3/11 Monday Trading Plan
Trading Plan for Monday, March 11th, 2024
Market Sentiment: Neutral to Bullish
Weekly Volatility Risk: High
Supports to Watch:
Immediate Supports: 5196, 5187 (major), 5181, 5176, 5168 (major), 5163 (major), 5155, 5147, 5140, 5136, 5131, 5126 (major), 5116, 5108, 5103, 5095, 5090 (major), 5084 (major), 5076, 5072 (major).
Resistances to Monitor:
Key Resistances: 5205 (major), 5211, 5220 (major), 5232, 5241 (major), 5254, 5262 (major), 5270-73 (major), 5280, 5290 (major), 5296, 5309 (major), 5326, 5330 (major), 5348, 5359, 5366, 5377 (major)
Trading Strategy:
Cautious Trading: The early week dip suggests a more cautious approach for Monday's trading. Err on the side of capital preservation by limiting aggressive trades.
Long Opportunities: Look for potential long entries at major support levels, particularly 5187, 5168-63, and 5126.
Counter-trend Cautions: (For experienced traders) Be aware of potential short opportunities at resistances like 5262 and 5241, but remember the overall bull trend remains in force.
Bull Case:
Trend Continuation: The overall bull market is still dominant. Defending 5187 (and ideally 5163) supports would signal that another leg up is likely, targeting 5262+.
Adding on Strength: Monitor reclaims of 5211 for potential long entries.
Bear Case:
Breakdown Signals: A decisive break below 5187, particularly a failed breakdown, could trigger a move down the levels. Watch for shorting opportunities on confirmed breakdowns.
News: Top Stories for March 11th, 2024
Stock Market Strength: The S&P 500 continues its record-breaking run, with a strong 7.11% return year-to-date.
AI Drives Tech Boom: AI stocks, led by Nvidia's impressive earnings, are boosting the technology sector.
Fed Outlook: The Federal Reserve's plans for interest rates are a key focus as investors anticipate potential cuts in late 2024.
US Economic Picture: The latest GDP growth projections suggest a potential slowdown, but strong earnings and market momentum are positive indicators.
Global Outlook: The IMF's upward revision of global growth forecasts points to a return to normal growth levels.
Regulatory Updates: Fed officials are planning new rules to prevent banking crises, and the finalization of Basel III could have significant implications for the sector.
Additional Considerations:
Historical Trends: Historically, a strong January and February for the S&P 500 tend to foreshadow continued gains over the following 12 months.
Inflation Expectations: Monitor potential for a rebounding inflation rate later in the year.
Market Sentiment: Neutral to Bullish
Weekly Volatility Risk: High
Supports to Watch:
Immediate Supports: 5196, 5187 (major), 5181, 5176, 5168 (major), 5163 (major), 5155, 5147, 5140, 5136, 5131, 5126 (major), 5116, 5108, 5103, 5095, 5090 (major), 5084 (major), 5076, 5072 (major).
Resistances to Monitor:
Key Resistances: 5205 (major), 5211, 5220 (major), 5232, 5241 (major), 5254, 5262 (major), 5270-73 (major), 5280, 5290 (major), 5296, 5309 (major), 5326, 5330 (major), 5348, 5359, 5366, 5377 (major)
Trading Strategy:
Cautious Trading: The early week dip suggests a more cautious approach for Monday's trading. Err on the side of capital preservation by limiting aggressive trades.
Long Opportunities: Look for potential long entries at major support levels, particularly 5187, 5168-63, and 5126.
Counter-trend Cautions: (For experienced traders) Be aware of potential short opportunities at resistances like 5262 and 5241, but remember the overall bull trend remains in force.
Bull Case:
Trend Continuation: The overall bull market is still dominant. Defending 5187 (and ideally 5163) supports would signal that another leg up is likely, targeting 5262+.
Adding on Strength: Monitor reclaims of 5211 for potential long entries.
Bear Case:
Breakdown Signals: A decisive break below 5187, particularly a failed breakdown, could trigger a move down the levels. Watch for shorting opportunities on confirmed breakdowns.
News: Top Stories for March 11th, 2024
Stock Market Strength: The S&P 500 continues its record-breaking run, with a strong 7.11% return year-to-date.
AI Drives Tech Boom: AI stocks, led by Nvidia's impressive earnings, are boosting the technology sector.
Fed Outlook: The Federal Reserve's plans for interest rates are a key focus as investors anticipate potential cuts in late 2024.
US Economic Picture: The latest GDP growth projections suggest a potential slowdown, but strong earnings and market momentum are positive indicators.
Global Outlook: The IMF's upward revision of global growth forecasts points to a return to normal growth levels.
Regulatory Updates: Fed officials are planning new rules to prevent banking crises, and the finalization of Basel III could have significant implications for the sector.
Additional Considerations:
Historical Trends: Historically, a strong January and February for the S&P 500 tend to foreshadow continued gains over the following 12 months.
Inflation Expectations: Monitor potential for a rebounding inflation rate later in the year.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.