S&P 500 Daily Trade Plan: Defaulting to Trend on a Low-Volume Grind
A detailed ES futures trade plan for October 7th, highlighting multiple failed breakdown setups to watch in a low-volume, news-less market.
SCHEDULED NEWS
No News - Govt Still Shut Down
OPTIONS VOL LEVELS
Good morning, everyone. It’s Tuesday, October 7th.
We’ve been drifting all night and are now less than 10 points away from all-time highs. With the government shutdown ongoing, we have no Red Tag News on the calendar this morning. Yesterday was a quiet inside day, with price action contained within the prior day’s range. This suggests the market is balancing and finding value at these elevated levels, and the path of least resistance appears to be higher.
🧠 Current Market Context
With the VIX looking weak and a complete lack of news catalysts to get this boat rocking, we must default to trend. “No news is good news” for this market. The relative volume is extremely low today at -27%, which means we can anticipate a slow, grindy session. We have about 27.5 points left in the expected daily range, and the plan is to look for specific, high-probability long setups on any dips rather than trying to chase a slow grind higher. We have a lot of areas where a sweep and reclaim type of failed breakdown could occur, and we need to be watching for those.