Daily Plan 1.25.24

Welcome back everyone!

Today, both the Emini and the Nasdaq surged to the upside, reaching my long targets before encountering resistance and then proceeding to climb even higher. Remarkably, there was no selling activity in both indices throughout the night, aligning perfectly with my earlier assertion that long positions would remain valid based on yesterday's lows.

Furthermore, the Nasdaq exhibited a robust surge above its previous highs, a move that I had anticipated two sessions ago. Now, let's delve into what was posted last night regarding the Emini:

For tomorrow's session, we have another Low Volume Node (LVN) located at 4888, which will play a crucial role in determining both the long and short levels. Ideally, I'd like to see the price stay above this LVN, with the long level set at 4891. This scenario could lead to a robust upward move, possibly reaching as high as 4925.

Outside of the indices, Gold experienced a sharp decline, plummeting from the short level and reaching the short target at 2016.3. On the contrary, Oil witnessed an upward push, surpassing the long level, resulting in a rally that fell just short of the 75.98 long level.

Shifting our attention to the stock market, NVDA and AMD emerged as the standout winners for the day. Both of them initiated rallies right from the long level as soon as the market opened. NVDA surged by an impressive 30 handles in a single session, while AMD saw an uptick of 10 handles on the upside. The semiconductor sector exhibited remarkable volatility, making these gains even more significant.

Moreover, every other stock I covered found support at their respective long levels, leading to relatively robust upward movements.

Now, let's shift our focus to earnings. TSLA and T managed to reach the earnings report (ER) target, delivering favorable outcomes. Unfortunately, some other stocks did not work in our favor. On the other hand, NOW experienced an initial rally to the upside before eventually succumbing to new lows, aligning with my earlier thesis.

Now, let's dive into the rest of my analysis for the upcoming session!