Daily Plan 9.26.23
Hanging By A Thread
Good evening, readers!
In the early part of the session, we established the low of the night, which coincided with my short target of over 120 handles. Subsequently, the market reversed direction, providing numerous scalp opportunities within the range of my short levels.
Today's trading session was undeniably exhilarating, particularly from the perspective of the stock market. We witnessed numerous price fluctuations surpassing the intraday long levels, and, as expected, most of the swing short levels within the "Momentum Gallery" began to experience selling pressure. As the indices extended below last week's lows, it's clear that early this week, there will be many winners achieving my downside targets.
This analysis is extracted from Flow State #45, which I posted last night. The price briefly dipped close to my 4330 intraday target before rebounding to 4383, marking the night's high at the time of my post. It's worth noting that the price did not breach the 4384 mark, which is the triggering point for the bullish thesis. The same scenario played out in the Nasdaq when you align it with today's session's long level.
Tomorrow, we'll find ourselves in a particularly intriguing position. If you examine the market structure in the section below, you'll observe a significant LVN. Given this, I'll be keenly monitoring our ability to maintain a position below the VAL of 4377 that was reached today. The subsequent VAH beneath this stands at 4302, which is considerably distant. I wouldn't discount the possibility of a sharp decline to this level. Naturally, I'll be inclined to close out my short positions as we descend, holding my runners down to the 4300 mark. However, if the price begins to show signs of rallying back above the VAL of 4377, I'll exhibit a bit of patience, awaiting a surge to 4384 before considering a long position.
Gold had a strong session, breaking through my short level and establishing the low of the day (LOD) just below my short target of 1935.4. Once again, we adeptly navigated the session's volatility and absorbed the entire selling pressure.
Let's now focus on the intraday performance of some noteworthy stocks:
AAPL: It took off from my long level at 174.52, delivering a gain of over 2 handles in a remarkably swift manner during today's session.
META: In premarket trading, it took a significant hit, plummeting over 5 handles below my level, which subsequently acted as resistance for the remainder of the session.
GOOGL: Opening premarket directly at my short level, it swiftly dropped nearly 2 handles as it entered the cash session, creating a substantial gap down.
NVDA: This stock was an absolute rocket today, putting up a fierce fight to remain above the crucial 400 level. It rallied over 10 handles in under an hour, surpassing my 414 long level.
TSLA: Today, TSLA experienced a massive gap down, coincidentally opening right at my short level. It established its high at this level before tumbling over 11 handles from its 248.41 starting point, eventually closing after-hours trading directly at this short level.
Later this week, I will provide an overview of the performance of the swings I posted yesterday. We have some significant developments on the horizon that you won't want to miss. Be sure to read Flow State #45 to stay informed.
Additionally, I covered earnings reports for five stocks this week in the weekly newsletter. We continue to generate substantial alpha, and once again, free subscribers are missing out on these substantial moves we've been capitalizing on. Volatility remains our steadfast ally, and our proficiency in navigating it sets us apart.
Now, let's turn our attention to my analysis for tomorrow's session!