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Good morning, everyone. Today is Thursday, September 3rd, and yesterday’s trade plan was phenomenal. We called the major buy spot at 7622.50 on Thursday, and then of course on Tuesday, and then again yesterday on Wednesday we swept the 7622.50 and it propelled us much higher all the way into our significant 4-Hour at 7690.75 for the high of the day. It was a beautiful display of trade plan amazingness, as we knew the previous all-time high pivot at 7648.75 would be a huge momentum shift for us — and as soon as price broke out over this level, they just continued straight into our major resistance area.
The next beautiful part was the fact that they played the Daily at 7670.75 for a pop up on the first pullback. Congratulations to all those who took advantage of this insane squeeze yesterday, as it was certainly something we haven’t seen in quite some time. But knowing that we were playing the Weekly and had the Weekly at our backs — being one of the highest time frames that we play — this should not be surprising.
A Note on Today’s Market:
News: No Red Tag news to speak of. We do, however, have Unemployment Claims this morning at 8:30, and then ISM Services PMI at 10:00 a.m. These are not Red Tag news events, but we should certainly keep our watch set to these, as they will more than likely give us a shake.
Volume: Relative Volume is at minus 5%, leaving us pretty much on par with hitting our expected range today. That is about as neutral a read as we get.
Range: Expected range of 59.25 points. We have already moved 33.25 points, meaning we have 26 points above or below the overnight high or low for our expected range today — and that could be very possible given where relative volume sits.
Gamma: We are currently still in Negative Gamma territory, as our gamma flip level still resides at 7760, meaning dealers are still hedging to the downside. This gives us the ability to take trades in both directions today. Negative gamma tends to open up and expand the ranges and gives us an opportunity to play both directions.
Trend: We are currently still down on the Daily time frame, but we gained on the 4-Hour and 1-Hour yesterday, leaving us in a position where we are starting to tip the scales back in favor of the Bulls. However, we are still technically down on the Daily, which tells us that money can certainly be made in both directions and we should be cautious.
🧠 Current Market Context
Coming Off the Weekly, But the Daily Hasn’t Gained
We are still very much coming off the 7622.50 Weekly from Thursday, and this is a very high time frame trade. In all honesty, it could propel us all the way back into our major resistance areas around 7737.75, 7748, or even higher into the 7800 area. This doesn’t mean it’s going to happen, but it is certainly a possibility, and so we just need to be careful.
We have some mixed signals right now, with us currently starting to gain on the lower time frames but yet having not gained on the Daily. We will continue to respect our levels and play our above/below significant spots to understand momentum.
