9:26 am Eastern  - We're back up into uncharted territory. Not a lot to say about today's levels. Yesterday, we had a level at 701.25 that price did not get up to during the regular session. They hit it in the premarket session this morning, and it was indeed resistance. The bulls haven't been able to get price on top of that level, but they probably want to. Where they might have long term targets on the upside isn't clear just yet. We do have levels and a zone above current price that could represent some overhead resistance. While I don't see price falling hard from where they're at now (which would be the little spike of 700 we talked about before), it is possible. But with the pull back we've had over the past several months, there could be renewed energy for the bulls to push higher now.

That being said, there is some "overextension" in the market. Not just the SPY, but other indexes as well. As predicted, we got a pullback in the DJT yesterday. So, we just have wait for signals of a potential bigger move in SPY. The current rally won't last forever. Getting above 701.25 today and the bulls can probably continue to grind. Getting back under 700 and more sellers are likely to come out.

There are no data releases of significance scheduled for today. Trade well today!

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

A mostly sideways day, bouncing between our axis levels from the morning. First trade was a long against 700. That resulted in a 4.5 point Fumble plus a Base Hit on the reversal.

The next trade was a short against 701.25 when it was hit at 11:11 am. That resulted in a wash when there was a Near Miss of the profit objective.

I want to point out that something interesting is going on in DJT again. They are more extended now - almost to 22,000 - as they were the first time they hit 20,000. Remember the pull back at 20,000 that pulled the SPY down with it? Well, the time is right for something similar to happen again. If DJT finds a top and starts pulling back, there is a possibility the move will be noticeable. And if the DJT is falling, the SPY is likely to follow suit.

At face value - as of Thursday evening (4/16/2026), as I'm looking at the different markets, DJT is uber bullish. And IWM is following. SPY isn't too far behind, but the chances are better that the transports will hit their target before the SPY does. And it could be the canary in the coal mine if it does do an about-face sometime soon. Then we'll likely have some sort of pullback in the SPY happening at the same time, or shortly thereafter. Just some observations. Let's see how the week ends and we'll talk later. Hoping to have a Weekly Recap video posted soon.

Per the rules, a total of -0.5 ES points for the day.