Daily Plan 2.22.24

Welcome back everyone!

To kick off this post with a significant impact, NVIDIA (NVDA) experienced a massive surge post-earnings release, nearly reaching my target of $780. Following the release, a timely warning was issued on platform X at the lows, highlighting the strength of the report and predicting the dip would be aggressively bought. True to form, this analysis was spot on, and the price rallied from $650 to $750, achieving a remarkable 100 points of upside. Now, let's return to our usual recap of the market's activities.

Once again, we witnessed another extraordinary session that played out in our favor. From indices to commodities to stocks, there were numerous standout winners based on the levels I posted last night.

Let's start with the E-mini S&P 500 futures and then I'll cover the Nasdaq. Initially, there was a gap down from the previous session, leading to another sell-off from the 4995 short level. Although the price fell short of the target, it still offered over 30 points of downside, reaching the 4960s. This movement aligned with my anticipation that the FOMC Minutes would trigger a sell-off, followed by a recovery to nearly unchanged levels by the session's end. While we did see a sell-off and a rebound to unchanged levels, the market continued its rally into the close, climbing right back up to my short level of 4995. In the case of the Nasdaq, it too experienced a gap down, with a sell-off falling 100 points short of my target. However, this might seem misleading as the price dropped nearly 300 points from the previous close before reversing sharply post-NVIDIA's earnings release, rallying right back up to the short level at 17650. These were truly stunning levels to observe day after day.

Shifting focus to Oil, the session began with initial selling from the short level, which was just below the Value Area High (VAH), but this quickly reversed as prices surged back above this level. Shortly after, the long level was breached, pushing the price to close at the day's highs with a gain of 50 pips. Regarding Gold, the price initially sold off at the start of the session right to the long level at 2033.3, which held as support throughout the session, resulting in a bounce of 5 points.

Concluding this recap with the intraday stock performance, NVIDIA (NVDA), AMD, and Super Micro Computer, Inc. (SMCI) all experienced significant rallies, largely fueled by NVIDIA's impressive earnings report. SMCI soared from my level of 730 all the way up to 840. Alphabet Inc. (GOOGL) also saw an impressive rally from the 140 long level, reaching a high of 144 after hours. Other stocks too rallied after the close but experienced fluctuations between the long and short levels, filling in the Low Volume Node (LVN) that separated the long levels from the short level.

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