3/23/23 Daily Plan
Post FOMC
Gooooood morning,
Intraday LONG and SHORTS:
E-mini S&P 500 (/ES): We have POC located at 3988 for acting resistance We have its HVN located at 3995. Thinking today we channel sideways after yesterdays rally. Can SHORT HVN at 3996 back to LVN located at 3977. For a LONG opportunity can enter LVN at 3972 to test back to POC of 3988. IF today we see a scenario where we continue below support 3970s can SHORT this range to target next values at 3950.
E-mini Nasdaq 100 (/NQ): Respected our resistance level at 13000. Now trading at 12830. For LONG can enter break at 13000 → Targets 13305. For a SHORT like break below 12700 to target T1 12576, then T2 LVN at 12440.
TSLA 0.00%↑ : We ended up closing the day yesterday at 191. After hours however, we rallied to POC located at 195. Still a very definitive point for Tesla I think. I have several LONG target entries i would like to get in at: Aggressive 187.92 and 192.1. For a LONG entry to seek continuation liking 198.27. Targets are 202, 206 and 212.36. SHORT entry below 189.68 → 180.43
NVDA 0.00%↑ : What bear market? Aggressive short but insane entry I think SHORT aggressive 280, conservative 270 → 258. LONG… you’re hilarious. Pick up a LOTTO
AMD 0.00%↑ : SHORT 104.7 → 101.2, LONG 98.37 → 102.4
META 0.00%↑ : We have HVN at 205.5 break above we target 216.5. SHORT 201.02 → 197.19. LONG 198.15 → 201.6.
GOOGL 0.00%↑ : SHORT 104.1 → T1 102.64, T2 101.13. For LONG seeming to risky on the low end so looking for continuation above 105.48 → T1 107.16, T2 108.14
AAPL 0.00%↑ : Very strong support at 156.30. Can LONG 157.81 and 158.60 VN we continue to break higher can see 165.40. For SHORT fail at 160 back to 154.32
Yesterdays session was insane! We covered in our weekly plan we had major levels for that would personally indicate a trend reversal set at 4050 and 3880. We opened this week at 3950, then E-mini traded to predicted level of 4050 and couldn’t break any higher as anticipated. You can find our previous weekly plan in the link below.
Now going over yesterdays session the DOW had dropped roughly 500 points after the FED raised interest rates by 25bps continuing its fastest hiking cycle in decades.
In recent news, there is excitement around the possibility of placing long positions on Google (GOOGL) and Meta (formerly known as Facebook) due to the potential ban of popular social media app TikTok in the United States. If TikTok does not sell their company, an estimated 150 million users could be lost. China has responded strongly, stating their opposition to any forced sale of the company. The US is concerned that TikTok is selling user data to other Chinese-owned companies.
On Thursday morning, Chief Executive Shou Zi Chew will testify at a congressional hearing regarding safety and security concerns about the Chinese-controlled platform. This situation presents a significant opportunity as millions of users may need to find a replacement platform. As an investor, it's important to consider competitors that have the potential to compete with future competition. Two such competitors include Google and Meta, and there is a strong possibility for a third. Can you guys who this third company can be….?
Tha’t right it’s TSLA 0.00%↑…
If you don’t have your head buried in news 24/7 it wouldn’t be shocking if this slipped under your radar a couple months ago. Either this is just Elon being Elon or future speculative plans, Elon musk came out stating on twitter that he plans to buy the old social media app ‘Vine’ and bring it back to its former glory in an attempt to fill TikTok void. Again this could all be speculation no more news has come out since this tweet of further plan but if this turns out to be true it will be huge. Sure everyone will migrate to youtube shorts or facebook but i strongly believe people crave nothing more than nostalgia people could flood to this like crazy. Again all just speculation but something I thought would be good to keep an eye out with this current news circulating.
Looking ahead to today's trading session,
there are no major events to note, so traders will be closely analyzing yesterday's trades and the information provided in the FOMC. Typically, after a sell-off, we tend to balance out during the next session. Therefore, there is a possibility of holding runners to lower 3900s.
In terms of trading opportunities, there will be both short and long options, but the focus will be mainly on the short side. This is because there is a desire to hold runners if the market cracks lows, specifically intraday lows around 3975.
As the session progresses, traders can look for both long and short opportunities at the low and upper ends of the balance. The market's movement during the session will provide a better idea of whether the balance will hold or if there will be a clear direction. Overnight, the stock market was robust, with Nasdaq trending higher, primarily driven by strong performance in the tech sector.
That’s it for today very excited to get back to you with a more in-depth weekly plan.
-Gatsby
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