Trading Plan for Monday, April 8th, 2024
Trading Plan for Monday, April 8th, 2024
Market Sentiment: Bullish with potential for volatility as CPI data approaches.
Important Note: CPI data will be released later this week. Expect outsized moves and potential traps. Prioritize risk management and adaptability.
Key Supports
Immediate Supports: 5246 (major), 5230-34 (major), 5221, 5212, 5207, 5203 (major), and others.
Major Supports: 5196, 5191 (major), 5181, 5179 (major), 5172, 5162 (major), 5155, 5144-46 (major), and many more.
Key Resistances
Near-term Resistance: 5255 (major), 5263, 5270 (major), 5279, 5287, 5292 (major), and others.
Major Resistances: 5302, 5308 (major), 5311, 5316, 5321, 5329-32 (major), and more.
Trading Strategy
Defending Support: The 5230-34 zone is crucial for bulls. Holding this level signals potential for an upwards move toward 5287-92, with possible profit-taking dips along the way.
Long Opportunities: Focus on the 5230-34 zone (if today's high remains unbroken). In case of a breakdown, use extreme caution and target major supports like 5203 and 5191. Look for failed breakdowns and reclaims as potential long entry signals.
Shorting with Caution: Shorting into strength within bull markets is inherently risky. If considering shorts, the best area is the 5287-92 zone (red downtrend channel), with another potential reaction at 5270.
Bull Case
Holding Strong: As long as 5230-34 support holds (ideally with a minor dip promptly bought below 5203), the path is open to 5287-92. Expect another dip there before potentially reaching new all-time highs.
Ultra Bullish Scenario: If bulls hold above 5246 and buy any small dips, this signals strength and could lead to potential adds.
Bear Case
Breakdown Signals: If 5230-34 fails, the bear case activates. Since most breakdowns trap, look for a bounce/failed breakdown first, then consider short entries with level-to-level profit targets.
News: Top Stories for April 8th, 2024
Stock Market Outlook
S&P 500 hits record highs, strong Q1 performance increases bullish sentiment.
Reduced recession fears and potential Fed pivot drive positive outlook.
April historically favorable for the S&P 500.
Analysts forecast strong earnings growth with significant upside potential.
Corporate Earnings
Intel's Q1 2024 financial results release set for April 25th.
Perion Network updates guidance, increases share buyback.
Economic Indicators
Q4 GDP growth remains solid despite high interest rates.
Bond market signals potential Fed rate cuts as early as June.
Trade deficit widens, while manufacturing data shows strength.
Technology Sector
Modest growth expected in 2024, with IT investment plans.
AI, cloud computing, and cybersecurity to drive tech spending.
Other Corporate and Market News
Nvidia's strong performance continues in AI chip market.
Tesla faces challenges in China, automotive growth slows.
Boeing impacted by quality control concerns.
Upcoming Events
Tech conferences including Google Cloud Next and ODSC East.
Women in Tech Global Conference highlights industry leaders.
Reminder: The CPI release this week will likely cause significant volatility. Adapt your trading accordingly, with an emphasis on reacting to price action and prioritizing risk management.
Market Sentiment: Bullish with potential for volatility as CPI data approaches.
Important Note: CPI data will be released later this week. Expect outsized moves and potential traps. Prioritize risk management and adaptability.
Key Supports
Immediate Supports: 5246 (major), 5230-34 (major), 5221, 5212, 5207, 5203 (major), and others.
Major Supports: 5196, 5191 (major), 5181, 5179 (major), 5172, 5162 (major), 5155, 5144-46 (major), and many more.
Key Resistances
Near-term Resistance: 5255 (major), 5263, 5270 (major), 5279, 5287, 5292 (major), and others.
Major Resistances: 5302, 5308 (major), 5311, 5316, 5321, 5329-32 (major), and more.
Trading Strategy
Defending Support: The 5230-34 zone is crucial for bulls. Holding this level signals potential for an upwards move toward 5287-92, with possible profit-taking dips along the way.
Long Opportunities: Focus on the 5230-34 zone (if today's high remains unbroken). In case of a breakdown, use extreme caution and target major supports like 5203 and 5191. Look for failed breakdowns and reclaims as potential long entry signals.
Shorting with Caution: Shorting into strength within bull markets is inherently risky. If considering shorts, the best area is the 5287-92 zone (red downtrend channel), with another potential reaction at 5270.
Bull Case
Holding Strong: As long as 5230-34 support holds (ideally with a minor dip promptly bought below 5203), the path is open to 5287-92. Expect another dip there before potentially reaching new all-time highs.
Ultra Bullish Scenario: If bulls hold above 5246 and buy any small dips, this signals strength and could lead to potential adds.
Bear Case
Breakdown Signals: If 5230-34 fails, the bear case activates. Since most breakdowns trap, look for a bounce/failed breakdown first, then consider short entries with level-to-level profit targets.
News: Top Stories for April 8th, 2024
Stock Market Outlook
S&P 500 hits record highs, strong Q1 performance increases bullish sentiment.
Reduced recession fears and potential Fed pivot drive positive outlook.
April historically favorable for the S&P 500.
Analysts forecast strong earnings growth with significant upside potential.
Corporate Earnings
Intel's Q1 2024 financial results release set for April 25th.
Perion Network updates guidance, increases share buyback.
Economic Indicators
Q4 GDP growth remains solid despite high interest rates.
Bond market signals potential Fed rate cuts as early as June.
Trade deficit widens, while manufacturing data shows strength.
Technology Sector
Modest growth expected in 2024, with IT investment plans.
AI, cloud computing, and cybersecurity to drive tech spending.
Other Corporate and Market News
Nvidia's strong performance continues in AI chip market.
Tesla faces challenges in China, automotive growth slows.
Boeing impacted by quality control concerns.
Upcoming Events
Tech conferences including Google Cloud Next and ODSC East.
Women in Tech Global Conference highlights industry leaders.
Reminder: The CPI release this week will likely cause significant volatility. Adapt your trading accordingly, with an emphasis on reacting to price action and prioritizing risk management.
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