Daily Plan 8.10.23
Hey folks -
Won’t be going thru all of the day’s activity at risk of sounding like a broken record but we did see considerable interest around my levels. And I was able to share these in the chart room as well with you.
To start off the day, the expectation last night was a test of 4500-4507 below 4525 at some point.
We did get here in the AM and this is where I sent the chat room alert that I expected this to break down to target 4480.
Within 2 or 3 minutes of my sending the chat room , we broke the level and did not stop doing down until my target was met.
It is here I sent another chat room that I expected some support if oil were to hold that 83 dollar mark.
Lo and behold, oil begins rallying from this level to 84.5 almost and it took both emini S&P500 ES and NQ with it. If you have not, make sure you download the chat app from App Store.
To end the session, we saw yet another sell off back into 4480s to end the day close to 4490.
These levels have been immensely strong this week, they have held the market decline on 3rd day this week. They hold it every day for a good size rally. I had shared this on Saturday night. Subscribe below to get a copy of these levels in your inbox every day the market is open.
Levels for tomorrow
Now tomorrow is perhaps the most important day in all August with the July CPI report set to be released.
Personally I do not think this report is that important but the market does.
In my view, Powell has already surrendered to the inflation and I think it will be hard for him to raise rates any more, regardless of CPI rate. This is also a very heavily manipulated economic release so I won’t read much into it.
What matters far more is the markets like Oil, Gold, Bonds and Econ data like consumer sentiment and retail sales.
CPI comes out an hour before the cash open so should set the stage for day’s action. I may be sharing updates in the chat.
For now below are my 2 main levels -