Daily Plan 11.2.23
Hey guys-
Quite a session today with a few of my calls turning out to be quite good.
Specifically, META 0.00%↑ rose from my support level to close near 315 on the day.
SMCI saw good action, and AMD 0.00%↑ was up about 10% on the day. Quite good action in other names as well, like AMZN, GOOG, PSA, TM, PINS, XPO, XHB etc, to name a few.
We also saw a tremendous rally in the main index itself, which rose about 60 points on the day, stopping shy a point or so from that 4263 level.
I had alluded to this earlier in my weekly newsletter when the emini was trading near 4130 how I did not feel the volatility yet and I thought we could rise back to 4300. Here we are, a few handles shy of that target.
My levels for tomorrow
From a session context, I think this 4260-4270 area could be quite important.
Scenario 1: As long as we remain bid above 4270 on the intraday basis, we could trade up to 4296.
Scenario 2: If we are able to trade below 4260 on intraday time frames, I think we may be able to retest 4226. At time of this blog, we last traded around 4270.
On a longer time frame perspective, outside of day to day auction, I think this 4226 area is an important milestone for bears. This level could support the bulls for a march higher into 4400s per my weekly newsletter and the bears will like nothing more than to see a Daily and a Weekly close below this level.
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This is it from me for now. Have a great day.
~ Toc
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