Daily Plan 10.25.23
Markets Close Higher - What's Next?
Welcome back everyone!
This week, my expectations for the Emini involved a downward trajectory at the beginning of the week, with the primary objective of accumulating volume within the low volume node. As we have observed over the past two sessions, we are indeed witnessing the buildup of volume within this low volume node, which is setting the stage for robust long opportunities once we breach back above the VAL (Value Area Low).
However, today brought an unexpected twist in the form of a rally after the market close, driven by Microsoft's earnings report. Not only did this rally meet my initial target of 343, but the Emini also surged all the way up to my 4289 target, reaching its highs for the day. In addition to this impressive performance, my Nasdaq 14906 long target was also successfully attained. It's worth noting that many tech stocks ignited strong upward movements, further solidifying the session's performance in line with the levels I posted the previous night.
From a market structure perspective, it's important to emphasize that not much has changed, except for the ongoing accumulation of volume within the low volume node. This will likely be a central focus in the upcoming 50th weekly release, as it continues to shape market dynamics. It's incredible to think that we're only three weeks away from marking the one-year anniversary of the launch of this newsletter.
Reflecting on its humble beginnings on Substack, this newsletter has come a long way, experiencing consistent growth week after week. The future looks exceptionally promising, with numerous developments unfolding behind the scenes to expand its reach and impact. As always, I'm truly grateful for your time and attention to these posts, and I hope that you continue to find new insights and knowledge with each visit. Thank you for being a part of this journey.
Now, let's delve into my thoughts on tomorrow's session, which will encompass an analysis of the market structure in the Emini, insights into earnings calls, and the identification of daily levels.
In anticipation of the upcoming trading session, it's crucial to consider the current market structure in the Emini. Understanding the prevailing trends, support and resistance levels, and potential areas of accumulation or distribution can provide valuable guidance for navigating the market.
Additionally, we'll be keeping a close eye on earnings calls scheduled for tomorrow. These calls often have a significant impact on individual stocks and can influence broader market sentiment. Examining the performance and guidance provided by companies reporting earnings can help us gauge market direction and potential trading opportunities.
Finally, we'll be identifying key daily levels that are likely to play a pivotal role in tomorrow's trading. These levels serve as reference points for traders, offering insights into potential entry and exit points, as well as areas of increased price volatility.
By combining a thorough analysis of market structure, earnings calls, and daily levels, we can better prepare ourselves for tomorrow's trading session and make informed decisions in the dynamic world of finance.