SCHEDULED NEWS
OPTIONS VOL LEVELS
Good morning, everyone. It’s Friday, October 24th.
We actually have Red Tag News this morning for the first time in a month! Core CPI hits at 8:30 AM pre-market, so be prepared for a shake. Other potential news includes Flash Manufacturing PMI (9:45 AM) and Revised Consumer Sentiment (10:00 AM), but those are less certain due to the ongoing shutdown.
Yesterday was pretty incredible. Our bias shifted bullish pre-open when price opened above 6732.00, and the market immediately propelled higher all day, pushing up 70 points. The daily gained, and so did the 4-hour, confirming the uptrend.
🧠 Current Market Context
We are continuing to push higher in the overnight session and are up 20+ points as we approach the CPI release. The trend remains up, signs are pointing higher, and the VIX is extremely low, providing a tailwind. Don’t forget, we have a daily bullish imbalance that takes us up to 6812.00, which is essentially new all-time highs, and a weekly bullish imbalance that takes us all the way up to 6950.00.
However, relative volume is very low again (-46%), suggesting a potential grind. The expected range is 75 points, with about 50 points still left in the tank. With low volume but high-impact news, anything can happen. We simply defer to the trend and continue to look for longs at key levels.
