9:18 am Eastern  -  Premarket price is still hanging out under the trendline that we talked about in the Weekly Recap video which was posted yesterday. They've tagged the trendline a couple times already in the overnight/premarket sessions. For today, the trendline zone is sloping down from 695.88 to 695.45. It's still on the board as a reference, and could still provide reactions if price tests it again today. Not sure I would trade against the zone unless I saw other compelling reasons in real time. The bulls do want to get above it and break into new highs - 700 is still a target. But from where price sits in relation to several moving averages on mid-term time frames, there is room for a pull back before the bulls got going - if they can do it. So the trendline is the axis area. There is a possibility of movement in either direction today.

As such, there are fewer than usual levels on the board for today. Getting above the former highs, there could be resistance slightly above at 698.50 as well as the big number of 700. The 700 level is not on the board, but you know it's there. The question is, if the bulls can get up there, will there be enough buy-the-breakout traders willing to give the bulls more momentum so price spikes 700 and finds resistance higher up - or will the bears come out and defend that target and get price to pull back? That is, assuming 700 is attainable today or later this week.

If things start to look weak, and price stays under the trendline, 689.40 is a place of probable support. There are also safety nets under that level that aren't on the board. If, for some reason, price falls hard, I wouldn't want traders getting in front of price and trading at every level that I put on the board. But under 689.40, within about 30 S&P points, there are other levels of probable support. Keep an eye on 687.92 and 686.42 in particular. 

There are no data releases of significance on the schedule for today. Don't forget to pay attention to what they're doing over in DJT, as we discussed in yesterday's Weekly Recap Video. Trade well today!

Trading by the Ticks & Trades Strategy, here is where you would have landed for the day:

The trendline zone was the axis area for the day, as spelled out in the Game Plan from the morning. Price couldn't stay above it on a sustained basis. That kind of behavior developed into more bearishness by the afternoon and the SPY closed below yesterdays close. Did we trade against the levels of the zone knowing what we knew this morning? It was trader's choice. After price hit the bottom of the zone minutes after the open, and fell away from the zone about 20 points quickly, I was less interested in going short at the level if they were to get back up there again soon. I wanted to see if the bulls could get on top of the trendline and if they could, I would not want to be in a short position betting against the buy-the-breakout traders. So I did not trade the zone, per the Game Plan. And we will not count any Base Hit trades against either of the levels of the zone - although, as it tuned out, there was sufficient resistance up there again. So, if you chose to scale in on the short side at the zone, you would have been rewarded with two Base Hits. The levels still worked, regardless.

FYI, when price fell down into 693.45 at about 9:43 am and started to bounce, I saw that the level there at 693.45 was a level from last week that price respected several times. And at the time they were coming into it again this morning, there were also at least two other reasons I noticed then that helped validate potential support there. So i jumped on board with a couple contracts and pulled a little more than a Base Hits worth of points as they climbed out of the 693.45 area. But in keeping with our Game Plan from the morning, no official trades today.

Per the rules, a total of 0 ES points for the day.