9:04 am Eastern  - There was follow through with the futures during the overnight session and guess where they got price up to? The original trendline that started at the end of February. You will probably recall that most of month of March, price stayed constrained under that trendline. By the end of the month, a bigger pull back was under way. But now, from the Monday, March 30 close to right now (as of 8:30 am Eastern, April 1), price in SPY is nudging up against that same trendline. For today, that trendline runs from about 656.90 down to 655.50. That are can be looked at as a zone. The bulls need to get on top of that trendline and close some daily candles above it to be in a better position to continue this rally they started Monday night. It will likely act as overhead resistance again today. Remember what happened at the interim trendline we had on the board last week? It was support until price got under it on Friday. Then that same trendline area became overhead resistance when they got back up to it yesterday... until the bulls were able to bust through it. That's what gave more strength to the rally. Well, we could see the same thing with the longer-term trendline up in the 656.90 to 655.50 zone. The bulls will likely need to test it a few times before possibly busting through. They might not be able to do it. But if they can, it can add fuel to their fire.

Also, we should note how the month of March ended. Price came down to about 77 or so S&P points from tagging the monthly 20-period moving average. They closed the month above that MA. So, that's still bullish in the uber big picture. There's nothing bearish with the monthly chart. The weekly chart is in the spotlight for today through this Friday. If price can stay above its 50-period MA, then the pullback we've been in for almost two months could be showing signs of ending. One weekly close under the 50-period MA isn't necessarily a bearish signal. But two or more weekly closes under that important gauge is a better sign that perhaps the pull back isn't over. So meanwhile there could be some more back and forth today and the next couple days this week. 

The daily chart of the SPY is still bearish. Again, price needs to be above the trendline and close above for a few days for the bulls to establish more strength. There could be a grind higher in the meantime, but there are places the bulls will need to fight through before getting into bull-market territory, at least on the daily chart. There are likely to be pulls on the market in both directions today and for the rest of this week.

The levels that comprise the high and low of the trendline for today are more of a gauge. The whole area is a zone. They're not tradeable levels by default. I will not be using them to trade against. But there are levels above the trendline that have their own importance and can be viable for Base Hit trades. Those levels would probably work better if the market continues a slow, steady grind higher. Pull backs from those areas could provide Base Hits. But if things start getting volatile and price is whipping around more, only the highest probability levels should be traded against. Some of those levels above the trendline are relatively close together, so caution is warranted. The highest probability levels are the ones where additional confirmation is present on longer timeframes if/when price approaches the Daily Levels themselves. Pay attention to the 20, 50, 100, and 200-period moving averages on the shorter time frames as price is trying to climb (if they can keep climbing today) because there are plenty of areas that will probably give the bulls some trouble.

Remember the level from yesterday at 645.10 that price busted through like it wasn't there and stayed on top of. For today, we have 645.34 on the board as the bear axis. If price gets down there and starts closing intermediate candles below it and below 645.10, they is better for the bear case.

As I write this, it is 9:00 am Eastern, and the trendline zone is already giving the bulls some trouble. They're currently being rejected up there. At 10:00 am, there is a PMI data release that may have an effect on price action.

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

So, the trendline was back in the spotlight today. Price got through the trendline a couple hours into the regular session, hit the next level we had on the board today ,at 658.09, and price began to pull back down. The trendline was overhead resistance. We did not trade against the levels that made up the trendline zone, per the Game Plan, but we did trade against 658.09. The level was triggered at the operating level of 658..04 and price started to pull back. But they gave a Near Miss of the Base Hit profit objective before retesting the level again. The rule is to jump out at breakeven for a wash. As it happens a lot of time, the level proved to be plenty strong to pull a Base Hit if you stayed in that short position for longer. But we treat each trade as a process here. So, no points gained and no points lost at that level. There was no Recycle Trade on the other side of 658.09 because price came back down into the level from the top too soon. No long trade, to play it safe. That's why the rules exist. We might miss some trades, but we stay out of trouble on others. And trading consistently is key to long term profits. 

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