SPY

I would love to see the market pull back down to fill the gap on the day for a long trade.

The 536s were once acting as resistance however turned into support once broken above with volume. There is also liquidity at the 534.79 range for now on the 1 hour AND the 4 hour.

The 15 minute showing liquidity at my price target in the 536s

The 30 minute also showing liquidity at the 536s

As well as the 5 minute

There's not a chance I take a trade until Jerome Powell speaks haha. There is far too little implied volatility. Which means that there isnt much movement for an options contract to move to the upside or the downside on the day. This will be the case until the FOMC meeting.

SPY is flying and the options contracts are hardly moving as they would on a normal day. This tells me that the market is priced effeciently. Any other day these 0DTE calls would have been flying.

I am going to wait for my setup. Markets right now are pricing in the fact that Jerome is going to cut rates. Shorting the high here isn't entirley out of the question, but it's mostly about finding where that high is.

Goodluck and be safe trading on the day