Daily Plan 11.22.23
Markets Close Lower - What's Next?
Welcome back everyone!
Today's trading session was indeed remarkable, aligning almost perfectly with the forecasts from last night's Flow States release.
The market reached its peak yesterday, leading to a sell-off today in both the Emini and Nasdaq. While these indices showed signs of weakness, commodities like Oil and Gold continued their upward trajectory. Gold, in particular, rallied impressively, climbing nearly 11 handles and falling just 4 handles short of our long target. Oil demonstrated resilience, refusing to drop below the short level and encountering this resistance five times throughout the day.
In the realm of earnings, we witnessed several successes as stocks like NVDA, LOW, and DELL moved favorably. This week, three companies reported earnings, and all three stocks trended downwards, aligning with our predictions.
On the stock front, TSLA and GOOGL maintained positions above the long levels throughout the session, resulting in strong movements in contracts. Conversely, AMD, AAPL, MSFT, AMZN, and NVDA experienced significant selling pressure today, falling below short levels, which worked out to our advantage.
As we look ahead to tomorrow, it's essential to consider the potential shifts in market dynamics. The resilience in commodities, especially Gold and Oil, suggests a continued interest in these assets as safe havens or as hedges against market volatility. The performance of tech stocks, particularly those like NVDA and AAPL, will be crucial to monitor, as they often serve as bellwethers for broader market sentiment.
Furthermore, the earnings reports and their impact on stock movements provide valuable insights into market trends and investor confidence. As we analyze these patterns, it's important to stay agile and responsive to any new developments. Keeping an eye on global economic indicators and geopolitical events will also be key in shaping our strategies for the upcoming trading sessions.
Stay tuned for more detailed analysis and insights as we prepare for another exciting day in the markets. The focus will be on identifying opportunities and navigating potential challenges that may arise, ensuring we stay ahead in this dynamic trading environment.
Let’s dive in!