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Good morning everyone. Today is Thursday, August 27th, and yesterday was an incredible day for trade plan holders, as we were finally rewarded for our patience with three spectacular trades that were all given in the trade plan way in advance — including the low of the day that sent us up the entire afternoon and through the overnight session for well over 70 points, the biggest move we’ve seen all week.
Congratulations to all those who took advantage of these three spectacular trades — both the shorts from the 7704 area and the long from the 7672 spot. That was absolutely a phenomenal trade. Team BG was fat with points yesterday, as being patient once again paid the bills.
In the overnight session we pushed up directly into our spot at the 7737.75 Daily and the 7742.50 1-Hour, which is the area I have been telling people all week had a very strong probability of happening. This morning we can see that this area played with perfection in the overnight session, pulling us back into our significant Daily at 7714.25 — which was our very significant resistance keeping price suppressed, and has now flipped to support as we sit above it. This has been our significant Daily for momentum shift pretty much since last Thursday, and it will continue to be so today as our current former resistance turned support.
A Note on Today’s Market:
News: No Red Tag news to speak of. We do have Unemployment Claims at 8:30, and we have day one of the Jackson Hole symposium. Yesterday we also came off strong Nvidia earnings, as Nvidia has catapulted up in the overnight session, testing the last and final Weekly at the highs — just like we predicted in the post-market breakdown yesterday when we charted this out.
Volume: We have an increased Relative Volume of positive 16%, meaning we could move approximately 20 points above or below the overnight highs or lows.
Range: Expected range of 49.75 points. We have currently moved 34.25 points in the overnight session, leaving us approximately 15.5 points above or below the overnight highs or lows before the volume adjustment.
Gamma: We are still in Negative Gamma territory, as the gamma flip wall has now moved down to 7755. This is directly above our significant Daily at 7752.25, which is our true momentum shift pivot if we continue to push higher. The gamma flip at 7755 and the Call Wall at 7755 present a huge line in the sand for us — we already knew the Daily at 7752.25 was significant, and the gamma flip level confirms that for us.
Trend: We are currently still down on the Daily time frame. However, please be aware that we did gain on the 4-Hour time frame yesterday and the 1-Hour time frame, setting us up for potential buys if we pull back lower.
🧠 Current Market Context
The Make-It-or-Break-It Spot
Nvidia is clearly leading the market at this point in time, as it accounts for well over 7% of the S&P. We should not look at this move lightly, as this has the opportunity to carry us even higher. Nvidia is currently hitting its highest level since the beginning of the year and is bumping its head on some major resistance — however, I do believe Nvidia could go higher based on its chart.
