Flow State #46

Welcome back everyone!

Previous Week Recap

Earnings:

COST (Costco): A Win - As anticipated, Costco delivered a double beat in its earnings report, sparking a rally in its stock price. While it didn't quite reach my 585 target, we witnessed significant upside movement following the report.

KMX (CarMax): A Win - We saw a massive sell-off in CarMax, hitting precisely the low at my 68 target. This amounted to a substantial 12-point downside move from the pre-release price of 80.

MU (Micron Technology): A Win - Although Micron Technology couldn't quite reach my target, we did experience a selloff down to 63, resulting in a 5-point downside movement. The stock rebounded in the subsequent session, offering limited room for additional moves after the release.

NKE (Nike): A Loss - Surprisingly, Nike experienced a massive rally post-report, contrary to my expectations. Given the presence of numerous shorts in this stock in recent months, a stronger report led to a substantial move higher after the release.

CCL (Carnival Corporation): A Win - After the post-report jump, Carnival Corporation couldn't sustain its gains and initiated a sell-off. It appears to be on track to reach my target at 11.05, with further downward movement expected.

In terms of stock performance on a daily basis, the past week was characterized by remarkable volatility. I regularly provided levels for AAPL, AMD, NVDA, AMZN, TSLA, META, GOOGL, and MSFT, offering insights and guidance for each session. To gain a comprehensive understanding of the week's performance, I encourage you to revisit each daily plan and assess how the provided levels aligned with the stock's movements. Pay special attention to where I derived these levels from the volume profiles, as understanding the thought process behind these decisions can be an excellent learning opportunity.

Additionally, I feature a "Momentum Gallery" in which I highlight stocks on my radar exclusively for subscribers. For the upcoming week, there are several more stocks that I'm interested in, so I encourage you to stay tuned for further updates and opportunities.

Let’s dive into what stocks were on my radar this past week and how they performed based on my levels.

Bullish:

LIN: After achieving my long target in recent weeks, we observed a notable retreat from the highs. I'm eyeing 374.89 as a potential support level, provided we can surge past it. If a breakout occurs, I'm targeting an upward move towards 386.87.

WELL: This stock has been on a commendable uptrend lately. I'm anticipating the 82.39 level to act as solid support, paving the way for the stock to ascend and possibly reach a fresh peak at 89.01.

Bearish:

TSLA: The momentum of selling is intensifying, signaling that we can anticipate heightened volatility, particularly on the downside. If the stock manages to consistently trade below the 248.41 threshold, I foresee a potential move downwards, possibly targeting the 230.19 level.

CMCSA: Despite a pronounced gap up, the stock's momentum seems to be waning, indicating potential vulnerability. If the stock remains under the 45.93 threshold, I expect increased selling pressure, possibly driving it down to 43.39. Notably, there's a broad LVN spanning 43.5-44.5, which could be swiftly navigated by the stock's downward movement.

MCD: My recent weekly downside target has been met. This week, I'm looking for a continued descent, provided the stock stays under 274.53. If this scenario unfolds, I'll be setting my sights on a target of 263.95.

AMT: A critical weekly support at 173.57 has been compromised. I anticipate this level to now act as resistance, potentially propelling the stock towards a lower target of 155.28.

RTX: The stock has undergone a stringent sell-off in recent weeks. The previous support at 74.18 might now serve as a resistance level. If this holds true, I expect the selling momentum to intensify, possibly pushing the stock down to 66.

PSA: Last week's sharp decline brought the stock to the short target I had set. This week, I aim to see the stock maintain its position below 269.34, potentially driving it down further to 250.03.

HD: If the stock manages to stay beneath the 309 level, I foresee an amplified selling spree, possibly leading the stock to retreat to 295.07.

SBUX: Starbucks met my downside target last week. Now, I'm looking for an extended downward trajectory, with a potential target of 88.93, assuming the stock continues to trade below 95.40.

NFLX: Last week, the stock came close to reaching my target. I predict the selling trend will persist this week, potentially pushing the stock down to 344.06, especially if it remains under 393.83.

AVGO: The stock marked its cash session lows last week right at my set target. I'm now considering the 835.95 level as a possible resistance. If this holds true, we might witness a break below last week's lows, potentially driving the stock down to 761.84.

Here is the performance of the indices and commodities with the weekly profiles:

Emini: -20 handles with the continuation sell to my 4280 target

Nasdaq: +80 handles with a perfect sell down to the 14584 POC

Gold: -80 handles collapsing below the 1900 support

Oil: +60 pips hitting a high at my 95 target

Now to the rest of the plan which is more centered to the US Markets with the levels of course!