Need catalyst to break.
Daily Plan 3.28.26
Hey folks—
This week has shaped up to perfectly align with my levels from last Sunday, with minor incursions above and below my weekly levels.
Today was yet another example of orderflow providing clarity in fog of the war, and these lows were quickly bid up in part due to the President’s post about extending the truce by another 10 days.
Behind the scenes, there may be negotiations going on, so I would not take every headline at the face value.
Now if you are too bearish here, next few days to weeks, we need to clear this weekly level at 6450, else it may come to a naught (for now).
I will share this in the weekly post, I am hoping tomorrow brings some sort of clarity if we are going to break this key level which could be a good sign for bears.
In the interim, I think we can again lean on the lows today near 6510, and see if these hold.
Right now my view is that these lows near 6500 could hold for another rally into 6660 and see what is out there.
We last traded 6540 at time of this post.
Scenario 1: 6500-6511 could come in as intraday support. If I am bearish, I need to see a break here and then in that case see if 6511 becomes support turned resistance.
Scenario 2: If we hold this, and begin to accept some value above 6600, I will like to see another swipe at 6660.
In the short term, this market is getting quite skittish at prospects of some sort of ground invasion over the weekend. If this happens, we sell hard.
At the same time, I think it is probably not going to happen, atleast not this weekend, and this could mean there can be a sharp counter trend rally if the worst of the fears do not materialize this weekend.
It is as simple as that — if you think any charts or indicators or any sort of technical analysis can tell you either way, I would love to know your thoughts. Only Trump and his circle know this for a fact.
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