The drop I called out at the beginning of last week ended up pushing through that next key level and remained weak all week. Looking at the S&P’s chart patterns today, price did close up on the day, but I’m sensing more weakness. Price gained, at one point, nearly 1.9% on the day, but closed up ~.5%. Price wasn’t able to hold on to the gains on the day, so I’m expecting more downward movement in the near future.
I’m once again at a crossroads. Do I look at stocks to day-trade tomorrow morning? Or do I simply wait, look at stocks throughout the day tomorrow and look for a swing trade. I guess, a swing trade will potentially not close within the same day, allowing me to possibly hold on to my DTs rather than day-trading where I’d definitely lose my DTs. I guess from that perspective, I’m going to just look through stocks starting at the open tomorrow, starting at the day chart (is there a chart timeframe between day and week? Of course TradingView can do that!). Actually, starting on the 3 day chart, looking at the day, and ultimately looking for entries on the 4h chart — worst case scenario will be the 2h chart.
March 14, 2023
The S&P made a significant gap up this morning, reaching a key area that it broke last Friday. This initial move looks like there’s some strength today, but until it’s able to break that level meaningfully, I’m still bearish. I’m going to look through stocks now, and I think I’m going to do things a little differently today. I’m going to look through my screener, and as soon as I see something I like, I’m going to analyze it here, all the way to entry. If at any point, I decide against it, I’ll move on, but instead of pulling out a few that look okay, then diving deeper, I’m going to do a deep dive into the chart patterns as soon as I see something that’s close.
TSLA – Short – Starting at the 3D chart, this has been pushing down all year, though there’s been a small pop over the last couple of days. Like the overall market, though, I’m bearish, and this is retesting a key level, and on the 2h chart, it’s testing the 20MA. It looks to me that if this drops below $180, it could make a strong push down, and on the 2h chart, my stop is at a nice resistance level at ~$184. I’m not sure if the R:R is there yet, I haven’t picked a target yet, but if it is, I’m going to add an entry order
MU – Short – This has been pushing down for a month-and-a-half, with a strong down push over the last couple of trading days. Today, price gapped up, but gapped right to a key area that’s been both support and resistance. Looking at the 2h chart, it’s failing to hold on to those gains of the gap-up, and appears to have a lot of room to run if it breaks this level back to the down side. I’m going to run numbers here, too, and potentially enter an order.
I looked at 20 stocks this morning, set entry orders in 2, and one has already triggered. I don’t want to over-extend myself, so I’m just going to manage these trades for the rest of the day