Daily Plan 9.8.23

Folks -

Overnight action as quite soft again today. A few minutes into the open, I sent a Substack chat about the selling pressure abating near 4440 in the emini S&P500.

This was a good update as we sharply rallied higher from this level, meeting my target near 4460 quite handsomely.

Not only the emini market stemmed the tide of sellers, we also see buyers again emerge in TSLA ahead of my key level. This has now happened like 3 times this week alone. This has been a great level.

Some other names that fared well today were ASAN up about 6% today, AFRM up, ZM, XPO, AMZN, all up. CVNA down about 6% today. Each one shared here last week or so.

This market has been a kangaroo market. I know folks want and crave direction action but that is no where to be found. Any one saying otherwise does not know what they are talking about.

From my perspective, I think we are stuck in this giant range and meaningful resolution I think comes above 4532 or below 4400. We last traded 4460 at time of this post.

Scenario 1: I think dips if any into 4406 could be bought for a retest of 4440. At time of this post we last traded 4460.

Additional scenarios may be provided for folks exclusive in chat room below pre market. Join now.

XOM

It is no secret XOM has had a crazy run over past couple of years and is now trading near 115.

Short term, I think XOM fate comes down to oil now. Oil itself I think is overbought as long as 88 holds. It is 87 right now. I think it is not a bad idea for oil to release some steam into 82-83.

If this happens, XOM could drive down into 105-107 area for next steps once and if it gets there. 115 will be my LIS on this.

~ Tic

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