Blood Bath. Plain and Simple.
Daily Plan 8.30.23
Hey guys-
Enormous day today for some of the names I shared in the Weekly Newsletter where I had a bullish bias.
Not only did I have a bullish bias for these, I had an overall st bullish bias on the general market after that 4400 area held yesterday as well as over Friday.
I had been calling for a caution to the bears ever since they missed to take out that 4350 last week and today proved that with this close right above 4510, some 150 points higher on the S&P500 index alone.
What were some other good calls?
TSLA- ends up rallying another 6% today to close very close to 260. I had turned bullish on this near 229.
GOOG- closed above 135 today after I had been bullish at 128.
SPLK. LULU. TLT. NEM. SMCI. Too many to list them all here but you can read the weekly plan from Sunday night for full list and my context.
Perhaps the best action in all stocks today was that of those in the crypto space. In particular FDIG staged a 15% rally today to close near 20. Individual crypto stocks did even better. MARA rose 30% today almost. 30%! That is insane. RIOT did about 20%! COIN did 15%. Massive massive moves for these small caps.
I shared nearly all of these in last few days with the folks here. If you would like to receive my newsletter on an almost nightly basis, please subscribe and share below. These are one of the best times to subscribe. Last quarter is usually very volatile and a great time to be active. The best part? Pricing is still very low compared to my ultimate plans for it which could be a 100 a month.
My levels for tomorrow
My key level tomorrow will be 4492. At the time of this post we last traded around 4510.
Scenario 1: An intraday close below 4492 could lead to a retest of 4450.
Scenario 2: Minus an intraday close below 4492, we could retest 4530.
This may be validated with Dollar Index which I think is driving some flows.
If you look at the Daily DXY, this is a bearish auction and I think if DXY were to remain below 102-103, it may be good for risk on assets like SPY and QQQ. Gold itself is now up about 50 dollars from my support levels.
Slightly zooming out of intraday time frames, here is my context below for next week or so and why I think 4600 could be in play.
