Daily Plan 10/12 '22
Hey Traders-
Another tremendous session for me as the market tested both my levels and did very little trading outside of either.
I was bearish at the open as per the plan from last night. Link here.
At 3580, I was bullish. I reiterated this at 3620 in my Telegram before we moved higher from there to almost 3660. At 3660, we saw the purported news about Elon Musk and that took TSLA down with it. This was also bearish for the S&P500 Emini as we traded down back to 3580 again a second time!
At 3580, the buyers stepped back in. We closed the day a couple of points above 3600.
A very good day if I had the right levels and context.
Longer term, today we entered the 14th day of balancing action with no clear end in sight to this chop. This market has taken a lot of heat, absorbed a lot of negativity and has not really gone down any where from this 3600 general area.
Will the PPI news tomorrow and the CPI news a day later be the catalyst to finally end the impasse?
What we see is when I cant rely on the OrderFlow , then I am being bearish following the opinions at 3580 and I am being bullish at the 3640s.
This is proving quite frustrating from last few days.
My levels for tomorrow
My key level for tomorrow will be 3630.
Scenario 1: unless we open and close the IB above 3630, I want to lean bearish into a test of 3550 level.
Scenario 2: An IB close above 3630 may target 3680 OrderFlow level.
At time of this post, we last traded around 3600.
ARKK Chart below. I have been very bearish on this and it closed today around 35 dollars.
I think TSLA below 220 is not very good for risk on sentiment. The bulls will need to retake that 220 dollar level. If TSLA remains below 220, it may open the doors to 210 and also may mean pressure remains on the general market. It is now trading 216 dollar. TSLA rallies may be sold unless it closed back above 220 dollar.
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~ Tic
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Tic - I see many are short $tsla into the close today @ ~216. Collusion with Putin headlines had many rushing to load puts. I know few rooms loading puts at close. Maybe rightfully so. I agree This close is bad for Bull, and IF 215 breaks then 206.85 comes imo. But this is Big IF. Imo, rip to 235 will fuck the greatest #. IF 215 hold, many r fucked. Then again, this Elon cannot be trusted and I would not mind 200-206.85 for nice dca in LT account. Thanks again for all you do.
Hi Tic.
Earnings season is about to start.
I would like to have some Earnings forecast by you.
It will be great to get that.