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Daily Plan 9.14.23
Hey guys -
Another good day where the levels for both the HOD and the LOD were both within the 2 levels I shared last night based on OrderFlow.
I also had some good calls in AMD, AMZN, NVDA etc
If you are finding these calls useful the consider subscribing, liking and sharing. It is important because 2-3 global entities control all media now globally. They get to decide who gets promoted and who does not. The risk is ultimately what YOU and I hear, see and read will all sound very homogeneous as if the message is orchestrated by a central planning commission. This will not be very different than 2020 if you remember when we turn on the TV, the message seemed to be written by one and the same person for all major news channels and websites.
We can not avoid it but we can make it harder to silence unique voices with a different take on a variety of things. This is where a decentralized platform like Substack and BlueSky etc comes in, obviously supported by folks who like decentralization, like yourself.
My levels for tomorrow
So with news tomorrow, the PPI is the main one.
PPI I think should show if the high CPI today was just a blip or if it is something more structural. A high PPI could indicate that the higher inflation has embedded in structure of corporate America and will not be easy to get rid of. A weaker than expected PPI could indicate that the high CPI today was mostly due to high oil prices and overall inflation could be headed in the right direction.
My key level will be 4540 tomorrow. At time of this post we last traded near 4525.
Scenario 1: I will like to see a failed breakout early on in the morning (look above and fail) around 4540. This could signal that the sellers may dominate the session to trade lower into 4500 again.
Scenario 2: A break of 4500 could bring volatility for a test of 4463-4466.
Bulls need to take out that 4540 and they need to remain bid above it IMO. This may be hard tomorrow if AAPL keeps on limping with all the beating it took yesterday.
I think AAPL if it loses 172-173 handle could have the potential to lead to significant volatility. It is about 174 right now and the price action looks a little sickly to me.
With AAPL, the real price action could come clearer on Thursday night and Friday AM. This is when large traders will begin to understand the pre orders market in the new iPhone and it tends to drive the action in AAPL on Friday and weeks later. Worth keeping an eye on.
Let me know your thoughts. Have a great after noon.
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