Trading Plan for Thursday, March 14th, 2024
Trading Plan for Thursday, March 14th, 2024
Market Sentiment: Cautious, watching for breakout direction
Weekly Volatility Risk: High
Supports to Watch:
Immediate Supports: 5230-28 (major), 5220, 5213, 5202-07 (major), 5191, 5180-83 (major), 5167, 5162, 5156 (major), 5148, 5144, 5136, 5126 (major), 5115, 5108, 5103, 5088-91 (major), 5083 (major), 5076, 5071, 5067 (major), 5060, 5053, 5048 (major).
Resistances to Monitor:
Key Resistances: 5235, 5245 (major), 5257 (major), 5265, 5280 (major), 5287-90 (major), 5300, 5306, 5314, 5327, 5335 (major), 5340, 5346 (major), 5354, 5363-65 (major), 5374 (major), 5380, 5391 (major)
Trading Strategy:
Consolidation Zone: Price action between 5230 and 5245 indicates a new consolidation range. Exercise caution with overtrading within this range. Look for breakouts or breakdowns for clearer directional cues.
Support Focus: Watch for potential long opportunities at 5230-28 (after a dip and reclaim) and 5220 (if today's low holds and reclaims). For aggressive traders, major supports like 5202, 5183, and 5156 offer potential bounce areas for catching points on a larger sell-off.
Counter-trend Caution: (For experienced traders): Shorting green candles is risky. If a breakout above 5245 occurs, watch for short entries around the 5280-90 zone.
Patience is Key: Prioritize capital preservation and wait for high-conviction setups.
Bull Case:
Flag Structure: Current price action could be forming a bull flag. Defending 5230 and 5220 supports keeps this scenario alive, targeting a potential breakout towards 5257, 5265, 5280, and the 5287-90 zone.
Adding within Flags: Monitor for reclaims of 5235, indicating strength within the consolidation with the potential for another test of 5245.
Bear Case:
Breakdown Signals: Breakdown below 5220 could trigger selling pressure. Watch for shorting opportunities on failed breakdowns or bounces, ideally after a test of 5220.
News: Top Stories for March 14th, 2024
U.S.-China Deal: The quiet extension of a bilateral agreement between the U.S. and China underscores ongoing complex diplomatic and trade relations.
Chip Manufacturing Contrasts: Delays in a U.S. chip plant contrasted with Japan's on-schedule progress highlight the challenges and global dynamics in the semiconductor industry.
Gaza Economic Crisis: Surging inflation in Gaza puts further strain on residents, particularly due to the dramatic price increase for essential goods.
Immigration Impact: Post-pandemic urban growth in the U.S. is significantly driven by immigration, reshaping demographics and economic landscapes.
TikTok Scrutiny: The U.S. House of Representatives takes a step towards potentially banning or forcing the sale of TikTok, citing national security concerns.
Retail Landscape: Family Dollar's planned closures signal changes in the retail sector due to shifting consumer behavior.
Labor Market Update: The robust U.S. job market adds 275K positions, a factor as the Fed weighs interest rate decisions.
Additional Factors: Keep an eye on the upcoming PPI data, oil market dynamics, and Robinhood's surging trading volume for potential market implications.
Market Sentiment: Cautious, watching for breakout direction
Weekly Volatility Risk: High
Supports to Watch:
Immediate Supports: 5230-28 (major), 5220, 5213, 5202-07 (major), 5191, 5180-83 (major), 5167, 5162, 5156 (major), 5148, 5144, 5136, 5126 (major), 5115, 5108, 5103, 5088-91 (major), 5083 (major), 5076, 5071, 5067 (major), 5060, 5053, 5048 (major).
Resistances to Monitor:
Key Resistances: 5235, 5245 (major), 5257 (major), 5265, 5280 (major), 5287-90 (major), 5300, 5306, 5314, 5327, 5335 (major), 5340, 5346 (major), 5354, 5363-65 (major), 5374 (major), 5380, 5391 (major)
Trading Strategy:
Consolidation Zone: Price action between 5230 and 5245 indicates a new consolidation range. Exercise caution with overtrading within this range. Look for breakouts or breakdowns for clearer directional cues.
Support Focus: Watch for potential long opportunities at 5230-28 (after a dip and reclaim) and 5220 (if today's low holds and reclaims). For aggressive traders, major supports like 5202, 5183, and 5156 offer potential bounce areas for catching points on a larger sell-off.
Counter-trend Caution: (For experienced traders): Shorting green candles is risky. If a breakout above 5245 occurs, watch for short entries around the 5280-90 zone.
Patience is Key: Prioritize capital preservation and wait for high-conviction setups.
Bull Case:
Flag Structure: Current price action could be forming a bull flag. Defending 5230 and 5220 supports keeps this scenario alive, targeting a potential breakout towards 5257, 5265, 5280, and the 5287-90 zone.
Adding within Flags: Monitor for reclaims of 5235, indicating strength within the consolidation with the potential for another test of 5245.
Bear Case:
Breakdown Signals: Breakdown below 5220 could trigger selling pressure. Watch for shorting opportunities on failed breakdowns or bounces, ideally after a test of 5220.
News: Top Stories for March 14th, 2024
U.S.-China Deal: The quiet extension of a bilateral agreement between the U.S. and China underscores ongoing complex diplomatic and trade relations.
Chip Manufacturing Contrasts: Delays in a U.S. chip plant contrasted with Japan's on-schedule progress highlight the challenges and global dynamics in the semiconductor industry.
Gaza Economic Crisis: Surging inflation in Gaza puts further strain on residents, particularly due to the dramatic price increase for essential goods.
Immigration Impact: Post-pandemic urban growth in the U.S. is significantly driven by immigration, reshaping demographics and economic landscapes.
TikTok Scrutiny: The U.S. House of Representatives takes a step towards potentially banning or forcing the sale of TikTok, citing national security concerns.
Retail Landscape: Family Dollar's planned closures signal changes in the retail sector due to shifting consumer behavior.
Labor Market Update: The robust U.S. job market adds 275K positions, a factor as the Fed weighs interest rate decisions.
Additional Factors: Keep an eye on the upcoming PPI data, oil market dynamics, and Robinhood's surging trading volume for potential market implications.
פרסומים קשורים
כתב ויתור
המידע והפרסומים אינם אמורים להיות, ואינם מהווים, עצות פיננסיות, השקעות, מסחר או סוגים אחרים של עצות או המלצות שסופקו או מאושרים על ידי TradingView. קרא עוד בתנאים וההגבלות.