March 14, 2024 SPX, ES, SPY Trade Plan
Market Recap
Our analysis in the Discrord this morning was dead on as we shared that today’s session will be choppy and no continuation/trend. Not a 0DTE kind of day especially after the prior day the market putting in over 50pts. Those days of multiple 100pt days are gone with 0DTE options so bigger moves above 50pts are just not that common anymore.
So after putting a crazy run, no news catalyst on the day besides the bond auction that occurred at 1 pm est, it was either a pure scalp trade kind of day and lock in profits and cut them at key levels with no runners OR you just stayed out of it.
Our analysis intraday in the Discord continues to be spot on and we nailed multiple levels and key reversals. Most of these ideas yielded 10 or 15pt moves on the day.
In order to get out of this choppy zone where reversals can occur at any moment we need to break out of the high/low of the 2D daily candle. Inside candle on the 2D chart shows us that between 5114-5179 is pure chop. So within this range we trade key levels including breakouts or breakdowns at these levels…
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Here is an overview of the Gamma/GEX data we are seeing longer term…
Customers are treating this market as positive gamma - buy the dips
5150, 5200, 5175 are your top net GEX levels
5200 still has interest on it if revisited but will be major resistance
There will be a squeeze if we break and hold this level…
It also could play as an interim top/resistance level until opex
5095 is a key level which will trigger the market to shift into a negative gamma condition - sell the rips
Here is what it looks like intraday or 0DTE…
Intraday we are in positive gamma - buy the dips
5170 is a pivot level intraday - below targets 5130 and above it 5200
With that let’s jump into our trade plan….
3/14 News Catalysts
Today’s catalyst include PPI and Retail Sales coming in premarket conditions.
For more information on news events, visit the Economic Calendar
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