Daily Plan 12.21.23
Traders-
Lots of folks were caught off guarded yesterday with a sudden burst in VOL and the work by the bulls of last 5 days was undone in about 2 hours with the SPX losing about 100 points.
This little skirmish took us right down into 4750 area which nicely coincided with the weekly level (SPX 4710).
The market since found some succor and rallied about half a percent off those lows carved last night.
Pre market the market is at the moment trading near 4775.
A few levels for the session ahead:
GDP data will be released in little over an hour. This may set the tone for rest of the session. FDX stock dropped 12% yesterday and often transportation stocks like FEDEX tend to be harbinger of economic data.
With this said, the key level for the session for me today will be 4786-4790.
Scenario 1: The bulls will need to take out 4790 and remain above it within the IB session to trace back into the recent range high near 4820.
Scenario 2: If we find rejection at 4790 and remain below it, then the prior daily lows around 4757-470 may be retested.
There is little bit of softness in the oil market as well and I think if GDP data were to come in a little softer than expected, we may see a tendency to test 71 level on oil again. Intraday LIS is around 74 (now WTI is around 73.5).
~ Tic
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