Daily Plan 4.3.24
Welcome back everyone!
First, we will cover the recap for today's session, then move on to tomorrow's analysis.
Indices:
The Emini and Nasdaq experienced strong selling that surpassed both short targets. The selling pressure intensified early in the morning before the cash session, with both the Emini and Nasdaq reaching their highs at the short levels. The Emini dropped from the 5297 short level to reach the 5265 short target, resulting in a net loss of 32 handles on the downside. Overall, prices plummeted, tallying a total of 62 handles down. Meanwhile, the Nasdaq declined from the 18511 short level, continuing down to hit the short target at 18405, marking a decrease of 106 handles. In total, the Nasdaq witnessed a downward movement of 309 handles during the session. It was nothing short of an exciting and accurate session for the readers. However, indices were not the only instruments that offered ample opportunities for trading.
Commodities:
Oil witnessed a sharp rally, building on the momentum from the previous session. The level at 83.72 served as a crucial support throughout the session, establishing the low before experiencing a robust rally up to 85.49, marking the day's high. In total, Oil surged by 177 pips from the long level to the long target.
Similarly, Gold experienced a strong session, with the low established at the 2275 long level and reaching the high at the 2300 target, mirroring Oil's movement. This resulted in a net gain of +25 handles on the upside during the session.
The price action in both Oil and Gold provided traders with significant opportunities for profit amid the market movements.
Stocks:
Let's begin with the stocks that experienced substantial selling pressure, dipping below the short levels. AMD, AAPL, MSFT, AMZN, GOOGL, NVDA, and TSLA all witnessed significant sell-offs, resulting in notable increases in option contracts based on the levels observed the previous night. These stocks presented prime setups for potential selling throughout the day, especially with the downturn in the indices, making it apparent how swiftly these stocks declined.
META stood out as the sole stock to recover all the losses incurred during the session, finishing the day back at its highs. This outcome shouldn't come as a surprise, echoing my repeated assertion that strong stocks will continue to exhibit strength. META's performance serves as a perfect illustration of this principle. While a few other stocks managed to retrace some of the selling pressure, they failed to sustain upside momentum beyond the previous session's closing price.
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