I am looking for a reversal to start today that will take us into overnight Thursday and premarket Friday. Target area for reversal is 5113-up to 5176. watching the daily chart for reversal signs.
Today’s stock that will push the market: Tesla, Meta and Intel
Tesla pop has happened but may it comes to a pause around 171-176, pulling the chair from under the rest of the market briefly when it pauses from its bounce.
S/R Levels:
- Resistance:
- 5160-5173 – K
- 5142 – Q
- 5131 – J
- Critical Range: The pivotal range is 5095-5131. Spending more time below 5113 suggests a bearish trend continuation, while above 5113 hints at a higher push up into the previous range
- Support:
- 5095 – J
- 5084 – Q
- 5066-5053 – K
- Potential Reversal: If we reverse down, the battleground is 5053-5019. 5037 is the demarcation line; spending more time above it implies a higher push later in the week
- Today’s Reaction Areas: 5123, 5128, 5144, 5094, 5086, 5074
Remember: Your most important job as a trader is to protect the capital you already have. You do this by knowing and understanding the risk you face in each position and in the current market conditions. We manage that risk in accordance with our account size. I hope this helps, wishing you a positive trading day, let’s make it a great one.