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Good morning, everyone. Today is Friday, October 9th, and we come off a ridiculous day in the trade plan. 7803 played with precision in the overnight session and launched us up well over 40 points, only to smack the high lost at 7850 that we had marked as our major resistance. That sent us down well over 70 points, directly into the previous Weekly Value Area High for the low of the day. From there we got a massive pop in the afternoon, and the indices pushed up all afternoon and through the evening session for a total of 75 points at the time of this writing.
Congratulations to everyone who took the sweep play at 7800 and was patient enough to wait for the indices to come into our pocket and play support. SPX was absolutely gorgeous yesterday: it came down and held the 7735 Daily, which we had named as our massive make-it-or-break-it spot. This was an incredible display of trade plan perfection. Our patience paid off as we waited for price to come to one of our edges.
We are up well over 30 points at the time of this writing, and it would seem as if the bottom might be in for the week. Yesterday we said we were specifically looking for, and welcoming, a pullback to buy this market, because we believed it was simple profit taking after all-time high exploration — an opportunity to reload. The market gave us exactly that.
A Note on Today’s Market:
News: No Red Tag news to speak of. We do have Preliminary Consumer Sentiment and Preliminary Inflation Expectations at 10:00 a.m., after the market opens. They are not Red Tag events, but please be aware of them, as they will more than likely cause a shake.
Volume: Relative Volume is extremely suppressed this morning, down 22% at the time of this writing. That means we could have a muted range of somewhere around 27 points above or below the overnight highs or lows. Keep it in mind as the day kicks off, and manage your expectations for where price could gravitate.
Range: Expected range of 70.25 points. We have already moved 36 points in the overnight session, leaving approximately 33.5 points above or below the overnight highs or lows before the volume adjustment.
Gamma: The gamma flip level is still located at 7835, and it is positioned directly below us once again, putting us back in Positive Gamma territory. This level has been a massive spot for us for days. It sits right with a very important Daily at 7837 and our massive double Weekly Point of Control at 7833, and together they have been a huge pivot for some time.
Trend: We are up on all time frames: the Weekly, Daily, and 4-Hour. That tells us to keep looking for longs this morning. This is purely a buy-the-dip moment, as it has been all week.
🧠 Current Market Context
The Bottom May Be In for the Week
After the indices came down yesterday and held the major support we’ve called out all week, they propelled up in the overnight session. We are once again flirting with the previous all-time high at 7848.50 as price decides which way to go. This area has been a massive inflection point for us time and time again. Every time we approach it from the bottom side, it gets a reaction, and every time we push below it, price seems to follow. So we will keep a close eye on 7848.50, which lines up with our 7850.25 4-Hour this morning, as a huge guide for momentum and for how price will lead the way.
