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Daily Plan 3/16/23

Only a matter of time, TikTok
UK TikTok ban: officials face restrictions amid phone security fears

Good morning traders!

Another great session but could have been much better if emini was able to hold up into the cash session. This never happened which later caused a sell of 101 handles down to 3865.

3970s swing highs is the exact area I called for sell, other than the swings I held overnight, cash session had little opportunity.

Why?

Tech has been so strong recently and with the news of a possible TikTok ban in US is sparking investors to buy tech companies that will be competitors to the app. Reason for all of this is Beijing has the ability to confiscate all data that is held by ByteDance (Owns TikTok) which contains all of the data for the US users as well. Bringing major concern to what China has access to and how easily they can obtain it.

This story has gone on for 2 years now and we still have no changes that have been made. Over 80 Million active users in the US that more than likely will look for another app that they can see the same content. Whoever can suck out most the users will see some large jumps in ad revenue. The top competitors I think will be GOOGL 0.00%↑ SNAP 0.00%↑ META 0.00%↑ which have all see volatility to the upside recently.


Yesterdays Recap

Other than the failure to budge in cash session, yesterday was another great day for orderflow levels. There was a catalyst fighting us to the upside which killed all selling pressure when attempting new lows. TSLA 0.00%↑ was weak but not nearly enough juice to bring tech down with it. AAPL 0.00%↑ was another stock that started off weak but firmed up once the rest of tech and even semiconductors made way to highs.


S&P500 Thoughts

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