Daily Plan 7.9.24

Welcome back everyone!

Lets dive into the recap for todays session then move on to tomorrows analysis.

Recap of chat:

There were two key setups discussed in the chat, which focused on the indices that experienced a strong rebound from the long levels. First, I will share my thoughts on the indices and how this analysis later influenced my selections for the setups covered in the chat.

The E-mini S&P 500 (E-mini) and Nasdaq indices held above the long levels throughout the entire session. What particularly caught my attention was their behavior after selling down to these long levels. I anticipated a rebound from these levels, ideally rallying up to the long targets. As long as there was a bounce from these levels, I expected the contracts later identified in the chat to perform well. Below are the charts showing both the E-mini and Nasdaq, with the green lines indicating the long levels.

Additionally, the strong performance of these indices at the long levels provided a solid foundation for predicting potential market movements. This observation led me to prioritize certain contracts that I believed would benefit from the expected rebounds. By closely monitoring these setups, we could better strategize our positions and optimize our trading outcomes.

Emini

Nasdaq

Note that the E-mini S&P 500 (E-mini) reached the long level much later in the session. At the time of the chat updates, I was closely monitoring the Nasdaq's price action. The strength already demonstrated by the E-mini provided additional conviction that the setups would work.

The Setups:

AAPL and TSLA have both been overall market leaders over the past week. Both stocks held at their highs and found support for a potential rebound, at least back to their previous highs, and potentially breaking higher by the end of the week. Today marked a phenomenal start, with TSLA moving up nearly 100% and AAPL also experiencing a significant increase, approaching 100%.

Below is what was sent out in the chat today:

Outside of the chat, there were numerous levels working in conjunction with swings. Currently, there are four active swings, which can be seen in the bottom section of this post. While most people are here for the chat discussions, the levels posted at the bottom are essential for drawing conclusions when entering a setup and setting targets.

Now let’s move on to my thoughts for tomorrows session!