S&P 500 Daily Trade Plan: The 7573 Breakout Holds & The Final Grind to All-Time Highs
A detailed ES & VIX plan for July 7th, breaking down the 7573.25 barometer-turned-support, the 7599.25 move-securing weekly, and the 7527.00 must-hold daily area.
SCHEDULED NEWS
No Scheduled News
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Good morning everyone. Today is Tuesday, July 7th, and we came off another solid day in the trade plan yesterday. We got our breakout above 7573.00, pushing higher into our main target at 7599.25 — our big weekly, which was the ceiling for the day and propelled us well over 50 points from the open. That also gave amazing confluence off the SPX daily at 7501.24 for a perfect touch, only to send us higher all day long on a slow, grindy up move. Congratulations to everyone who took advantage — it was slow and grinding and took real patience, but if you followed the process, serious money was made.
As we come into the morning, price is still slowly moving to the upside after drifting sideways all night in a tight, controlled fashion. We’ve officially played the 7573.25 daily from the top down overnight, and we sit in a very interesting spot: above our long-standing resistance, but still below the big weekly at the highs.
A Note on Today’s Market:
News: No Red Tag news — in fact, no scheduled news at all today. With zero on the calendar and price sitting at a very important pivot, we need to be extra disciplined and let the levels do the talking.
Volume: Relative Volume is -7%, which is nominal, especially compared to yesterday. That tells us the normal market participants are back and here to do business today.
Range: Expected range of 85.5 points. We’ve moved 38.25 points this morning, leaving approximately 47.25 points in the tank above or below the overnight high or low.
Gamma: We are still in Negative Gamma, with the gamma flip now shifted down to 7615 — it continues to slowly move lower, but it’s still very much above us. Dealers are still hedging to the downside, so respect the two-way risk as we approach that strike.
Trend: Yesterday was a significant feat — we finally gained on the 4-Hour and Daily time frames, putting us well above the daily resistance at 7573.00 that kept us suppressed most of last week. Our process is now pointed to the upside, so we default to longs. Just be aware: we have very little support underneath us, so for the push to all-time highs, the bulls cannot falter.
🧠 Current Market Context
Above 7573 at Last & The Thin Air to All-Time Highs
Yesterday was a massive undertaking from the bulls. We were finally able to gain on the 4-Hour and Daily, closing well above the significant 7573.00 resistance that had been our ceiling for quite some time. Now that we’re above it — with yesterday’s close confirming — we’ve played 7573.25 in the overnight from the top down and continued to drift sideways and slightly higher in a tight, controlled fashion. I want to make one thing very clear: we are now technically above our significant resistance, which is now support, but there is very little support beneath us. In order to continue this push into all-time highs, the bulls cannot falter. If price pulls back today, we only have so many levels we’d be looking to buy before things go extremely bad for the bulls.
