Hello traders,
As mentioned in last week’s plan we did touch 4436-40 on ES
and it gave a reaction of 15 points a couple times and then finally gave way.
Other than that we were on the right side of the NQ trade
and caught plenty intra-day bounces on NQ and ES
And in the middle of all that we had a few spx puts that went 800-1200% (absolutely did not hold all the way through) so we had a great week overall.
And just tonight our levels have paid decently on ES sent right before market open.
With 81.75 giving about 3 0MAE trades and one knife catch trade on ES.
Moving on,
The ES saw its support around 4,436 last week, We couldn't keep that support, ending up at a low of 4,350 on Friday.
The market is down by 5% from the July 27 high, but you know what? A 5% pullback during a bull run isn’t a disaster—it's a reset.
August? It’s always a roller coaster for stocks. Low volumes and lots of jitters. But this year, with that surge since January, along with those crazy bull market we saw. I’m thinking things are looking up.
As mentioned in the weekly plan a couple weeks ago, August is definitely a red month for equities.
Imagine if I’m in Vegas and there is a gun to my head and someone says “Where does SPX close at end of the year?” I’d wager $SPX closes at or above 4832.
Then the guy says “Be more specific else I will shoot you?” So I would say “4846 maybe idk I just want to drink bro?”
I will send a note on Crude tomorrow based on the Hurricane updates.
Keep an eye on $NVDA this Wednesday. And everyone has increased their targets for NVDA especially with GPU demand soaring.
If $NVDA doesn't come through, we might see the NQ plummet to around 14,216. Bulls should be guarding the 14,741 line like it's the holy grail. And speaking of AI, I believe this tech is on a trajectory we haven't seen before in our lifetimes.
Levels: