Daily Plan 7/21/23
#524
Hey-
Few highlights from the session today:
Very large sell off, especially in NQ, off my levels. My ES level today was high of the session before selling about 60 dollars from this level shared last night.
Very large sell off in NVDA, GOOG and TSLA from my resistance levels shared earlier in the weekly and daily plans. Both of these NVDA and GOOG levels were great as we barely did any trading at all above these 2 to sell off about 20 and 10 dollars respectively.
Sell off about 16% in CVNA from near that 60 dollar level.
On the news front, the number of homes for sale plunged to a 14 year low in the US. This has insane repercussions for the housing market which is already reeling from generational shortages. Sellers are simply not there as folks cling to their 2-3% APR mortgage deals and refuse to sell. Only 14 out of every 1000 homes in the US has sold in last 6 months- suffocating the market for sales.This may be supportive of home prices for next few months- if you can find one.
Good rallies in other value type names like UNH shared earlier at 450 dollars. QQQ was up around 2.5% today and VTV was up like 1%. I had shared this inverse correlation several days ago and I think if this holds, we could see much more gains in these value type names which I still think are reasonable compared to some of the bloat in growth names.
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My levels for tomorrow
A lot of guys are thinking if we will crash tomorrow as well like we did from my resistance level today.
Well here are my views below.