Daily Plan 12.22.23
Welcome back everyone!
In today's trading session, the Emini displayed remarkable strength, recording two rallies from the 4764 long level and successfully reaching my 4790 target twice, resulting in a combined gain of 52 handles solely on the Emini. Conversely, the Nasdaq faced increased selling pressure, initially spiking off the long level before a subsequent decline and a fakeout move below the short level. Nevertheless, the Nasdaq rebounded swiftly, closing the session at intraday highs. While the long target wasn't achieved, the 16881 level provided two robust rallies, each spanning 85 handles, resulting in a net gain of 170 handles for the session.
In the commodities market, oil experienced a selloff early in the morning, dipping just below my 73.63 short level and reaching the 72.58 short target, ultimately establishing the session low. This translated to a total downside movement of 105 pips. Gold, on the other hand, narrowly missed hitting the long target at 2060.9, with the session high peaking at 2058. This trading session was particularly noteworthy as we witnessed the lows forming precisely at my long level before rapidly surging to session highs in a matter of minutes.
Turning to the COT setups while focusing on currency trading, the Japanese Yen, Swiss Franc, and Canadian Dollar all saw significant gains, achieving new highs by a considerable margin. While the Yen and Swiss Franc have already met the criteria for selling long positions, the Canadian Dollar position remains active with an impressive 8:1 risk-reward ratio.
Turning our attention to individual stocks, AMD experienced a substantial rally, while AAPL encountered substantial selling pressure. META seemed positioned for a robust upward rebound as it reached its long level, and GOOGL exhibited resilience by rallying from its lows toward previous highs. TSLA, on the other hand, displayed some volatility but managed to deliver two solid bounces off its long level, ultimately closing at highs.
Now, let's shift our focus to my analysis for tomorrow by diving into what the Emini is indicating from a volume profile perspective.
Breaking Down the Profile
S&P500 (ES)
