Daily Plan 10.20.23

Markets Close Lower - What's Next?

Good evening, readers!

Today's session was another success, with both the Emini and Nasdaq coming close to hitting my short targets. The Emini managed to capture a substantial 49-point decline, reaching my target of 4296 by the closing bell. Meanwhile, the Nasdaq fell just slightly short of my target at 14883, but still saw a significant 209-point drop.

Once again, as I mentioned in last night's newsletter, I had anticipated further downside in the markets, and as fate would have it, Powell's remarks on potential interest rate hikes sent the market spiraling downward. Notably, Gold and Oil also reached my predicted targets, marking another 4 for 4 success on the futures side of the plan.

Stocks performed admirably, with a noticeable increase in downside pressure across the tech sector. Even NVDA hit a fresh low in after-hours trading, dropping to 417. Tesla also experienced continued selling pressure overnight following its earnings report, leading to a substantial spike in contracts for this week, consistent with my earlier call for downside earnings.

Tesla Put contracts saw an impressive rally of over 700% in just one session, which I had highlighted to our readers. As we move forward in the coming weeks, I will provide guidance on macroeconomics and long-term levels for Tesla, as well as many other tech stocks.