Daily Plan 6/8/23
Hey…
In this installment, I am going to share my personal thoughts if we can see 4600-4800 from here, as many are now saying. This is based on purely technical factors and not macro. I will share what I will be watching.
But before that, let us talk about the levels.
My NQ level was so good that it was tested briefly in the AM, and at the time of this post, we have sold off about 200 points from it.
On ES, the moves were smaller, but my level shared two days ago was high of the day, and we have sold off about 25 handles from it at the time of this post.
Several other names shared by me did very well today. I am not sharing any of the names shared here with Twitter. This is to make sure the subscribers of this Subtsack get the most value-add content. This does not mean I have been bearish on everything. That is not true. For example, I have been a TSLA bull since 196, and my levels have been very good. I won’t share it here, but you can see the last few plans with TSLA levels, which were exact supports for this name. I will just ignore the noise- this noise is really from anyone who is not subscribed to this newsletter. They do not want to invest in education and assume I am a bear on everything - look at PLTR, TSLA, ZM, CVNA, COIN, LOVE. These are 40-50% movers in this last couple of weeks alone! At end of the day, there are a lot of bad and inefficient educators out there. Markets are extremely complex and nuanced. It is not as easy as tech analysis and buying lottos. If your input is bad, the output will not be good either. I will continue to share good educational content here may be another year or so and then revisit if we continue to post this Subsatck or move on.
But I am committed to sharing more educational posts as well as much more of my favorite setups here in the Substack until that time comes. This is how it is going to be from now onwards. The detailed and specific levels and ideas will be solely shared here in the Substack, and generic content may be shared on Twitter.
Now without further ado, let me try and answer if I think 4600-4800 is possible.
See Chart A below.
I do not use charts in active trading. I only use a level 2. However, I have studied charts from 1997-2000. I am quite conversant with reading charts and the information they convey.
Look at the blue LINES on this chart.
The RED text that says A highlights a V formation. This has not yet been fully formed but is the basis of my technical analysis.