Daily Plan 9.7.23
Good evening, readers!
Another splendid day for our subscribers, as the markets took yet another dip, successfully reaching our projected targets for both the Emini and Nasdaq. Early in the session, a significant drop was evident, making it an effortless trading session for those who positioned themselves for shorts from the outset. Both indices surpassed my anticipations concerning the depth of their decline, yet this outcome isn't entirely unexpected.
To understand why let's delve deeper. Examining the Nasdaq, particularly the value area section, it's apparent that the market sold right up to the VAL before showing signs of reversal. In the case of Emini, the market penetrated the VAH, then rebounded, settling above the subsequent VAH, signaling rejection. Of course, analyzing these outcomes in retrospect might seem like stating the obvious. However, a thorough review of these levels post-event brings clarity to their significance. It's worth noting that access to these value areas is reserved for our premium subscribers. If you're keen on accessing these pivotal levels, don't hesitate to click the button below!
Gold and Oil once again followed the trajectories I had anticipated. Gold trended downward, hitting the LOD precisely at my target, while Oil ascended, stopping just shy of the projected mark.
Apple led the selling spree, shedding over 6 handles after dipping below my designated short level, underscoring its significant market movement.
Zoom has maintained its strong position impressively. Despite reaching highs at 75 after an initial level of 65, it exhibits little to no signs of selling off, indicating a robust market sentiment for the stock.
Eli Lilly has showcased its strength, surging to 560 and swiftly rebounding to its highs after being initially pinpointed at 450. This movement reflects the stock's resilience and potential for further growth.
The three short swings highlighted in Flow State #42 are outperforming expectations. Nearly all three—UNP, MCD, and PSA—have approached their respective short targets, manifesting the accuracy of our analysis.
In summation, it was a truly remarkable trading session, setting the stage for an equally, if not more, promising day tomorrow. With several Federal Reserve speakers scheduled to speak, we can anticipate a surge in market activity. As I often emphasize, such events invariably introduce volatility, especially once the markets navigate through the provided levels. Traders should be on the alert to capitalize on these movements, ensuring they remain ahead of the curve.