Trading Plan for Thursday, March 21st, 2024
Trading Plan for Thursday, March 21st, 2024
Market Sentiment: Cautious, price discovery after breakout
Weekly Volatility Risk: High (potentially elevated due to price discovery post-breakout)
Supports to Watch:
Immediate Supports: 5275-80 (major), 5266-68, 5260, 5251 (major), 5246, 5236, 5231, 5221-26 (major), 5217, 5212 (major), 5200-02 (major), 5196, 5189-91 (major) ,5178, 5169 (major), 5162, 5155 (major), 5147, 5136 (major), 5126-29 (major), 5116, 5109, 5103 (major), 5095, 5091, 5079-82 (major)
Resistances to Monitor:
Key Resistances: 5285, 5295-5300 (major), 5315 (major), 5330 (major), 5339, 5345, 5352 5360, 5369, 5376-81 (major), 5389, 5405, 5423, 5428-32 (major)
Trading Strategy: Price Discovery Mode
Post-Breakout Caution: The parabolic rally yesterday makes today a less favorable environment for aggressive trading. Exercise caution, as setups are likely to be less reliable. Prioritize capital preservation.
Long Opportunities: Watch for potential long entries at 5275-80 or after a dip and reclaim (to 5273 or 5268). Target a retest of the 5295 resistance if we haven't tagged it yet. The backtest of the triangle breakout zone at 5251-46 is interesting but carries more risk.
Short Opportunities: Counter-trend shorting on strong up moves carries significant risk. Use extreme caution if considering shorts near major resistances.
Focus on Reactions: Don't force trades, be patient, and react to price action. Let price discovery unfold after the breakout.
Bull Case
Breakout Continuation: The triangle breakout, as long as the 5251-47 zone holds, targets a move towards 5295-5300, then 5315 and potentially up to 5330.
Basing and Building: Bulls could base above 5275 after a bullish leg, creating the potential for further upside moves.
Bear Case
Breakdown Signals: Breakdown below 5251-47 could trigger selling pressure. Watch for shorting opportunities on failed breakdowns or bounces. Exercise patience as these setups often involve traps.
News: Top Stories for March 21st, 2024
Fed Rate Decision: Fed holds rates steady and projects three cuts this year.
March 2024 Market Outlook: Analysts provide insights and forecasts on the global economy, equities, interest rates, and upcoming financial events.
Corporate Earnings Updates: Companies like Borregaard ASA and Affimed N.V. release their financial reports, detailing performance and future guidance.
Bank of America Reporting Schedule: Investors have access to the financial reporting dates for Bank of America in 2024.
AI and Market Sentiment Some analysts express skepticism about the sustainability of the AI-driven rally and the extent to which it reflects actual revenue growth.
Global Economic Developments: Central banks in Switzerland and Russia make interest rate adjustments, impacting currency markets.
Financial Trends for 2024: Focus on sustainable investing, digital assets, AI and automation, cybersecurity, and financial literacy.
Remember: The market is undergoing price discovery after the breakout. Be adaptable, manage risk, and react to price action rather than predicting.
Market Sentiment: Cautious, price discovery after breakout
Weekly Volatility Risk: High (potentially elevated due to price discovery post-breakout)
Supports to Watch:
Immediate Supports: 5275-80 (major), 5266-68, 5260, 5251 (major), 5246, 5236, 5231, 5221-26 (major), 5217, 5212 (major), 5200-02 (major), 5196, 5189-91 (major) ,5178, 5169 (major), 5162, 5155 (major), 5147, 5136 (major), 5126-29 (major), 5116, 5109, 5103 (major), 5095, 5091, 5079-82 (major)
Resistances to Monitor:
Key Resistances: 5285, 5295-5300 (major), 5315 (major), 5330 (major), 5339, 5345, 5352 5360, 5369, 5376-81 (major), 5389, 5405, 5423, 5428-32 (major)
Trading Strategy: Price Discovery Mode
Post-Breakout Caution: The parabolic rally yesterday makes today a less favorable environment for aggressive trading. Exercise caution, as setups are likely to be less reliable. Prioritize capital preservation.
Long Opportunities: Watch for potential long entries at 5275-80 or after a dip and reclaim (to 5273 or 5268). Target a retest of the 5295 resistance if we haven't tagged it yet. The backtest of the triangle breakout zone at 5251-46 is interesting but carries more risk.
Short Opportunities: Counter-trend shorting on strong up moves carries significant risk. Use extreme caution if considering shorts near major resistances.
Focus on Reactions: Don't force trades, be patient, and react to price action. Let price discovery unfold after the breakout.
Bull Case
Breakout Continuation: The triangle breakout, as long as the 5251-47 zone holds, targets a move towards 5295-5300, then 5315 and potentially up to 5330.
Basing and Building: Bulls could base above 5275 after a bullish leg, creating the potential for further upside moves.
Bear Case
Breakdown Signals: Breakdown below 5251-47 could trigger selling pressure. Watch for shorting opportunities on failed breakdowns or bounces. Exercise patience as these setups often involve traps.
News: Top Stories for March 21st, 2024
Fed Rate Decision: Fed holds rates steady and projects three cuts this year.
March 2024 Market Outlook: Analysts provide insights and forecasts on the global economy, equities, interest rates, and upcoming financial events.
Corporate Earnings Updates: Companies like Borregaard ASA and Affimed N.V. release their financial reports, detailing performance and future guidance.
Bank of America Reporting Schedule: Investors have access to the financial reporting dates for Bank of America in 2024.
AI and Market Sentiment Some analysts express skepticism about the sustainability of the AI-driven rally and the extent to which it reflects actual revenue growth.
Global Economic Developments: Central banks in Switzerland and Russia make interest rate adjustments, impacting currency markets.
Financial Trends for 2024: Focus on sustainable investing, digital assets, AI and automation, cybersecurity, and financial literacy.
Remember: The market is undergoing price discovery after the breakout. Be adaptable, manage risk, and react to price action rather than predicting.
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