Daily Plan 4.17.24
Welcome back everyone!
First, we will cover the recap for today's session, then move on to tomorrow's analysis.
Indices:
Both the indices had a whipsaw session with most of the opportunity coming in on the downside. The Emini came within 10 handles of the short target while the Nasdaq was not close. Overall sellers remain in control so I will be looking to have the same levels for tomorrow as price is for the most part, unchanged.
Commodities:
Oil remained weak below the short level but did not manage to reach the short level in today's session. Volatility is decreasing, which was also observed in the indices.
Gold failed to decline significantly below the short level, which soon led to a rebound through the long level. Although the long target was not achieved, the long level served as support for the remainder of the session. Looking ahead, these trends suggest a possible stabilization in the markets, and I will continue to analyze these movements to refine our trading strategies accordingly.
Stocks:
Some stocks managed to remain strong relative to the long levels, while most were weak below the short levels. Notably, AMD and NVDA were the only stocks that maintained support, offering some upside during the session. This is not surprising, as they both belong to the semiconductor sector.
Conversely, AAPL, GOOGL, and TSLA all experienced selling pressure today, falling below the short levels. These three stocks posted significant declines, resulting in solid changes in their option premiums. Moving forward, I will closely monitor these trends to adjust our trading positions as needed, particularly considering the potential for these stocks to influence broader market sentiment.
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