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Good morning, everyone. Today is Tuesday, October 13th. Yesterday was an insanely slow day, since it was technically a holiday in both the United States and Canada. Markets were open, but trading was extremely slow. Even so, price played our plan perfectly, hitting the 7850.25 4-Hour zone for a pop of well over 15 points. That was the trade we called out in the Weekend Review. For those of you who were around and had the patience to wait for it on such low volume, congratulations. Once again, it proves the trade plan comes through. It is all about patience and letting the process play out.
A Note on Today’s Market:
News: No Red Tag news to speak of. This could be a slow day, since we have monster news on Wednesday and Thursday. The market is sitting very close to all-time highs in a massive six-day balance range, digesting, and we could find ourselves drifting sideways today as it prepares for those Red Tag volatility events.
Volume: Relative Volume is at minus 21%, which means we could have a muted range today of only about 26 points above or below the overnight high or low. That is certainly a possibility with no Red Tag news and some serious events on the horizon.
Range: Expected range of 60.5 points. We have moved a total of 28 points this morning, leaving approximately 32.5 points above or below the overnight highs or lows before the volume adjustment.
Gamma: The gamma flip level has moved up and is sitting at our exact price location at 7850. That was a massive level yesterday: it’s the spot Team Vici took for the long, and it’s the big pivot I talked about in the Weekend Review as a serious must-hold for the Bulls. We have been flirting with it since yesterday afternoon. It will more than likely decide whether we hold here and push higher, or continue lower to seek new buyers.
Trend: We are still pointed up on the Weekly and Daily time frames, and the 1-Hour is still extremely bullish. However, last night the 4-Hour technically started to lose, showing cracks in this market. We have lost the sub-leg to the high, but we are still maintaining the ultimate 4-Hour leg to our current high. That lets us play trades in both directions and look for rotations where money can be made both ways.
🧠 Current Market Context
Our Edge Is in the Edges, and We Are Sitting in the Middle
I want to make sure everyone understands that our high time frame is still pointing up, and we are still technically bullish. But we keep balancing here, and we have limited support below us, so the market could rotate lower to find new buyers. That also fits what we discussed in the Weekend Review: we could balance sideways and rotate a little lower before finding buyers. I’m not saying that’s what will happen. We are simply following the process.
Last night we sat in a very tight range, moving only 28 points in the overnight session, and we are only down 6 points at the time of this writing. That puts us directly in balance with yesterday’s and Friday’s price action. We are still technically inside a five- or six-day balance range, which means we haven’t made any real advance or decline since last Tuesday. Price keeps sitting in the same area and balancing back and forth, which makes it very difficult to pick a direction. So we will use our significant Daily levels as momentum shift pivots to tell us when we are gaining or losing support.
