S&P 500 Daily Trade Plan: New Lows on Rollover Friday & The 6585 Sweep Target
A detailed ES & VIX plan for March 20th, breaking down the 6685.50 daily suppression zone, the 6584.50 leg low sweep target, and the VIX 24.70 monthly pivot.
SCHEDULED NEWS:
NO RED TAG NEWS TODAY
OPTIONS VOLITILITY LEVELS
Morning everyone. Today is Friday, March 20th, and yesterday’s trade plan was absolutely unbelievable. We called the suppression in the overnight session at the 6680s, only to come down and play our exact low to the tick at 6611.25 — all of this given way in advance for trade plan subscribers. We also had the pop at the end of the day that took us right back into our 6685 Daily level and played our 6687 one-hour, which paid well over 45 points. Only to have the 6680s reject once again and send us down lower to make new lows. We have been consistently targeting new lows for weeks now, and we are continuing to fulfill that pattern on a Friday. Congratulations to everyone who took advantage of the plans — rollover can be tricky, but we have made the best of it as a team. You should all be proud of yourselves.
Last night, price hovered around our 6680s massive resistance level but was unable to crack this in the overnight session, which ultimately led to a push down making new lows underneath yesterday’s low at about 6:00 AM this morning. We have already moved 77.75 points in the overnight range, and we are now looking to see if the bears can continue their push into our major targets below.
A Note on Today’s Market:
News: No Red Tag news events to speak of today, which is abnormal for a Friday. Continue to monitor for any unexpected political or macro developments that could create intraday shakes.
Volume: Relative Volume is at -10%. This is not a very harsh reading, and given this, we could see approximately 35-36 points above or below the overnight high or low — giving us a modest but usable range for the session.
Range: Expected range of 111 points. We have already moved 77.75 points in the overnight session. Taking relative volume into account, we have approximately 36 points left above or below the overnight highs or lows.
Gamma: We are still in a Negative Gamma regime. Dealers are hedging to the downside. Anything can happen — especially on the last day of rollover — and we need to be prepared.
Trend: Downside lean. We are down on all timeframes — the Daily, Weekly, 4-Hour, and even the 1-Hour. There has been no gain on any timeframe. All signs point to more down as we have been nailing every single low on the way down as predicted.
🧠 Current Market Context
New Lows & The Inevitable Leg Low Sweep
We are continuing to push lower, and as I said yesterday, it is my opinion that we are still seeking lower. We just made new lows this morning, sweeping and grabbing liquidity under yesterday’s low. The target potentially today is 6584.50, as that is our first major daily swing low that we are targeting on this move down. Ultimately, we are looking below 6525, but that will more than likely not happen today. Unless the bears lose the fight and the bulls take over, the sweep below 6584.50 seems to be inevitable.
