ATM Trading Club Newsletter

Wednesday June 5, 2024

Opening Synopsis:

Today, the SPX hit an all-time high, opening at 5314, dipping to a low of 5297, and rallying to close at 5354. This movement positions the SPX at a critical resistance level, aligned with the upper Bollinger Bands. As we approach the end of the week, all eyes will be on the non-farm payroll report due on Friday, which will be pivotal in determining how the price navigates these resistance levels moving forward.

Critical supports are now as follows:

- EMA(9): 5293.90

- MA(5): 5288.35

- Intermediate levels: 5223.70 and 5307.55

Current Trend Channels

0DTE Thursday Plays:

- Gap Down Play for a Bounce: 

- Test of 5340:

- Aggressive: 5335/5330 Put Vertical

- Conservative: 5330/5325 Put Vertical

- Gap Up with Weak MACD:

- CCS: 10 points higher from the highest price when MACD shows early divergence