S&P 500 Daily Trade Plan: The Five-Week Balance & The 7573 Momentum Shift
A detailed ES & VIX plan for July 14th, breaking down the 7544.50 four-hour line in the sand, the 7573.25 momentum shift pivot, and the VIX 17.44/17.19 midpoint pivot.
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Morning everyone. Today is Tuesday, July 14th, and we come off another awesome day in the trade plan. As we know, the significant daily leg down at 7628.00 played Friday and brought us right back into the 7596.50 Daily that we talked about in the weekend review — which paid a fantastic pop of over 25 points in the Sunday Globex session. However, after wiping all the levels in Sunday Globex, the 7596.50 was unable to hold just as predicted, and price was able to come down 50 points exactly as we laid out, all the way into the significant untested 4-Hour at 7544.50. It was a beautiful display of trade plan perfection. Even though it was a difficult day in terms of price action, the trade plan led the way through and through. Congratulations to all those who exercised extreme patience and took advantage — we had a ton of members in the Inner Circle who really just cleaned up.
As we come into the day, we find ourselves balancing in the overnight session on our 7544.50 significant 4-Hour. This is the big level for us today, because underneath this level things can go sour and go sour fast. Overnight, price held the 7544.50 significant 4-Hour and stayed suppressed underneath the 7573.25 Daily — our big daily and the momentum shift pivot that will need to reclaim to get our lift back to the upside. We have now balanced for five weeks in a massive 200-point range without picking a direction, and that makes for very difficult price action and very difficult direction. We will default to our significant levels and understand where we are above or below them in context, applying VIX and SPX today to keep us pointed the right way.
