Weekly Plan 8/27
Supports became resistance
Hello traders,
Hope you had a great weekend and are rejuvenated for the upcoming week.
This past week we had excellent Vol so we were able to get a tonne of points due to being on the right side of the market tide.
94 was our LIS for bulls from the 22nd and it gave us 80 pt zipper through NVDA earnings.
NQ dumped exactly from 15418 for an amazing 600+ points waterfall.
On Friday we were able to catch 93.5 short and 67 longs(although I paperhanded the longs for 12 points).
Moving on,
This week we have an action packed week with JOLTS, PCE and NFP.
As mentioned at the start of the month, August pullbacks are common in bull-markets.
Weekly Plan 8/7
Hello traders, Hope you had a great weekend(I’m still reeling from mine) Last Friday, the market did a complete 180, with equities getting hammered in the final stretch of the day. The week closed at a low, a real punch in the gut for the bulls. Look at the numbers: SPX down 2.27%, NQ down 3.02%, and DJIA down 1.11% for the week. Powell's interest rate hike and the big earnings plays winding down are part of the story here.
Longer term, in my opinion, we are not looking down the abyss. There is a resurgence in the markets due to AI narrative and we should see tech propel us to ATHs by end of the year. Again, do not go all-in and buy 0.01 calls on SPY 0.00%↑ expiring in a week.
Levels: