Daily Plan 5/31/23
Hey guys -
Some good action in a bunch of OrderFlow names like the ones below -
ENPH now trading around 175, having risen quite a bit from the 150s.
GME is up about 5% again today, traded near 25 bucks, up about 25% from my level.
PLTR now trading near 15, up about 40-50% from the 10 level.
Many other movers!
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On the Emini ES side, we sold quite a bit from my weekly LIS which was the high of the day today as well holiday shortened Asian session yesterday.
My level for tomorrow
Tomorrow is the first attempt to pass the debt ceiling. The session could be volatile and choppy.
My key NQ level will be 14550 which may be resistance. On ES, my key level will be 4175/4230.
Scenario 1: We could see range-bound action between 4175 and 4230s with support near 4175 and resistance near 4230s.
Scenario 2: For a trend day to develop, I think we need an intraday close below or above these 2 levels.
I do think the bears do not want to see a D1 close on NQ above 14550 as I think it is a key LIS and could lead to a larger rally if this level were to give up.
My TSLA LEVEL
We came close to 205 after a break of 197 on TSLA. I think 197 may remain a key level on TSLA. IMO it may act as support if tested until broken and we may see 205 retested.
My view on SBUX
SBUX has traded down to 96-97 area. This may be a technical support area, if this holds, we may see a st retest of 100-102+.
BUD
Anheuser Busch has been brought to its knees owing to some really bad decisions. It is down almost 20% off recent highs within weeks and is now trading near 54.
I do think if we see 53-54 hold over the next week or so, we could see a test of 56-57. Similar action I can personally see in Target TGT, which again is in the same soup at 133. Just my view based on st oversold-ness.
~ Tic
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