9:11 am Eastern  - The SPY is on time for a possible turn today. No guarantees it will happen, but from a strictly timing perspective, price in SPY has reasons to stall out. If that happens, we could get a reversal signal (so far there has not been one yet), or price can pause and go sideways for a bit. Again, this is just an observation based on timing - not really anything else. There is clearly bullish sentiment in the market again. The DJT has led the IWM and SPY to the upside. The SPY is now coming into some trendlines that could constrain price. And that could happen today or later this week. It would be good to get confirmation of a possible trend change, like a good chart pattern or signal, but so far, it's just a timing thing, as price has climbed relatively unhindered for the past week or so.

For today, we have levels spread out more than usual. In the premarket, price has already broken through a trendline that runs from about 686.50 down to about 686.30. Up around 694 and higher should be resistance if price continues up there in a more-or-less straight line. There is a zone up there where several levels converge. Ideally, price would go straight up to the 694 level and slightly higher, and a longer-term short position could work out well. But usually the market doesn't always provide what you want exactly the way you want it. The thing to keep in mind, that under normal market conditions, 694 to around 695 and maybe even slightly above - should be good overhead resistance.

The other levels on the board today are typical, albeit spread out. As with any day trading the futures, it's good to have an understanding of the big picture. There are some levels on the board that come from longer-term data and price action. Therefore, it could take some time - like 30 minutes or an hour or longer - for real reactions to occur around those areas. Giving the levels more wiggle room is a good idea. 

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

As the bulls drove price higher today, we got one Base Hit - or more if you were willing to hold onto the trade. It was a long trade against 689.35 entered at 9:50 am. That ended up being the launching point for a lot of points. This morning, we talked about giving the levels more wiggle room. This is part of what that meant. It may not have been easy to hold for the entire ride up to 694.19, but that was the start of the next big area of overhead resistance. We had no official levels on the board today above 689.35 until the zone that started up at 694.19. So, one Base Hit for sure.

Then, as price got near the zone, it stalled out for a classic consolidation pattern that I call a 20-20 consolidation. It's when price gets with 20 cents of the Operating Level and never gets to the level for at least 20 minutes. The longer you see that kind of price action, the more likely price will bust through the level if/when it gets there. So, when price finally did hit 694.19 at about 3:26 pm, there was no trade triggered.

Per the rules, a total of 4 ES points for the day.