9:25 am Eastern  - Running a little late this morning. Refer to the levels above, and in the screenshot below. Keep refreshing this page up to 9:45 AM Eastern, as I will be updating the Game Plan...

On Thursday, April 2 - the most recent trading day before the Friday holiday, we had a level on the board at 658.69. That level was not hit during the regular session on Thursday, but in the premarket this morning, it was still important. Price got up there and was rejected at precisely 658.69. That level is our bull axis for today. Above is better for the bulls. Getting hourly closes above is what the bulls need to do if they want to try to keep grinding. They are currently above the long-term trendline that came into play last week. But there are a lot of important areas above price that bulls will need to fight though if they want to go higher. It probably won't be easy.

If price gets below last Thursday's close of 655.83 and hourly closes below it start to show up, the bears should have an easier time pulling price down. If price gets below 655.83, the trendline comes into play. It runs from about 653.80 right now, at market open down to about 652.50 by market close. There is also a PMI data release scheduled for 9:45 am this morning. Price has the potential, once again to move in either direction by wide margins. Yes, there was a rally during the last half of last week, but price is still in a position in the SPY where they're under resistance areas. That's bearish until it's not. We're talking mid to shorter timeframes here. The uber big picture (monthly chart) is still bullish, but as we've been saying, price can still pull down a lot and the big picture bull case still be intact. There have been some profit-taking at the highs.

This little rally we're looking at now could just be amateurs thinking the reset is over, while the pros are gearing up for a bigger fall. I'm not saying any one thing will happen (because all we care about are Base Hits at the Daily Levels), but the point is that there is still potential for more downside in the big picture. Trade well today!

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

Today was simple. We had two axis levels on the board for this morning. A bull axis of 658.69 and a bear axis of 655.83. The Game Plan spelled out what could happen if price in SPY would be able to get on top of the bull axis or under the bear axis. We're talking multiple closes of significance on the outskirts of those axis levels. But neither the bulls nor the bears were able to establish dominance today. Price bounced between those two levels all day. If you followed the rules, the trades were a short against 658.60 the first time price hit that level after our window of opportunity was open (after the first 15-minutes of the regular session), and a long trade against 655.83. The first time those levels were hit were the only times trades were entered. The first hit is the best hit. 

Per the rules, a total of 8 ES points for the day.