8:58 am Eastern  - Will today be a wacky Wednesday? It's possible. In some markets, the bull surge is starting to feel overextended. The DJT is screaming, and it's possible that when they hit a target where profit-takers show up, they can fall. That could happen soon. They're already past 21,000 on this run. If they fall from somewhere like they did at 20,000 the first time it was hit, the SPY is likely to fall too. But currently, the bulls are back in town and in charge. The question is: when or where will there be some breathing room built in to the market? Price never goes in a straight line forever. So, yes, today has the possibility to get whippy. Just an awareness. Timing is still ripe too.

What we have a face value is price busting through strong overhead resistance areas very decisively. Remember the zone from yesterday that started at 694.19? Price has been hanging out in that exact zone all night and in the premarket this morning. The bulls obviously want to get on top of it, and test the former all-time high at 697.84, and then the 700 target is back in the game. From the uber big picture, 700 has always been a long-term target. Now that price spent more than four months flirting with that milestone level and pulling back a good amount, it could change the scene if/when price finally does get up to 700. In other words, it's less likely that SPY will just spike 700 by a little and then pull back a lot. 

For today, we have an axis level of 694.40. That is in the middle of yesterday's zone and it still important today. Above and the bulls can keep grinding. Below and they could pull back more. We need to see closes of significance above or below to help us gauge the near-term picture. Meanwhile, we have a level at 697.14 which could be important, but in itself, isn't necessarily a tradeable level by default. It's simply a intermediate former breakdown area before price reaches the former all-time high. That area up there could represent a challenge for the bulls, but understanding what price looks like on longer timeframes is key. Look for convergences across timeframes before trading against the levels. That's just a good best practice on any trading day.

Above 697.85 and 700 is in view. The fat round number of 700 is probably important and could provide a reaction, but I have levels higher up in case they spike 700 - if that even happens today. There is still the possibility that something spooks the market and price drops. Momentum is clearly bullish right now, but as we've been saying, timing is important for a move in the opposite direction. And unusual things can happen fast. 

There are no data releases of significance scheduled for today. But buckle up, just in case things get volatile. Trade well today!

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

The SPY finally hit 700 today. On the way up, we got two Base Hits. And of course, much more if you rode the launch off 694.40 up to the former all-time highs. That area created a zone and was good for at least one other Base Hit.

First trade was a long right as the 9:45 am candle closed on top of 694.40. A quick bounce for a Base Hit and then plenty more points as the bulls continued their trek up to 700. We discussed this in the Game Plan this morning. 

No trade at 697.14, per the Game Plan this morning. It did work though, if you decided to trade against it. That level and the former all-time high at about 697.85 created a zone that the bulls stalled out at for awhile. Once above, 700 was the target. The tag of the Operating Level of 697.80 at 12:24 pm (to the penny) handed over a Base Hit on that short trade in the E-minis. Another 4 S&P points. 

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