So many updates were sent out in telegram I wouldn’t have time to count. Last two sessions they have sank prices OVN which yesterdays was a 30 handle drop in 30 minutes! Unfortunately they do this and it happens so often you need to just get used to it. Some will trade OVN but for me personally, I value that time to sleep for the cash session. To start off on how yesterday went, 3998 short acted like previous days 4012. we came within 8 handles exactly before reversing. Once market opened we saw another flush lower which hit our 3951 target. In this area I have pointed out many times I see a collapse coming. For week we have sat in this range at the highs and once these longs begin jumping ship we will see a day with massive panic. My hope was that was yesterday as we already had the pace of selling on our side. My short target was too strong so every attempt lower was bought back up with force. Luckily for my system, moving LIS to B/E and even down to T1 locked in gains and took risk off for each trade. The main setup came PM but we also had solid opportunities in the cash session which I sent out on telegram. After a solid bounce at the open I noted how weak stocks were and AAPL 0.00%↑ TSLA 0.00%↑ weakness below LOD may bring heavy pressure on ES. Shortly after both stocks cracked lows sending ES to NLOD around 3950s. At 0935 EST I also said 3950s is an area I think buyers will defend prices and that’s exactly what transpired so setting targets at lows was perfect.
Yesterdays Stock Performance
TSLA 0.00%↑ down 20 handles
AAPL 0.00%↑ down 4.5 handles
NVDA 0.00%↑ down 8 handles
MSFT 0.00%↑ down 6 handles
AMZN 0.00%↑ down 4 handles
AMD 0.00%↑ down 1 handle
GOOGL 0.00%↑ down 1 handle
META 0.00%↑ down 3 handles
Every stock has done extremely well especially with the gap down we have this morning.
Natural Gas remaining high and now Oil is on its ways above 80s. Both of these are going to bring major pain to inflation thesis as so much of consumer spending is impacted by these prices. Whether cost to make the products or they simple need to use gas & oil. This will be reflected in the upcoming prints and will catch eye of the FED in next meeting. I think these sectors are robust and will see volatility to the upside.
We remain at lows which I would like to see this market collapse lower into the 3800 handles. We take it one trade at a time but I have been clear yesterday and want to make it clear again, hold runners!
Make sure to also read this as this is detrimental to understanding what I do, Volume Profile is the soul of my trading.
Nearly every stock is at the swing level that was provided in the substack last week, go check it out:
