Daily Plan 4.2.24
Welcome back everyone!
First, we will cover the recap for today's session, then move on to tomorrow's analysis.
Indices:
Today's session proved to be highly favorable for both indices, as they successfully reached the short targets posted last night. The Emini commenced its descent from the 5318 short level, maintaining momentum all the way down to the 5290 target, resulting in a net 28 handles of downside. Similarly, the Nasdaq experienced a downward trajectory from the 18536 short level, continuing its decline until hitting the target at 18420, achieving a net 116 handles of downside. This session showcased an ideal scenario for futures setups, allowing traders to capitalize on nearly all the selling witnessed throughout the session.
Commodities:
Oil continued its uptrend, although it fell short of reaching the +85 target. However, the price managed to maintain support above the 83.41 long level, resulting in a net gain of 108 pips on the upside. Overall, it was a highly successful session for Oil, likely to draw attention from funds, particularly given its implications for the upcoming inflation data.
On the contrary, Gold experienced a downward movement following its significant spike. It broke below the 2270 short level, ultimately reaching the 2256 target, resulting in a net decline of 14 handles.
Stocks:
For the first stock I'd like to cover, AAPL stands out with its significant selling pressure in today's session, capturing my attention. It experienced a decline of over two handles from last night's short level, with another update sent out during the cash session anticipating further downside. Overnight, AAPL continued its descent, establishing a fresh low, which is likely to bolster the put contracts highlighted during the session.
Apart from AAPL, TSLA and NVDA were the only other stocks that witnessed selling below the short levels, presenting potential opportunities for capitalization. On the flip side, amidst weaker stocks, AMD, MSFT, AMZN, and GOOGL all demonstrated strong spikes above the long level, offering lucrative opportunities during the session.
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