Daily Plan 8.24.23
Hey folks -
If there ever was a reason to install the chat app and turn on notifications from me, it was today!
At the very open, may be like 2 minutes into the open, I sent the chat update to subscribers how I saw the market supported near 4400 due to the strength in Russel 2000. This along with the NVDA earnings today was going to be a true wild card!
The results of this auction were to be seen after hours where we gapped up massively to near 4480. A full 2% move up from my levels and post. Do not miss any other timely update ever, turn on notifications for me!
The chat was for paid subscribers. However when you look at the price of this chat, it is barely a dollar a day! It is really very minimal to gate keep the non serious traders out. It is a small price to pay for tremendous insights almost every day!
Speaking of insights, I had expected some sort of crazy action in NVDA again! I am in fact surprised it only managed an 8% gap up, I would not have been surprised if it was a full 20%! This stock is immensely popular with the meme class right now and is very attuned to remarks by its CEO who never misses an opportunity to pump it and today was no exception. This action lifted almost all other SOX stocks. AMD, which BTW I like a lot rallied. SMCI rallied sharply into 300 from my LIS. Overall SMH type names did well off the backs of this NVDA ER. NVDA is just not a great stock for bears right now. AT some point it will be, but it is not there yet.
Not only was my SPY level great, we also saw tremendous rallies today in TLT and Gold. In fact TLT closed today above 95 after a long time from that 92 support.
This joins the hallowed ranks of GOOG, NEM, AMZN, PLTR, ASAN, ROKU, FDIG, USFD, SQ, CCJ- frankly too many of them to list them all here.
I love sharing ideas like this with folks, if you have not already, join my email list before prices are raised to 100 dollars or more a month.
From overall risk tone of the market, the below factors are helping it at the moment -
AAPL clears 180
TLT clears 95
NVDA obviously with AMD taking back 110 and SMCI taking back 300 (small stock but risk on measure)
Converse of this is NVDA losing its gains to trade below 470, AAPL back below 177 etc.
Scenario 1: I think if NVDA holds these gains overnight, with AAPL remaining above 180, Emini S&P500 I think could push into 4500-4510 area, as long as it holds 4465 support. At time of this post it last traded around 4475.
This 4470 area is important for S&P500 risk on/risk off measure and has been an important level from quite a few weeks now.
Scenario 2: Slightly neutral bias between 4440-4465 but could see volatility to the downside return if 4440 were to give up, to retest 4400.
To summarize: good price action today superseded by my morning chat update of support coming in, but it is a nascent rally and I think will come down to NVDA and some other high flyers holding the gains from today. In particular I think NVDA needs to hold this gap up above 470.
On a side note folks, I am sharing my thoughts as a personal journal on what markets I am looking at, what tools I use personally. My intent is not for this to be some sort of a signal service but rather to collaborate with folks on how I think myself based on price action strategies. IMO the price is really not that high to deter any one from learning however it is high enough to keep non serious, rifraf away and I intend to keep it this way.
~ toc
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