S&P 500 Daily Trade Plan: Within a Stone’s Throw & The 7477 Bull Hold
A detailed ES & VIX plan for May 22nd, breaking down the 7470.75 midpoint pivot, the 7477.50 previous weekly VAH hold, and the VIX 17.48 suppression barometer.
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SCHEDULED NEWS:
OPTIONS VOLITILITY LEVELS:
Morning everyone. Today is Friday, May 22nd, and we come off another perfect day yesterday in the trade plans. We had a pretty slow morning, but we relied strongly on our 7414.00 Daily level to keep us held to the bullish structure, and that is exactly what happened — playing perfectly in confluence with SPX at 7390.63. These were the two major Dailies that were very important and that we have talked about for the past few weeks that we needed to stay above. Lo and behold, it held perfectly throughout the afternoon session, sending us up well over 80 points in the RTH session after a firm hold for an afternoon push. It was an incredible display of trade plan perfection.
As prices continue to drift in the overnight session, we reached close to 100 points of upside with continued follow-through. Congratulations to all those who were extremely patient yesterday and took advantage of this trade plan amazingness — it was a beautiful display of what a professional trade plan can offer. As we come into the Friday session, we find ourselves once again elevated at the highs, continuing to hold the upper range. We are within a stone’s throw of all-time highs — approximately 45 points before making a new all-time high, which certainly seems to be the goal as of this moment.
A Note on Today’s Market:
News: No Red Tag news to speak of as we come into a Friday. We do have Revised Consumer Sentiment at 10:00 AM, which may provide a reaction. Given it is not Red Tag, it should be monitored for potential reaction but is nothing concerning.
Volume: Relative Volume is -9% pre-market. Something to note as we come into a Friday with no Red Tag news — be aware of the muted-volume possibility, though a small overnight session can still precede a big intraday move.
Range: Expected range of 78.25 points. We have moved 33.75 points in the overnight session, leaving us an extremely small range so far — but this also precludes a potential large move, as small muted overnight sessions can lead to big intraday moves. The total range minus the expected range leaves us approximately 44.5 points left in the tank above or below the overnight high or low. This is a significant range for the day’s action that we should be aware of.
Gamma: Very interesting looks in the options levels this morning — dealers are hedging extremely skewed to the call side, telling us options dealers are hedging to the upside and selling calls, which gives us upside targets. We have a major Call Wall acting as resistance all morning at 7497.00. We still have insufficient data to give us a clean gamma skew reading, however given that we are continuing to gain on the four-hour timeframe and play daily support to the upside, this gives us a strong indication that we are in Positive Gamma territory.
Trend: Bullish, buy-the-dip mode. We have regained on the four-hour and one-hour timeframes, however still leaving us down on the one-hour in a couple respects — but this still puts us in buy-the-dip territory with very significant support below us to lean on. We have exceeded our current weekly push and are now well above the Previous Weekly VAH. VIX is extremely suppressed, reinforcing the upside.
🧠 Current Market Context
Within a Stone’s Throw of All-Time Highs & The Buy-the-Dip Hold
We are elevated at the highs and within a stone’s throw once again of all-time highs — approximately 45 points before making a new all-time high, which certainly seems to be the goal as of this moment in time. We have regained on the four-hour and one-hour timeframes, and with VIX suppressed, this gives us the indication that we could continue to push higher. As we continue to drift higher this morning, we have exceeded our current weekly push and are now very much above the Previous Weekly VAH. This is a very important area for us to have continued momentum to the upside.
