Daily Plan 1.31.24

Welcome back everyone!

Today's session was truly remarkable, with some notable confluence between the Emini and Nasdaq, both of which worked in our favor. To begin, the Emini consistently found support throughout the day at the 4946 long level, providing approximately 10 handles per bounce, and it experienced three bounces from this level. However, price failed to sustain a continuous uptrend, possibly due to the highly anticipated earnings reports from Microsoft (MSFT), Google (GOOG), and AMD. Shifting our attention to the Nasdaq, we observed a correlation with these earnings reports, as the price remained below the short level of 17648 throughout the session. Eventually, it reached the short target at 17534 before continuing lower in after-hours trading, plummeting to 17470, resulting in nearly 200 handles of downside. This was nothing short of an astonishing session for both indices.

Now, turning our focus to the oil market, we witnessed resistance materializing at the 77.29 short level, triggering a sell-off that reached as low as 76.08 before staging a robust rally, surpassing the long level and reaching 78. I had called nearly the entire range correctly the previous night, resulting in a substantial +121 pips of downside. Shifting to the gold market, it experienced a massive rally, aligning with my expectations. It initiated a strong upward move from the 2032 long level, surging through the target at 2044, and ultimately closing the session within the swing value area of 2030-2060. This was yet another impressive setup that generated over 20 handles of upside from the long level, which had also served as the session lows.

Turning our attention to individual stocks, AAPL took center stage with a decline of 4 handles from the 191.56 short level, which happened to be the high of the session. Contracts experienced a substantial surge, approaching 100% movement in just today's session alone. Depending on whether you held positions after hours, other stocks such as MSFT are down by 8 handles, META is down by 10 handles, AMZN is down by 5 handles, GOOGL is down by 11 handles, and AMD is down by 15 handles. Unfortunately, the earnings reports did not meet my optimistic expectations, with MSFT, GOOG, and AMD all witnessing a drop post-report, dragging the market down along with them. On a more positive note, HCA, DHR, CB, and MPC managed to meet their earnings targets, while PFE fell short of my bearish expectations but still moved in the expected direction.

Now, let's dive into the analysis for the upcoming week!