Daily Plan 12.8.23
Welcome back everyone!
Today's session was yet again another remarkable one, with both the Emini and Nasdaq achieving their long targets, not just once, but twice. Initially, when the Nasdaq first reached its target, we observed a sell-off just above the long level, followed by a sharp rebound that broke through the session's highs, stopping at the swing timeframe's Value Area High (VAH). This demonstrates the significance of these levels, and on an intraday basis, it's evident that swing timeframe sellers became active, effectively holding the price down. On the Emini, it took a bit longer to reach the target for the first time, but the pattern was similar: a sell-off back down to the long level, then a surge higher, surpassing the 4588 target.
Shifting focus to today's most discussed move, which I had predicted weeks in advance: the Yen. I anticipated a significant upward move following a deluge of bearish news. Moreover, the positioning of retail traders, who reacted to the news by going as short as possible, pushed net positions to their highest in over a year. This trend is evident in the COT Report section below, where I also correctly predicted rallies in the Canadian Dollar, Russell, and the Dow.
In the stock market, AVGO reported earnings, initially dropping towards my 877 target before rallying slightly in the red during the overnight session. This movement brought the stock down over 100 points from my previously posted swing short level of 997.
CHTR is another stock that followed a swing pattern, selling from my 399 level and plummeting nearly 50 points, with further downside expected to reach my target. Each newsletter includes a list of active swing positions from the spreadsheet, ensuring you don't miss out.
KO is approaching my long target of 60, having risen from 55.
LOW is nearing my 211 long target, having been recommended at 189.
NFLX has now fallen over 20 points from my swing short level of 470.
ORLY has dropped 50 points from my 998 swing short level, which marked its peak.
SBUX is close to reaching the swing short target, having declined from 108 to now trading at 95.
This newsletter covers a wide range of topics, including numerous winners and, of course, some losers. Be sure to subscribe to receive these insights ahead of time and to understand my analysis of everything covered in these daily recaps.
Looking ahead to tomorrow, I'll start with an analysis of the volume profile setup on the Emini.
Breaking Down the Profile
S&P500 (ES)
