Let me tell you something about this market that you probably already know — it’s messy.
My Closing Playbook co-host, Kane Shieh, and I have been calling it no man’s land for months now, and honestly, we’re still there.
The S&P 500 ETF (SPY) has pushed back through some key resistance levels, and sure, there’s a decent chance we touch all-time highs again.
But does that mean I’m loading up on aggressive bullish trades? Not even close.
This market is too indecisive right now. We could just as easily see SPY roll back over tomorrow, and it’s not giving me the conviction I need to go all-in on direction.
For now, I’m treating this as neutral with a slight bullish bias.
How I’m Playing the Range
If the market dips back into the lower range — below $675 on SPY — I see that as a solid opportunity to lean defensive.
And honestly, whether we’re sitting near the top or bottom of this range, the approach doesn’t change much.
Defensive setups or calendars that give you breathing room make far more sense here, because the goal is protection and flexibility, not perfection.
That’s why I’m still open to bullish trades, but only with the expectation of choppy, back-and-forth price action. Room for error and solid premium matter more to me right now than nailing direction.
The Level That Changes Everything
Here’s the level I actually care about.
On the weekly chart, I’m not impressed by a brief push higher. I want to see real momentum — sustained strength above $700 on SPY.
That’s the point where my confidence shifts from cautious to genuinely bullish.
If we get that breakout, I’d expect a pullback toward $700, and that’s where I’d start believing a more meaningful move higher is underway. That kind of action would finally give this market the structure it’s been missing for months.
Until then, I’m sticking with what works in noisy conditions: smart positioning, plenty of cushion and trades built to survive chop.
Slight bullish lean, but nothing aggressive until the market proves it.
And if SPY finally delivers a clean, powerful break above $700, you’ll know exactly which way I’m leaning.
Now don’t forget to join us at 10 a.m. ET weekdays for Opening Playbook, and at 3:30 p.m. ET Closing Playbook!
Nate Tucci
Tucci Trades
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*This is for informational and educational purposes only. There is inherent risk in trading, so trade at your own risk.
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