Daily Plan 2.9.24
Hey-
Few recent ideas did extremely well in the session today -
Starting with MARA, I shared a key support level on this a few weeks ago which I thought could see significant support. Not only this level proved to be swing low on MARA, but today we cleared almost 22 on the stock, thus rallying about 50% from this level within a matter of days.
I shared BITCOIN swing low at 38k a few days ago. BTC is now up about 20% from this level and cleared 45K.
I shared RIVN support near 14 dollars a couple of days ago. This stock is now up more than 10% from this support to close the session above 16.
Disney low was shared by me at 90 and was reiterated a couple of days ago near 95. This stock had a monster move today and was able to test 112 in the cash session today.
TSLA clean rally from 175 to 190.
GEO 6 to 12.
AAPL clear rally from 180 to 190.
NET shared by me around 60 was up 20% today, clearing about 110. Doubling from my level.
META 450 to 470.
AXP cleared 211 today. Shared around 200 a couple of days ago.
Oil up about 400 pips from my support levels. XOM set to clear 105 from 96.
Couple of other ideas like BABA and SNAP did not work out as expected. On BABA, this 67-70 level still remains key for me. I think if this holds, we are headed higher from here.
Dozens upon dozens of more examples like SMCI, S (20 to 30), PLTR did work, which can be accessed by subscribing below.
Emini S&P500 Levels
Both SPX and QQQ are now stuck in this tight range. While overall context for me at the moment is for support on dips in intermediate term, I will like to see a break out of this tight range for that larger move to materialize.
With that said, I think this 4990-5030 range remains a prime range and I do not see an outcome to this consolidation unless we clear this range, either up or down.
Scenario 1: I favor more range bound trading within 4990-5030. This level, atleast today was able to hold the advance. Support and resistance levels are created by human behavior which is a function of habit. Traders are creatures of habit. By habit, traders like to buy a level and then continue to sell a level, until those are taken out.
Scenario 2: For some volatility release here, I will like to see an intraday close below 4990. For intraday time frames, I am comfortable using 15 to 30 minute auctions and if I see one clear below 4990, that could lead to a nice move down into 4950s.
Bitcoin
I was a Bitcoin bear at ETF launch at 49K and shared 38K support with subscribers which was the correct idea.
At 38K, I became a bull and at time of this post BTC is trading 45K.
At this point my expectation is to see a test of 52K on BTC, as long 43500-44000 level holds.
~ toc
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