Daily Plan 4.10.24
Welcome back everyone!
First, we will cover the recap for today's session, then move on to tomorrow's analysis.
Indices:
Today's session was truly phenomenal, particularly with the Emini exhibiting an upside movement above the 5250 long level, experiencing a spike prior to opening up to 5274. Subsequently, during the cash session, there was another surge, totaling a remarkable 48 handles. Although this fell slightly short of the long target, the Nasdaq, on the other hand, displayed a sharp spike, reaching precisely the long target of 18394. Notably, it accomplished this with two robust rallies up to this level before concluding the session at this peak.
Commodities:
Oil once again exhibited weakness, experiencing a significant sell-off below the short level of 85.86, which had served as a major resistance throughout most of the session before eventually closing at its lowest point. Tomorrow, we anticipate heightened volatility as the inflation report could potentially trigger a move back above 90, shaping the week's closure.
As for gold, its strength persisted, managing to reach the 2376 long target before witnessing a sell-off back down to the long level. However, it promptly rebounded, nearly reaching the long target once again.
Stocks:
Stocks exhibited a rather mixed performance today, but there were still opportunities to capitalize on. Additionally, I believe that volatility remains relatively low compared to the potential movement we might witness in the next two sessions, particularly considering the forthcoming economic releases of CPI and PPI.
META experienced a significant sell-off in today's session, dropping by 14 handles from the short level. This downward movement commenced once sellers emerged below a crucial level.
GOOGL continued to demonstrate strength, displaying another gap up and explosive upside at the opening bell. Although prices didn't sustain highs throughout the session, they still found support above the long level.
NVDA encountered selling pressure right at the open, precisely at the short level, which marked the day's high. Prices declined by 43 handles from this key level, indicating active selling at the peaks, as anticipated. Contracts for this week saw a substantial spike in premium.
On the long side, TSLA delivered the most significant upside, opening at the long level and experiencing a 7-handle spike before concluding the session similarly to GOOGL in the cash session. It's worth noting that while TSLA was previously a key stock for short setups, I've observed a shift in trend, with prices consistently rising and finding support in nearly every session since.
Make sure to show some love by dropping a like if you enjoy reading/ watching this post!