Daily Plan 3.20.24
Welcome back everyone!
Let’s kick this off with a recap of todays session and then move on to the video for todays levels.
Indices:
Once again, the indices moved in line with my expectations, with the Emini reaching the high of the day at my 5240 long target. Based solely on options, SPX contracts surged from 0.25 all the way up to 7. Another prime long setup emerged as prices continued to hold the lows, breaching the major LVN that had been on our radar for the last two sessions. Subsequently, prices rallied right up to the swing VAH, precisely hitting the target. All of these dynamics were thoroughly explained in last night's video, so be sure to check it out!
On the other hand, the Nasdaq experienced a significant sell-off following the gap down in many tech stocks. Prices broke below the 18200 short level, leading to a sell-off that reached the short target of 18070, nearly hitting the day's low. Shortly after reaching the target, prices rallied above the long level, finding support at 18220, resulting in two 60-handle zippers to session highs.
Commodities:
Once again, oil managed to reach the long target after finding support at the long level throughout the entire night. This pattern has been playing out perfectly for us all week, and I anticipate it will persist for the remainder of the week.
On the contrary, gold exhibited no movement yet again, with prices fluctuating between the long and short levels. There's no compelling reason to revise my stance on this matter, as we continue to witness a gradual accumulation of volume within the LVN (Low Volume Node).
Stocks:
In the realm of the stock market, we witnessed numerous remarkable movements, such as the AMD and TSLA selloff overnight (OVN), which propelled contracts up by several hundred percentage points. META, too, experienced a significant downward gap, but its price swiftly rebounded above the previous close, leading to a massive session. However, aside from these notable instances, other stocks remained relatively subdued today, presenting limited opportunities across the board.
Now let’s move on to the thoughts posted for tomorrows session!