Daily Plan 3.26.24
Welcome back everyone!
First, we will cover the recap for today's session, then move on to tomorrow's analysis.
Indices:
Today's session lacked volatility, marked by a failed attempt to push prices higher. Although the Emini experienced selling pressure, it failed to establish new lows. Initially, I anticipated a potential rally towards the end of the session, but unfortunately, sellers persisted throughout the day, resulting in a downward trend. Conversely, the Nasdaq managed to maintain support above the short level, offering only limited opportunities for upside movement during the session. Tomorrow's session is likely to see similar levels as today, as the overall market conditions remained largely unchanged.
Commodities:
Oil experienced a significant rally from the swing value area low, a topic I discussed in last night's video. Prices surged directly to the Point of Control (POC), resulting in over 150 pips of upside from the long level.
Gold, in contrast, remained stagnant, mirroring the lack of movement in both indices. It's unsurprising given recent trends, as Gold has been tracking closely with the movements of the Emini and Nasdaq, which is rather unusual. Tomorrow, we can anticipate using the same levels as we did today, given the similarities in market behavior.
Stocks:
There were a few stocks that garnered attention due to strong selling pressure from short positions. META, MSFT, and GOOGL all experienced significant selling right from the market open, stemming directly from short positions. On the other hand, AMD witnessed selling mainly overnight and saw a decline from its session highs, a forecast I made on X. Throughout the session, TSLA found robust support from long positions, leading to two powerful rallies that presented nearly equal opportunities for traders. AMZN, NVDA, and TSLA displayed similar patterns today, with each experiencing substantial rallies from the levels identified last night. I highly recommend revisiting the video posted yesterday and reviewing how all the setups unfolded throughout today's trading session.
Now let’s move on to the thoughts posted for tomorrows session!