4.7 Playbook Example: META Gap into Level – Symmetrical Triangle Volatility Contraction Brakeout on earnings report

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Big Picture

After SPY sold off on Trump tariffs, the news about the 90-day pause led to a historical upmove on April 9, 2025. Then, SPY made a higher low on April 21, 2025, and subsequently made a new high, balancing around the VWAP from the all-time high.

Today SPY gapped higher and holded the gap.


Fundamentals

Capitalization: ~$1.3T AvgDailyVolume: ~18M Foat: ~2B ShortFloat: ~30M (14%)
Industry: Internet Content & Information Indexes: SNP500, NDX ATR: $22.98 RVol: ~2

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Tape

The tape is filtered, with no sizes below 500. Note how neutral the tape was in the first 15 seconds and how things changed in the next 15 seconds after that – many more red prints.

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