Daily Plan 3.14.24
Welcome back everyone!
Indices:
Today's Emini session was a mixed affair, oscillating between the predefined levels until a sharp drop occurred late in the session following remarks by Biden regarding tax cuts for new home buyers. This downturn led to a breach below the short level on the Emini, albeit offering only a 13-handle downside. Overall, today's session was subdued, following a massive rally fueled by the CPI (Consumer Price Index) data. Below is the chart illustrating these developments:
On the other hand, the Nasdaq experienced a significant sell-off right from the opening bell, leaving little room for buyers to intervene. Prices remained below the short level for the majority of the session, establishing the 18401 level as a significant resistance point. This scenario presented two distinct opportunities for sharp sell-offs, leading prices down to 18290, amounting to a total of 220 handles. It was a session that unfolded flawlessly, with the only downside being the failure to hit the target. Below is the chart depicting these movements:
Commodities:
Oil took center stage today, experiencing a significant rally that commenced with a bounce directly off the long level at 77.58. Prices surged, reaching the 79.41 target, resulting in a net gain of 183 pips on the upside, nearly reaching the high of the day at the target level. Last night, I highlighted the absence of buyers within this swing value area, but today witnessed a notable shift as buyers stepped up, initiating a robust spike back into the LVN (Low Volume Node). Below is the chart illustrating these movements:
Gold swiftly rebounded from the previous session's selling pressure, exhibiting a fake-out sell just above the short level. Prices promptly surged upward, reaching the long level, where bidding activity persisted throughout the remainder of the session. Despite a brief upside spike above the level, it failed to reach the long target. Below is the chart for reference:
Stocks:
AMD, AAPL, NVDA, and TSLA all exhibited weakness as the session commenced, resulting in substantial movements below the short levels. TSLA notably demonstrated heightened weakness today, prompting me to issue an update on X, expressing my belief that this downward trend will persist, presenting a favorable opportunity for option contracts. Apart from the underperforming stocks, MSFT, AMZN, and GOOGL experienced rallies surpassing the long levels today.
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