Tesla Smashes Expectations
Daily Plan 1.2.24
Hey traders-
The new year started with a bang and we saw pretty large downside action in the Emini index as well as the Nasdaq NQ.
NQ alone lost about 400 points open to close (Globex).
I sent out a chat in the morning that I expected some support to come in near 4760 and in the emini we were not able to trade below this level today, rallied in last hour to close the session near 4800.
In other names, we saw good sell off in CVNA, which is now down about 20% from my bearish Pivot, SNAP which came within a dollar of my 15 target, as well as decent rally in MRNA, which is now up about 40 points from my 70 dollar pivot.
We also saw good action in crypto stocks like MARA from my levels.
In the emini, my main level tomorrow will be 4800 and on the downside it will be 4770. At time of this post we last traded 4790.
Scenario 1: if this sell off is going to have legs, I will like to see rallies capped at 4800-4810 level.
Scenario 2: If we are able to take out 4770 on the downside, we could target recent order flow pivot at 4733.
Generally I think the action today keeps the lower level I shared last night in play unless we begin to see some bids above 4810.
For the bulls, the main worry I see as 3 fold-
This gap down in AAPL which is pretty massive in my opinion will need to be repaired if we are going to see some bids above 4810.
TSLA had a record quarter. I touched upon this last night yet the stock barely moved. The company delivered 1400 more cars than analysts expected and 20000 more than prior record. Impressive.
TLT action. I would like to see TLT take 100 again to generate confidence for the bulls in Emini circles.
In other news, the hysteria around Bitcoin ETF remains record high. Bitcoin is still hovering around 45000 which is not a great level in my view. If you are a recent bitcoin bull, you will feel better if it cleared 52000 old orderflow pivot.
~ Tic
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