Weekly Plan 3.4.24

AI Bulls take charge

Traders-

Finally this was the week that saw NQ index break above 18000 key level on Friday, albeit on super low vol and trade up to 18400 area.

While the index level volatility has ground to a halt, and intraday moves’ range has compressed significantly, many of my other ideas continue to defy gravity.

Below is a list of some recent names I shared here in the newsletter and compare them to where they are now.

1. Toyota TM. I originally shared this at 130 and then reiterated my bullish bias at 190. This stock is now trading around 250.

2. AXP and SAP.

3. PSTG. Shared a bullish note at 30 and then 40. The stock is now close to clear 60.

4. COIN. Shared around sub 100 dollars. The stock is now trading near 210.

5. HOOD rises from 12 to 17 within a matter of days.

6. CVNA doubles from 40 to 80 within days.

7. Not only in the US market but also shares in some international markets like INDA 0.00%↑ hit new records, trading comfortably above 50 now, shared around 30s here in the Substack. I remain bullish on long term prospects for INDA as capital flows into the country, in a bid to decouple of traditional manufacturing and services hubs in Far East Asia.

8. Dozens upon dozens other names, I do not want to reiterate every one of them here. What is key is that many of them are general index agnostic. Meaning they have low beta and even when the general index has not gone anywhere, these names have done quite well for themselves.

What I am more excited about today is to share a couple of other ideas, like GME 0.00%↑ as well as some levels for the main index for the week. I think the price action in next week could definitely have some huge ramifications for the likes of GME and AMC etc for that matter, and I look forward to share my thoughts on where I see this headed next.

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Before getting into the good stuff like GME, let us review some levels for next week

With the main Emini ES index, my primary levels for the week were 5060 and 5120 with a very important NQ level right below 18000.

For most part of the week, in fact last 2 weeks this market played a hide and seek between these 2 levels before breaking out higher on Friday.

I think the breakout in NQ was more significant than that in the ES, as NQ has seen several rejections at this level before.

Now from an auction perspective, what are the clues here in price action?

1. 5060 was a previous breakout level and thus was key territory for the bulls and bears alike.

2. Several attempts within last week were made to take out 5060 but each one of these failed. This indicates probable demand at this level.