Daily Plan 2.8.24

Welcome back everyone!

Once again, we've witnessed yet another solid trading session, where the indices rallied above my mentioned long levels as discussed last night. Once the Emini and Nasdaq held above the long levels, a substantial rally ensued, with the Emini and Nasdaq reaching the long targets.

Focusing on the Emini, the 4978 long level remained a formidable support throughout the entire session, resulting in a rally up to the 5010 long target, yielding a gain of +32 handles on the upside. Just as I expected, the break above the swing value area high would be met with a strong rally up above the 5000 level.

Turning to the Nasdaq, the 17685 long level also held its ground bringing a strong spike up through the 17801 long target. This was for a net +116 handles of upside from the long level to long target.

In the oil market, we observed no selling activity once again with price remaining supported at the long level all session. This rally once again aligned with my expectations, other than not being able to break above the upper end of the high volume node which marked the high of the session.

Gold saw a sharp rally right off the bat moving 10 handles to the upside hitting the 2058.9 long target before selling down back to the long level.

Shifting our focus to individual stocks, MSFT posted a monster rally moving up 10 handles from the 405 long level posted last night. META also saw an extreme rally today moving 15 handles above the 456 long level. Another stock that saw upside was NVDA, moving 22 handles to the upside once breaking above the long level. The rest of the stocks saw relatively weak moves from the levels and closing out the sessions indecisive.

Overall, today's session proved to be exceptional, as we successfully navigated the market based on the volume profile structure discussed last night.

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