March 22, 2024 SPX, ES, SPY Trade Plan
Market Recap
Today was a sloppy and choppy day after the massive run up we had in the prior trading session on the heels of Powell speaking and then overnight futures action.
While we saw a 20pt selloff from the highs of the day we closed above 5240 and more importantly ES continues to show support at 5300.
That’s what it ultimately comes down to is how these levels react when tested and whether we continue up more or come falling back down.
Let’s jump into the trade plan…
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Gamma Levels - GEX
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
5250, 5275, 5245 are your top net GEX levels
5250 is showing a lot of interest from customers…
There will be a squeeze if we break and hold 5250…
5130 is a key pivot - below will trigger a larger selloff and push us back into negative gamma
4800 is a key level of support
Here is what it looks like intraday or 0DTE…
5200 is an area of support
Put support at 5140 - could be where the low of the day could get to
5145 is where the market starts to get negative gamma - aka sell the rips
5250 is a key upside target and resistance
3/22 News Catalysts
UK retail sales are overnight, CA retails sales premarket, and last but not least FED Chair Powell Speaks at 9am est premarket.
For more information on news events, visit the Economic Calendar
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