Daily Plan 3.19.24
Here were the highlights of the session today-
TSLA which I was bullish around 160, traded a high of about 175.
AAPL which I had a bullish call on around 168, traded up to 178.
NVDA which I had a bullish call on at 870, traded up to 925 and then retreated back to 875.
GCT which I warned against chasing at 43, sold down to near 34 bucks today.
On the emini, I shared chat in the AM to be bullish at the open. We traded up to 5240, closed right at 5208.
New highs in oil and oil stocks. Torrid.
Levels
Key price action lesson from the day will be the action in NVDA which has refused to hold prices above 900-925 for 2nd day in a row. Such action is usually not printed by small traders, but traders with very large size.
My personal take is that NVDA 860 still remains a robust level and the bears will need to take it out to do much damage here around these levels.
So with the action today, it is clear to me that 5200 will have to be a key level for tomorrow.
Scenario 1: If we open and/or remain above 5200 tomorrow, I favor a test of some of the highs from today around 5230.
Scenario 2: If we remain below 5200, the next area of contention is that 5170-5180 from Friday which will need to be over come for a deeper sell.
At time of this post, we last traded 5208. Bank of Japan news can cause overnight volatility. It is widely expected that the BOJ will raise rates tonight after avoiding it while rest of the world was hawkish.
~ toc
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