Daily Plan 1.24.24

The main expectation today was to see some dip buyers come in near 4856 and see some resistance at 4890.

While we did see some selling pressure at 4890, it was overcome later in the day to close above 4900.

On the downside, 4856 level never traded.

The main act today was again in DWAC. It sold down from the close yesterday exactly into 40 level which I shared in night and then from there it rallied all the way to $58. It closed for the day near 50.

Now tonight could be a big night for DWAC. The New Hampshire primary is very interesting today and perhaps may be the most important primary in all election season this year. This state has a large number of independent voters, as well as democrat voters that can vote in this republican primary. In a sense, this state represents the national voter make up more closely than perhaps anything else. I am watching it very closely tonight and I think unless Trump gets a clear mandate, DWAC could sell off.

However, I think this sell off will be short lived and I remain optimistic that DWAC could trade into 70 and higher. It is about 50 at the moment.

Levels for tomorrow

As far as the emini levels go, the session today as well as yesterday makes calling for a meaningful range extremely difficult. Personally I will like to see some volatility release here to trade down into my weekly levels shared on Saturday.

Until that happens, 4880 will be my key level for the session tomorrow.

Scenario 1: If 4880 trades, I expect these dips to be bought for a test of 4894.

Scenario 2: If Scenario 1 plays out, I expect 4880 level to then break and trade down into 4856.

At time of this post, we last traded 4900. Additional levels could be shared in chat room below if we see some meaningful volatility tomorrow.

Bitcoin

With Bitcoin I think we have seen some sort of lows around 38-39K unless we begin to give up on these levels. 38/39K is a key level shared by me a few weeks ago and as long as it holds, I expect another test of 42-43K.

ENPH

With ENPH, I like this action in the stock. I think as long as 100 holds, we may retest 130 on it.

It is about 110 now.

~ tic

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