Daily Plan 9.13.23
Floor gone?
So, the session today was between my two scenarios with the overnight resistance coming in near 4550 and the lows of the day session as well as the night session coming in close at my Scenario 2 support.
Other ideas from last night plan, one was KVUE which I alerted to heavy put volume near 21 dollar level. That name dropped like 5% today.
You can read up on the plan from last night for more info.
I had high hopes from the Apple event which I thought turned out to be a dud. Nothing exciting. No new product line. Not even a drastically different variant of existing product line. Just monitor refinements to the existing product line. A very low every affair.
It certainly did not help the APPL bulls which closed near 175, down about 2% on the day.
As far as news goes, tomorrow the CPI comes in an hour before the open and could cause volatility and may be even set the tone for rest of the session.
I normally do not like to do super formal plans for CPI days as we can see massive volatility of 50-60 points even before the open but I will share some thoughts regardless.
My key level tomorrow will remain around 4500. We are now near 4510.
I do think from a risk on perspective, AAPL will need to find some footing here and I think if it is down another 2-3% that does not help the sentiment for bulls.
So I would think that it needs to hold that 175-176 area.
If it does and we remain bid up above 4500-4510 in the emini index, I do think we can retest 4530-4590.
For a deeper sell off, I think we need to take out this 4500 area which has been sticky. If you look at last week’s level, despite today, we are still above some of