Daily Plan 8.16.24
Hey traders-
I wanna kick off the post with a simple exercise, demonstrating our levels and scenarios from this week simply to show how these levels can keep us on right side of the market.
Understandably the retail sentiment has been bearish this week and the market has made a high after another high. But has this Substack in particular given us a reason to be bearish this week at all?
This is from last night…
Then Wednesday levels below..
Finally the Tuesday levels below..
So any scenario or level you open these last 6-8 sessions, we are talking about dips being supported or support coming in at this level or that. I haven’t shared a single bearish scenario when it comes emini S&P500 this week at all. In fact last 2 day’s plans have had only one scenario- both bullish.
Now it is a fair point to say that last two days we did not hit the key levels. But it really cuts both ways. I am not a big fan of these small pullback, low volatility days and if there is nothing for me to share, I will not share anything on such days. This is as designed and nothing for me to improve upon.
But for what it is worth, the orderflow levels have not given us a reason to be shorting this market at all this week. If we are not going to take these levels out on the downside, I am not going to be biased to the downside, even if I do not agree with the rally based on macro, I am simply going to not do anything about it, unless we begin closing below these levels.
On the bullish side of the ledger, the list is endless of recent names:
AAPL
TSLA
AM*N
NVDA
S*
L*
CV*A
PL**
T**
P*C
TE*A
GEO
This is but a small sampling of recent names. This is not a flex or throwing a shade at any other furu, this is to keep us accountable. Now if I am still selling the open today, yesterday or selling Tuesday, then it is because I am not reading and understanding my levels. The market itself has been vocal by being remaining above these.
I blanked out some names as they remain in play and they are subscriber exclusive names. I only share these here in the Stack and not on other platforms like X.
Key levels for tomorrow
Well, this I think here is the last stand for any bears, if there are any left now at 5592-5610. We are now at 5575.
Scenario 1: I like to see the market run into resistance here as long as we do not break above 5592-5610 for a move down into 5530. I normally use 5-15 minute auctions in intraday and a couple of M15 auctions above or below a key level will invalidate that level.
Scenario 2: This 5530 has been a tremendously important level for some days now. I think we could expect a bounce here at 5530 if tested, however, if this level folds, I will like to see this market go retest some of the orderflow levels at 5460-5463. At time of this post we last traded 5580.
~ toc
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