Daily Plan 2.21.24
Folks -
In auction market theory, we only follow the price action and the order flow.
We do not care about any theories or opinions.
Keeping in line with this:
My weekly expectation was to see us sell down to 4970 which I shared in my plan last night.
In the AM, in the chat room below, I shared how rallies can be sold today which was the case.
In SMCI at 690, I shared why I was bullish and then immediately we rallied about a 100 points in that stock. Frankly I don’t know how folks operate without these levels. May be sell 680 and buy 1100 on SMCI.
Join the chat room below, join while prices are low, and receive daily levels and ideas delivered to your hand held.
My levels for tomorrow
I did not like one thing today.
Do you know what that is?
The fact we traded 4970. I did not like it.
Due to these reasons, my key level tomorrow will be 4992-5000.
Scenario 1: I expect pressure to remain as long as we are not able to take out 5000. I expect another test of 4970.
Scenario 2: My edge case will be if we are able to break below 4970, or break above 5000. In such a scenario, I may share an update in the chat room above. If you are not getting chat updates, you need to check your notification settings. Make sure it is turned on for every chat.
NVDA
With respect to NVDA, a couple of weeks ago I said I will fade 750 and this level was swing high. In fact it is near the all time highs.
The stock has now sold down about 70 dollars from this LEVEL and is now trading around 680. This in itself is a massive move from that one level.
Now with the ER, I shared my views about the option pricing last night. I am still favoring 620 or so as a superior support level in NVDA. I don’t know if we get there, but if we do, this could be a good support level. The objective of trading is to have a good level and make a trade if we get to the level. The objective is not to make predictions based on opinions. We will see if we get there and see if any options then make sense once the ER dust settles.
Crypto
If tomorrow we get another dip in general market, I like MARA around 23 dollars. It is 24 and change now.
I like the BULL PUT Spread on this at 21 PUT and 24 PUT which nets around $1.5 credit at time of this post, with a max loss of $1.5.
~ TOC
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