Daily Plan 11.3.23
Markets Close Higher - What's Next?
Welcome back everyone!
Earnings turned out nearly picture-perfect today, as we saw the two major releases I had been anticipating: AAPL and BKNG, both sliding to the downside. The earnings thesis for the entire week was outlined in Flow State #50, which I shared on Sunday. In addition to this, COP came very close to my long target at 127, but it saw a significant rally today. SBUX also experienced a massive rally, reaching my long target precisely. DUK, on the other hand, was somewhat lackluster but did show some upside movement as I had expected. Then there's LLY, which completely missed the mark based on my analysis. As mentioned earlier this week, I am actively working on a post dedicated to analyzing stocks that are about to report their earnings, so stay tuned for that.
ES and NQ both gapped up right to my Emini and Nasdaq long targets before finding support and continuing their upward trajectory. The Emini remained above the 4256 long level and then opened at my 4295 target, resulting in a +39 handle gain. The Nasdaq also held above my 14697 long level and opened up at my 14899 long target, yielding a remarkable +202 handle gain.
Oil followed a similar pattern, bouncing off my long level at 80.46, breaking through my long target at 81.68, and racking up +122 pips before ascending further to 82.83, which happens to be the POC of the value area.
Remarkably, every single stock from yesterday's plan rallied above my long level, delivering substantial gains not only in common stocks but also on this week's contracts.
Today's session was nothing short of phenomenal and unfolded precisely as planned. I skillfully navigated the continuation, providing support on the indices, ensuring they didn't dip below the designated levels before continuing their ascent.
Looking ahead, I anticipate a shift in direction over the next two sessions, and I'll be covering this in more detail in the remainder of this plan. Stay tuned for updates!
Now, let's transition to my analysis for tomorrow's trading session.