Daily Plan 10.11.24
Alright folks, let us start with this whole We, Robot Event or rather the Fiasco from last night- if you recall, I sent a chat below a few days ago when TSLA was 250 that why I cannot be bullish on TSLA at 250 and will instead like to see 220 tested first.
Well, here we are at time of this post, having dropped 7% overnight.
The Robotaxi event failed to impress any one other than the hardcore Tesla fans. The event was light on details, and very high on visionary dreams and fluff. Nothing wrong with that, but do not expect fluff to support the stock as traders only focus on next quarter to two of profit and sales catalysts.
Even yesterday a lot of traders were buying 250 0DTE calls which we warned against. We warned that this market will not be kind if it smells lack of detail about sales and earnings catalysts.
I came out of this event not knowing anything new about Tesla. Over the weekend, I will share my updated technical play and levels for TSLA. Stay tuned.
Levels for today
As far as the levels go, how good was that level from yesterday?
That 5817.
Support all day. Many attempts to break it. All failed. Subscribe to get such levels every day.
The main event on the day today is going to be the JPM earnings. This stock already has been under some pressure and cannot withstand another weaker earnings. This should set tone of the market all day, with no significant news rest of the day.
Main level for me on the day will be 5778-5782. We are now trading 5825.
The reason for this level is that we are already pretty soft on TSLA pre market, NVDA as well as AAPL has been holding well here. So if we see any softness in the day due to PPI etc, this could be supported.
Scenario 1: 5778 if traded, could be supported for a move back to 5810. We last traded 5825.
Additional scenario may be shared for our folks in the chat.
~ toc
Disclaimer: This newsletter is not trading or investment advice but for general informational purposes only. This newsletter represents my personal opinions which I am sharing publicly as my personal blog. Futures, stocks, and bonds trading of any kind involves a lot of risk. No guarantee of any profit whatsoever is made. In fact, you may lose everything you have. So be very careful. I guarantee no profit whatsoever, You assume the entire cost and risk of any trading or investing activities you choose to undertake. You are solely responsible for making your own investment decisions. Owners/authors of this newsletter, its representatives, its principals, its moderators, and its members, are NOT registered as securities broker-dealers or investment advisors either with the U.S. Securities and Exchange Commission, CFTC, or with any other securities/regulatory authority. Consult with a registered investment advisor, broker-dealer, and/or financial advisor. By reading and using this newsletter or any of my publications, you are agreeing to these terms. Any screenshots used here are courtesy of Ninja Trader, FinViz, Think or Swim, and/or Jigsaw. I am just an end user with no affiliations with them. Information and quotes shared in this blog can be 100% wrong. Markets are risky and can go to 0 at any time. Furthermore, you will not share or copy any content in this blog as it is the authors’ IP. By reading this blog, you accept these terms of conditions and acknowledge I am sharing this blog as my personal trading journal, nothing more.