Daily Plan 3.8.24
Welcome back everyone!
Let's kick this off by recapping how the session went for Indices, Commodities, and Stocks, and then move on to what we have in store for tomorrow's session.
Indices:
What another fantastic session it was today, with the Emini and Nasdaq posting monster rallies from the long level. Both targets were hit early in the session, with a major rally continuing through the Emini 5140 long target and the Nasdaq 18223 target. I have been very vocal about expecting new highs to be hit, especially with the bounce we saw at 5070 on the Emini. We are now trading just under 100 handles higher in only two sessions, while the Nasdaq is up over 800 handles. There was plenty of evidence of a possible rally to pursue, with the main one being finding support above the key LVN that has held the price up for two weeks. This continues to be a prime example of a perfect uptrend showing immense strength on every single dip. Make sure to tune into the section below, “Breaking Down the Profile,” where I will cover what is needed for tomorrow's session to keep hitting these new highs. Here are the charts from today:
Commodities:
Unfortunately, Oil showed little activity today, experiencing numerous price fluctuations between the long and short levels. Currently, the price is exhibiting a high level of indecision regarding whether to drop back below the swing VAH or to rally up through the LVN just above it. As we approach the end of the week, I anticipate that this VAH will continue to act as support, potentially causing a spike back above $80.
Gold once again experienced a rally, with the long target setting the high of the day, consistent with the theme of this ongoing uptrend. Day in and day out, these levels have been capturing the entirety of the movement in Gold. It's highly probable that we will once again capture the entire move in tomorrow's session as well!
Stocks:
MSFT, META, AMZN, GOOGL, AMD, NVDA, and TSLA all enjoyed a remarkable session today, with impressive rallies recorded across the board. Some exhibited stronger performances than others, but collectively, it was an outstanding session, which comes as no surprise given the breakout on the Emini, reaching a new all-time high. However, AAPL once again experienced further weakness, closing at the lows of the previous session. This stock seems unable to catch a break and is likely to face significant pressure once these indices begin to reverse their uptrend. It's always crucial to keep an eye on weak stocks when indices start to see selling pressure, as these stocks are the ones most susceptible to sharp declines.
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