Trading Plan for Friday, May 24th, 2024
Market Sentiment: Uncertain, as the market has transitioned from a rally to a short-term dip. Bulls are attempting to defend key supports, while bears are looking for further downside continuation.
Key Supports
Immediate Supports: 5265 (major), 5253 (major)
Major Supports: 5230-35 (major), 5202 (major), 5177 (major)
Key...
Trading Plan for Wednesday, May 22nd, 2024
Market Sentiment: Bullish, consolidating within a tight range. Expecting a breakout, but with heightened anticipation due to Nvidia's upcoming earnings after the bell.
Important Note: Nvidia earnings after the bell could significantly impact market direction and volatility. Be prepared for potentially large,...
Trading Plan for Wednesday, May 15th, 2024
Market Sentiment: Bullish, consolidating within a tight range after a strong rally. The market could continue to build out a bull flag pattern or break out directly to new highs.
Key Supports
Immediate Supports: 5329 (major), 5318 (major), 5302-04 (major)
Major Supports: 5272-74 (major), 5236 (major), 5208...
Trading Plan for Friday, May 17th, 2024
Market Sentiment: Uncertain, as the market shows signs of fatigue after 10 consecutive green days. Traders are anticipating a pullback and adjusting strategies accordingly.
Important Note: It's OPEX Friday, which often leads to choppy price action and pinning (price moving a lot but ending near the starting point)....
Trading Plan for Thursday, May 16th, 2024
Market Sentiment: Bullish, but highly extended and statistically due for a significant pullback after 10 consecutive green days. Proceed with extreme caution and prioritize protecting gains.
Key Supports
Immediate Supports: 5308-10 (major)
Major Supports: 5272 (major), 5253-56 (major), 5200-02 (major), 5145-50...
Trading Plan for Wednesday, May 15th, 2024
Market Sentiment: Bullish, but extremely overbought after 9 consecutive green days. Expect high volatility and the potential for a substantial rug pull triggered by the CPI data release.
Key Supports
Immediate Supports: 5257 (major), 5215-17 (major), 5208 (major)
Major Supports: 5162 (major), 5133-36 (major),...
Trading Plan for Tuesday, May 14th, 2024
Market Sentiment: Bullish, but cautious given the 8 consecutive green days. The risk of a sudden pullback increases as the market becomes more overbought.
Key Supports
Immediate Supports: 5235 (major), 5221-17 (major), 5210 (major)
Major Supports: 5192 (major), 5174-76 (major), 5144-47 (major)
Key...
Trading Plan for Monday, May 13th, 2024
Market Sentiment: Bullish, but extremely overbought and due for a pullback. Traders are advised to exercise extreme caution and prioritize protecting gains over chasing further upside.
Key Supports
Immediate Supports: 5236 (major), 5225, 5213 (major)
Major Supports: 5202-04 (major), 5186 (major), 5155 (major), 5112-15...
Trading Plan for Friday, May 10th, 2024
Market Sentiment: Bullish, but with a cautious undertone after a significant multi-day rally. Expect potential profit-taking and a reduction in aggressive buying activity. A period of consolidation is highly likely.
Key Supports
Immediate Supports: 5235-37, 5228, 5209 (major), 5203 (major)
Major Supports: 5177-79...
Trading Plan for Thursday, May 9th, 2024
Market Sentiment: Bullish, but with increasing uncertainty as the market enters a consolidation phase. Expect choppy trading within a defined range. Prioritize patience and focus on level-to-level scalping for small gains.
Key Supports
Immediate Supports: 5203, 5194 (major)
Major Supports: 5177 (major), 5155 (major),...
Trading Plan for Wednesday, May 8th, 2024
Market Sentiment: Bullish, but increasingly cautious in the overbought market. Consolidation is ongoing, and a deeper pullback is likely before further advances. Maintain disciplined risk management.
Key Supports
Immediate Supports: 5209 (major), 5202, 5188-91 (major)
Major Supports: 5143-36 (major), 5067-69...
Trading Plan for Tuesday, May 7th, 2024
Market Sentiment: Bullish, but increasingly cautious following a strong breakout. The RSI is deeply overbought, increasing the risk of sudden pullbacks. Proceed with heightened awareness of volatility.
Key Supports
Immediate Supports: 5186-88 (major), 5163 (major)
Major Supports: 5144-46 (major), 5060-65 (major)
Key...
Trading Plan for Monday, May 6th, 2024
Market Sentiment: Uncertain, with bulls seeking further confirmation after exceeding a major resistance level on Friday. Consolidation and complex, level-to-level price action are likely.
Key Supports
Immediate Supports: 5145-50 (major), 5136, 5116-13 (major)
Major Supports: 5082-77 (major), 5067 (major), 5060...
Trading Plan for Friday, May 3rd, 2024
Market Sentiment: Bulls maintaining a tentative lead ahead of multiple high-impact market events (Apple Earnings and Jobs Report). Expect extreme volatility and plan accordingly.
Key Supports
Immediate Supports: 5068 (major), 5054 (major trendline - note this level rises daily)
Major Supports: 5028 (major), 5001...
Trading Plan for Thursday, May 2nd, 2024
Market Sentiment: Uncertain, with bulls holding a precarious position at a critical support level.
Key Supports
Immediate Supports: 5048-50 (major - note that this trendline rises daily), 5032, 5028 (major)
Major Supports: 5010 (major), 4968 (major), 4938-42 (major)
Key Resistances
Near-term Resistance: 5077-82...
Trading Plan for Wednesday, May 1st, 2024
Market Sentiment: Uncertain, with the potential for sharp swings amplified by the FOMC announcement. Increased caution and focus on capital preservation are paramount.
Key Supports
Major Supports: 5060 (major), 5043-47 (major), 5030-32 (major), 5000 (major)
Additional Supports: 4976 (major), 4938-41 (major)
Key...
