Ticking Time Bomb!
#526
Hey folks -
Did not see any thing super interesting on the tape all day today - with one exception. The day’s session as bound between the two levels I shared on Saturday!
There was absolutely no trading below it nor above my level. The participants tried several times to break it and I counted about 4 attempts that failed to break it in the intraday time frame. See below.
This is the # 1 reason I spend so much time on these levels. If I have these 2 levels, even if I do not like range action, I know I need to wait for one of these 2 to break for trend auction!
You can also now avail of levels like this by clicking the link below. It is super easy!
Another name that worked exceedingly well was TSLA. I had expected some support for TSLA near 262 and we saw a nice bounce on this stock to close right beneath that 272 area.
What did not work so well today was DWAC. I had expected the 19-20 level to hold but I thought right at the open there was a large whale selling and 19 area stood no chance against this whale.
From an even perspective, the data out of UK and Europe was extremely negative today pointing to slowdown of economic data. The main data print in the US tomorrow is the CB Consumer confidence. The big event is the day after with the FOMC decision. See the weekly plan with my prediction for the FOMC and why I think that is a very wrong idea.
As far as levels go, I do not have much change in the levels as long as they seem to hold here.
Scenario 1: I will like to see the bears close the IB below 4555 on Tuesday session to target 4520 area.
Scenario 2: We could see sellers reemerge if 4590 were to be retested for a retest of 4555.
On the NQ side, my level shared a few weeks ago at 15630 was extremely good and I think it remains in play tomorrow as well. The bulls need to take it out if they want to see 15800 tested again.
We are at 15550 right now.
On ABNB we did see at one point a fairly nasty sell off into sub 145 but closed the day a bit positive from that gap down.
META same story.