May 13 Plan

I'll do my analysis, I'll construct a plan, and then, I will focus on what I will NOT do.

Looks like we're continuing where we left off from yesterday. The rip continues. Only cause for concern is we're approaching a major resistance turned support potentially resistance zone at 5900 SPX. And, we're extended on the 4h and 1h. No different than yesterday. We're extended so continuation is less likely, but shorting is not advisable given how strong the trend is. Patience, as it always, will be key.

5850ish has been a key pivot since October 2024

Down to the hourly... extremely bullish, though very extended with a 130 reading on the PO. On the flip side the weekly +1 ATR level is only 20 points away at 5900. We could head up to that key psych level before reverting to the mean.

Now for the plan on the 10m. Again, the bias is bullish! Calls only, at support. Interestingly enough yesterdays pivot areas coincide with today's trigger box.

Plan today is to not trade until after the call trigger or PDC are tested. I will not make the same mistake as yesterday and get chopped up before a key level and/or ribbon is tested. Dream entry for longs is PDC & 10m21e. Or if the call trigger breaks out then waiting until a 'scary' pullback to the level and ribbon before continuing. I will not consider puts unless there is a double top with divergence. And even then I will either enter at HOD or only after the 3m21e flips.

We are trending, pullbacks to the ribbon are buyable. Momentum is strong so daily level holds are justifiable. I really don't need to consider puts until after PDC is lost. I will not trade. I will react to price at the key levels: 382, 236, PDC. That is it.

It will be an extra test of patience given we've already ripped to the 382 while I was writing this post...