Daily Plan 10.24.23
Hey guys-
So the main expectation from last night’s plan was to see us sell down from the Friday close into 4200, where I expected the dips to be bought.
This was a good call as we sold down overnight almost into 4200 and then saw a rapid rally into almost 4300, stopping shy of about 20 points.
It is here that I sent out a chat update below. As soon as I sent my chat message, we started selling and sold down rapidly about 40 handles. We ended the day at 4250.
I also had a good call on TSLA with support coming in near that 200 to test 215 shortly thereafter.
My levels for tomorrow
4230.
Scenario 1: As long as we do not see an intraday close below 4230, I think we can retest 4275.
Scenario 2: If we see an intraday close below 4230, we may be able to retest 4200.
At time of this post, we last traded 4250. Overall, not much change from my weekly level view. I think the bears need to take out 4200 for a much deeper sell off else we could remain range bound here.
MRNA
With Moderna, I had a long term bearish call for a test of 65 dollars near when it was 500. It has since traded down to 78 dollars. This will conclude my call on MRNA as I personally do not see much reason to be bearish on this below 60-65.
MARA
I like the action in technicals in stocks like MARA in crypto space.
It is around 8 dollars right now but I think if 8 holds, we could test 11-12 on it in next few months.
Outside of day to day levels, there is a tremendous level of bearishness - not without merit. However, the main risk for bearish is 2 fold. A) just the technicals. We are holding 4200 and it is an important level to hold for bears’ comfort. B) the earnings this week and the next are true wildcards. Names like AAPL are still holding 170. There is a risk to how these earnings, even if they are a miss, will be perceived. AAPL right now is carrying a sense of flight to safety and unless the earnings are truly horrendous, I am afraid they may be perceived as “priced in” for this quarter.
~ Tic
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