Daily Plan 3.15.24
Hey-
The main expectation last night was to see sellers emerge at 5250 for a test of 5230. This level was in fact the high of the day and overnight session.
At the open I saw good action in AAPL and GOOG and I thought this ought to provide support to the general market for another test of 5250.
This was not a great call as this level broke early and easily. For rest of the session we saw HVN formation below this level and broken support became resistance for remainder of the session, with support coming in near 5111 on the SPX which is a key orderflow level.
Regardless, I have noticed my levels tend to be on many days the High and Low of the day. I would like to share more intraday updates with subscribers in chat or another forum. To enable this, I will soon be executing another price hike to $100. Any one who is currently a member and does not resubscribe shall not be impacted by this change. We just need a more serious quorum.
I have been an energy (VDE and XOM) bull around 110 area and VDE is now set to clear 130. I have also been bullish on TSLQ which was up another 5% or so today. I have been an ARKK bear which frankly looks softish even now at 48. I have been a HOOD bull at 10 which today crossed around 19. What I am trying to say is that you can see many of these names have a low beta, which means even when the general index is stinking, some of these are doing quite well. These are quite low volatility too, like XOM and OXY.
Other than these, I am not seeing a lot of exciting names right now. This may change in a few days as I see more setups firm up. Stay tuned plz.
Remember, most of the market moves will happen within 10% of the time. So we do not have to be active at all times. When the levels are attractive, Orderflow will be able to scan and find dozens of good ideas from risk to reward. That is just not right now.
Levels
By now it should be no surprise, my key level on upside will be 5230. We are 5220 now.
Scenario 1: 5230 could be resistance to sell down into 5200s.
Scenario 2: I will be look for bullish continuation if we are able to take out 5230 and stay above it. On the downside, 5180 is notable level as it corresponds roughly to SPX 5111.
The breadth today was insanely bad. I want to see if this thing gets legs.
~ toc
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