Daily Plan 10.17.23

Markets Close Higher - What's Next?

Good evening, readers!

Early in the day, both my Emini and Nasdaq targets were successfully achieved, with continued upside momentum pushing towards key orderflow levels, which I will delve into further. The Emini displayed a strong rally, reaching the lower boundary of the Point of Control (POC) as indicated in the weekly and monthly timeframe profiles within our trading plan. These levels consistently come into play during each session, serving as a crucial reference point for determining my daily levels and setting targets.

Turning our attention to the Nasdaq, we observed a balanced trading scenario between two distinct value areas, effectively filling in the Low Volume Node (LVN). The lower Value Area High (VAH) acted as a sturdy support, while the upper Value Area Low (VAL) acted as a formidable resistance point. I strongly recommend that everyone reading this incorporate these value area levels onto their charts. I routinely provide these levels, along with the POC and LVNs, to assist in your trading decisions.

In the equities market, notable stocks such as AMD, MSFT, META, AMZN, and GOOGL all embarked on solid rallies, often exceeding my projected levels. Some even exhibited gap-ups above their long-term levels, while others rebounded off these levels, establishing the Low of the Day (LOD). It was indeed a remarkable session for the bulls. However, I believe this bullish trend may be short-lived, and I will elaborate on this in the remainder of this post.

Today's post will be relatively brief, focusing primarily on market structure analysis since all the pertinent events have already been covered in Flow State #48, which was published last night.