S&P 500 Daily Trade Plan: Navigating NFP After a Steroid-Fueled Rally
With Huge News on Deck, Here Are the Four Key Support Zones to Watch, Including 6489.50 and 6474.75.
Scheduled News:
Good morning, everyone. Today is Friday, September 5th, and it's sure to be a shaker.
We had an unbelievable rally yesterday, spawned from a beautiful hold of our significant 6459.25 level. The market then traversed all the way up to our upside goals, and in the overnight session, continued to make a new all-time high in Globex. This market is on steroids right now.
However, we need to be extremely careful. We have three red-tag news events this morning, including the huge Non-Farm Payroll report at 8:30 AM ET. Even though the trend is pointing up, this is a day that demands caution. Let's get into the levels.
📈 Introducing the VICI Options Analyzer
First, I want to point out something new. Our mad scientist in the room, Rob, has developed an options analyzer to give us insight into where market makers and large option sellers are positioned. As this is still in beta, we will not use these levels for primary trade signals, but as confluence with our existing process levels.
Significant Call Wall: Located at 6528.00, currently keeping price suppressed.
Significant Put Wall: Located at 6477.00, lining up perfectly with our key 6474.75 support zone.