Daily Plan 8.23.23
Hey guys -
So from my post last night, I had expressed concerns over dollar strength amongst other things and I was not too excited for the rally yesterday.
It so happened we traded up to 4440 overnight and opened the session slightly below it.
I sent a chat room update with my bias that if this level held, we could trade down into 4390.
Furthermore I sent an update that I did think the market do much damage below 4390 in the cash session today. I was right on both of these counts. Both of these opinions were sent real time in chat for subs. Join my chat for FREE today and receive alerts like today.
Outside of this, nothing special in the session today.
On TSLA, resistance came in bang at my 240 level and we sold down to sub 230 only to close a couple of dollars above it.
Tomorrow’s session is gonna be very interesting in two main aspects.
One, there is NVDA earnings tomorrow after market close. NVDA stock is now trading around 470 dollars. A lot of folks have been burnt shorting this stock this year as it has traveled more than 300% from recent lows to trade here. I do not have much of an opinion on this but I will say the management has been a huge cheerleader of this stock with AI and all- the market has bought it all up. However the fact is this is now a 1.2 trillion dollar company with 25 billion in sales and a mere 4 billion in profit.
The other equation is the plethora of Econ data tonight from Europe which I think could keep things interesting.
My levels for tomorrow