Daily Plan 8.8.23
Hey traders-
I was a bull on the weekly time frames (as long as 4470-4500) held from the weekly plan. My target was 4550 which was actually almost met.
Within the intraday time frames, the market in the US Cash session remained for most part in the two levels shared by me in the chat room in the AM with the exception of break of this upper LIS towards last hour.
BTW if you have not already, instal the app and start receiving chat updates in the cash session.
We also saw good action in WAL bank which was shared by me near 25 dollars. It has since filled most of the gaps and is now trading close to 55 with one last gap above it now.
As promised, the rates have now been increased to 40 bucks. This may get adjusted down the road with how the inflation and/or economy does but for now I am fairly confident this is only one way road - going up. This is reality of times where solid content is rare and there must be a barrier to entry for serious folks. This change does not impact any one who was already a sub.
In other news today, a lot of folks were bearish on PLTR for the earnings, except me.
The company announced a 1 billion dollar in stock buybacks and the losses in stock of about 10% post earnings were erased to close the session up about 3% actually. Imagine shorting this stock in face of 1 billion buyback! Even if you sell a 1000-2000 in stock, it is not gonna be a match for a billion dollars in buyback. However such is the FURU community. What can you do or say?
This was textbook reversal just like the one I shared with ABNB at 130 a few days ago.
As far as PLTR goes, I had shared this many days ago at PLTR 20 that if 16-17 gap holds, we could see some support on PLTR and this is exactly what went down today.
Not all was hunky dory however.
AAPL stock could not recover 180 level today.
This I think is an important level. We also saw bearish activity on TSLA stock today after I soured on it at 270.
My levels for tomorrow
In my view the AAPL action was not very positive today and could weigh on the general market tomorrow if the below happens.
My key level on AAPL will remain 180 tomorrow and on Emini S&P500 will remain 4524.
Scenario 1: If AAPL remains below 180 and in fact if begins slipping below 177-178, we could see renewed bearish momentum in the emini S&P500 as well to target 4486, if 4524 were to give up.
Scenario 2: If AAPL bull can take back 180 then it may bring some relief for Emini S&P500 above 4524 and may target 4550. Intraday close above 4550, we could target 4573.
I will be closely watching this AAPL price action. I think it has potential to cause some more softness in the general market.
At time of this post, we last bid slightly above 4540.
Mostly reason for this daily bias is AAPL price action. Small caps are trying but if the biggest stock does not play ball, it can deflate others as well.
~ Tic
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