree angle trajectory since noon Monday with not one single pullback.
🧠 Current Market Context
The 45-Degree Squeeze & The Surf at All-Time Highs
We have essentially been on a 45-degree angle trajectory since noon on Monday, not giving us one single pullback for a buy — only a steady grind higher as yesterday’s low relative volume led to a negative gamma squeeze, exactly as predicted in the trade plan. Now in the overnight session, the news on Iran has fueled another massive move, sending us well over 65 points above the all-time highs that were made yesterday.
We are once again traversing all-time highs — straight surfing as usual, as this seems to be a common occurrence with the S&P 500. We are in price discovery mode and currently up on all timeframes: Monthly, Daily, Weekly, four-hour, even one-hour. Technically speaking, we have no reason to short this market due to the fact that it is up on all timeframes and has not lost support for quite some time. This gives us an indication that this is truly once again a buy-the-dip mode. However, due to the fact that we have no overhead resistance from a structural standpoint, we are going to use our Call Walls as upside resistance to take targets as we continue our pursuit higher.
