Daily Plan 9/15 '22

Balance

Hey Traders-

So we saw a very balanced session today where as I had expected little bit more downside activity.

What helped the market today IMO was both AAPL and TSLA. My LIS (Line in Sand) 3980 remained pretty intact and I had lowered it a bit to 3968 which also proved to be a good level but we just could not get the downside momentum going at time of this post.

This is not to say the levels did not see good action.

The LIS was the high of the over night session. In the cash session, we tried to take it out and both attempts failed, falling to 3940 sub both times, for a total of about 100 points lost from this level, excluding the over night action itself.

I felt it AAPL and TSLA both remained on the weaker side today, we would have seen a much more weaker day for the general market.

Yet, here we are at time of this post, trading near that 3950 level with having successfully defended my Line in Sand all day today. At end of the day neither my 3980 level attracted much buying today nor my 3970.

Chart A: Emini perfect balance.

Chart A Emini

I also heard some confusion today from several folks with many wondering if we ever traded 3980 or not.

Well we did. And we traded this price almost 3 times. My quotes, as mentioned in my weekly newsletter are based on the December emini contract and not SPX or the September contract which has very little volume in it at the moment. FYI.

My key levels for tomorrow:

My key levels and range for tomorrow will be 3930-3946.

Scenario 1: With emini above 3930-3946 and AAPL above 155, TSLA above 300, we may see a retest of 3980 on the S&P500. Bids above 3980 may open the door to 4010.

Scenario 2: the bears will need to open and keep emini offered below 3930 tomorrow for us to retest the 3880-3890 zone. Ideally this will need to happen in IB.

At time of this post, we last traded around 3950.

Link to my plan if you have not yet read it.

Remember, I am a long term bear this year, but I am nether a perma-bull nor a perma-bear. I will go where the tape will take me , it is all about the levels. Nothing more and nothing less to it.

~ Tic

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