S&P 500 Daily Trade Plan: Timeframe Conflict Creates Two-Way Opportunities
A detailed ES futures trade plan for October 8th, analyzing the weak 4-hour structure against the bullish daily trend, with key resistance at the 6789.00 gamma flip.
SCHEDULED NEWS
OPTIONS VOL LEVELS
Good morning, everyone. It’s Wednesday, October 8th.
We finally have a little news on the calendar today with the FOMC Minutes at 2:00 PM. While this is often just a regurgitation of information we already know, it might be enough to shake the cage a little bit. We also have a full day of Fed speak to be aware of. Overnight, the market has slowly dripped up, finally filling the single prints we identified up at 6775.00. Yesterday’s significant drop held our key 6746.50 daily support, and we have held above the 6752.50 pivot ever since. However, we are now pumping our heads on some significant resistance, and the VIX is slightly elevated.
🧠 Current Market Context
The bias is certainly up, as the daily timeframe has not lost its bullish structure. However, it appears we’re starting to see some weakness. The 4-hour timeframe lost its structure on yesterday’s push down, insinuating that we could see some rotation. This creates a conflict between the timeframes, and I believe there’s money to be made both ways today. While buying dips remains the primary plan, shorts could certainly get paid from the right levels. We may even see a potential new low under yesterday’s low.