S&P 500 Daily Trade Plan: The $233 Squeeze Means Nothing & The 6835 Leg High Ceiling
A detailed ES & VIX plan for March 10th, breaking down the 6835 untested daily leg high, the 6761.75 weekly pivot, and the VIX 23.43 weekly barometer.
SCHEDULED NEWS
No Red Tag News
OPTIONS VOLITILITY LEVELS
Good morning everyone. Today is Tuesday, March 10th, and we come off an insane squeeze yesterday as we called the exact bottom in the weekend review at 6585. Price was able to squeeze back above our significant Daily/Weekly area at 6627 and carried us all the way to our highest untested level around 6816 — an absolutely incredible squeeze for over 230 points. Congratulations to all those who took advantage of the plan laid out in the weekend review, buying above supports as we continued to gain and especially reclaiming our massive Weekly swing low at 6674.50. I appreciate all the support and all the compliments via DMs as we continue to conquer these markets.
As we come into the day, yesterday’s squeeze sent us all the way up to our highest untested level around 6818, and we have drifted sideways all night essentially holding the Weekly support at 6761.75. However, price has pushed above into our massive Untested Daily at 6835 that I have talked about time and time again — this is a massive level as it represents the leg high of our current move to the low. Despite yesterday’s rally, we are still technically bearish and pointing to the downside as we have not gained on the Weekly, Daily, 4-Hour, or 1-Hour timeframes. We are currently very much still bearish, as these insane short squeezes happen quite frequently as price progresses from the lows back to the highs to make an efficient market.
A Note on Today’s Market:
News: No major Red Tag news events to speak of today. However, that does not mean we will not have volatility — a move is already developing right now pre-market. Stay prepared for anything.
Volume: Relative Volume is at +11%. Market participants are here and they are here to play.
Range: Expected range of 132 points. We have already moved 71 points in the overnight session, leaving us approximately 50 points above or below the overnight high or low.
Gamma: We are still in a Negative Gamma regime. The Gamma flip level is well above 7000 at this point. Dealers are hedging to the short side, which will create volatility and more than likely profits to be made in both directions.
Trend: Downside lean. We have not gained support on the Weekly, Daily, 4-Hour, or 1-Hour timeframe. Despite yesterday’s massive 233-point squeeze, we are still technically bearish. These short squeezes are textbook in a progression play — price moved from the lows back to the highs to make an efficient market. Nothing has changed structurally.
🧠 Current Market Context
The $233 Squeeze & The Efficient Market Progression
Yesterday’s pop brought us all the way up to test the highs of the leg, which we called out in advance. However, we are currently smacking from that high once again in the overnight session, giving us a downside lean. We have not gained support on any timeframe — the massive move over the past two days has in a sense accomplished nothing, only popping up higher to test a significant level and leaving us right back at our important pivots. This is textbook progression — price moves from the lows to the highs to make an efficient market, and until support is gained, we remain bearish.
