Good morning traders!
Yesterday was another great session as the long level 4127 came into play and arguably the only long level to be used on the session. Unfortunately I missed the short out the open as I was waiting for 4148, coming within 3 handles before selling 10 handles in minutes marking the HOD. Here is how 4127 long went inside the telegram:
While in the long I noticed a seller stepped in at 4132 and again at 4136. After the second snap down I bailed on long and was looking to deploy a short position.
A 35 handle selloff into the close on 0 MAE, price never moved above entry with consistent selling the remainder of the session. Not only this but I would like to add my alert given on FRC 0.00%↑ as news came out that they will look to sell the 100B in assets. This was taken as a last resort before going bankrupt or being bought by larger bank. Alert was sent at 1241 EDT trading at 11.50. This morning the stock has hit 5.5!
Complete destruction only minutes after updating everyone inside the telegram.
GOOGL 0.00%↑ Earnings
MSFT 0.00%↑ Earnings
Become familiar with these companies and understand where the revenue comes and how the company is adapting to current financial conditions. I will touch on this in the Weekly Outlook.
Events
For todays session my focus will be on Gasoline stock, Durable Goods & Wholesale Inventories.
Gasoline can show signs of less supply leading to higher prices putting pressure on consumer spending which a time like now only makes it harder to afford necessities.
Durable Goods Orders should be down while Wholesale Inventories seeing a rise as the recent constraints on demand.
Earnings
Many more earnings but would have been to large to fit in this post. The ones above consist of the highest market caps to report today.
Value Areas
4095 - 4192 / POC 4153
3880 - 4048 / POC 3951
3823 - 3878 / POC 3862
