SPX Trade Plan — January 30, 2026
Morning Note — January 30, 2026
The “Gap & Go” vs. The Morning After
Yesterday’s note nailed it. While we remained bullish, we were cautious as SPY was at the edge of the ascending wedge with a gap at 6875 that needed to be filled.
Before the open, on stream, we talked about rising VIX into the open being a clue. Once SPX filled the lower gap, it violently exploded higher to close at 6969 (nice). That price action was very constructive. Price moved fast, so it makes sense we’re retesting lower this morning. The question for today is whether SPX can recover from these pre-market lows and break us out to the upside, or if it retreats yesterday’s constructive action and bleeds lower. A weak close would suggest SPX wants to push to fill the lower 6600 gap. I don’t expect that, but I am watching it. As long as SPX can close above 6900 today, I feel good about the market still and my bullish stance. For today’s trading, we want to focus on 6900. Below gets ugly down to 6850 and possibly 6800. Above 6950 signals strength, and holding above that can chart a path to 7k.
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