Trading Plan for Thursday, April 4th, 2024
Trading Plan for Thursday, April 4th, 2024
Market Sentiment: Uncertain, as traders weigh consolidation signs against the underlying bullish trend.
Weekly Volatility Risk: High (consolidation phase, earnings, Fed uncertainty)
Key Supports
Support Levels: 5266, 5257(major), 5246, 5241 (major), 5235 (major), 5231, 5222 (major), 5212 (major), 5208, 5203, 5196, 5192 (major), 5181 (major), 5171, 5163 (major), 5155, 5148, 5137 (major), 5126 (major), 5120, 5115, 5109 (major), 5105, 5092-95 (major)
Key Resistances
Resistance Levels: 5274, 5279 (major), 5285 (major), 5294, 5298-5302 (major), 5308, 5315 (major), 5322, 5329 (major), 5341, 5347, 5354 (major), 5363 (major), 5372, 5380 (major), 5392, 5400, 5408 (major), 5416, 5423-26 (major), 5435, 5447 (major)
Trading Strategy
Consolidation Zone: We're likely in a consolidation phase between 5241 and 5279. This requires flexibility and adaptability – overly aggressive trading will likely be punished.
Supports: Look for potential long opportunities at 5257 (if today's high isn't broken), with stronger plays at 5246 or the 5241-35 zone. Be cautious with longs above these levels.
Resistances: Shorting resistance areas carries risk in a bull market. Consider shorts near the 5298-5302 zone, primarily for scalps.
Breakdown Watch: A decisive break below 5235 activates the bear case, triggering breakdown setups. Remember, breakdowns often trap traders – patience is key. Look for a failed breakdown (rejection and recovery), then consider shorts with level-to-level targets.
Bull Case
Holding Support: As long as 5241-35 holds, bulls maintain control. Consolidation between 5241-5279 likely, followed by a potential breakout above the 5298-5302 zone. This could lead to retesting 5315+.
Expect Consolidation: We may not immediately reach new all-time highs. Be prepared for an extended consolidation period before the next push higher.
Bear Case
Key Breakdown Level: A strong break below 5235 signals a bear move. Look for failed breakdowns and bounces as shorting opportunities. Exercise caution due to the potential for traps.
News: Top Stories for April 4th, 2024
Federal Reserve Outlook
Fed signals continued focus on rate stability rather than immediate cuts.
Concerns remain about the potential impact on equities in the long-term.
Cryptocurrency Market Dynamics
Bitcoin surpasses $70,000 with continued bullish momentum.
Approaching Bitcoin halving sparks interest in the sector.
Global Economic Indicators
Eurozone growth strengthens, while major economies like Germany & France lag.
Inflation remains a concern, influencing the potential for rate adjustments.
Financial Services Sector
Outlook remains positive for financial stocks, with specific recommendations.
Increased focus on weathering rising interest rates & long-term market resilience.
Additional Market Updates
Risk-off sentiment following natural disasters in Asia.
Eurozone inflation data signals the potential for ECB rate cuts.
Warnings & Opportunities
Analysts express caution regarding select financial stocks before a potential crisis.
Technology continues to disrupt finance, with evolving focus on AI and blockchain within the space.
Important Reminder: Despite the potential for short-term pullbacks, the main trend remains bullish. Consolidation is likely. Prioritize adaptability, risk management, and reacting to the price action rather than relying solely on predictions.
Market Sentiment: Uncertain, as traders weigh consolidation signs against the underlying bullish trend.
Weekly Volatility Risk: High (consolidation phase, earnings, Fed uncertainty)
Key Supports
Support Levels: 5266, 5257(major), 5246, 5241 (major), 5235 (major), 5231, 5222 (major), 5212 (major), 5208, 5203, 5196, 5192 (major), 5181 (major), 5171, 5163 (major), 5155, 5148, 5137 (major), 5126 (major), 5120, 5115, 5109 (major), 5105, 5092-95 (major)
Key Resistances
Resistance Levels: 5274, 5279 (major), 5285 (major), 5294, 5298-5302 (major), 5308, 5315 (major), 5322, 5329 (major), 5341, 5347, 5354 (major), 5363 (major), 5372, 5380 (major), 5392, 5400, 5408 (major), 5416, 5423-26 (major), 5435, 5447 (major)
Trading Strategy
Consolidation Zone: We're likely in a consolidation phase between 5241 and 5279. This requires flexibility and adaptability – overly aggressive trading will likely be punished.
Supports: Look for potential long opportunities at 5257 (if today's high isn't broken), with stronger plays at 5246 or the 5241-35 zone. Be cautious with longs above these levels.
Resistances: Shorting resistance areas carries risk in a bull market. Consider shorts near the 5298-5302 zone, primarily for scalps.
Breakdown Watch: A decisive break below 5235 activates the bear case, triggering breakdown setups. Remember, breakdowns often trap traders – patience is key. Look for a failed breakdown (rejection and recovery), then consider shorts with level-to-level targets.
Bull Case
Holding Support: As long as 5241-35 holds, bulls maintain control. Consolidation between 5241-5279 likely, followed by a potential breakout above the 5298-5302 zone. This could lead to retesting 5315+.
Expect Consolidation: We may not immediately reach new all-time highs. Be prepared for an extended consolidation period before the next push higher.
Bear Case
Key Breakdown Level: A strong break below 5235 signals a bear move. Look for failed breakdowns and bounces as shorting opportunities. Exercise caution due to the potential for traps.
News: Top Stories for April 4th, 2024
Federal Reserve Outlook
Fed signals continued focus on rate stability rather than immediate cuts.
Concerns remain about the potential impact on equities in the long-term.
Cryptocurrency Market Dynamics
Bitcoin surpasses $70,000 with continued bullish momentum.
Approaching Bitcoin halving sparks interest in the sector.
Global Economic Indicators
Eurozone growth strengthens, while major economies like Germany & France lag.
Inflation remains a concern, influencing the potential for rate adjustments.
Financial Services Sector
Outlook remains positive for financial stocks, with specific recommendations.
Increased focus on weathering rising interest rates & long-term market resilience.
Additional Market Updates
Risk-off sentiment following natural disasters in Asia.
Eurozone inflation data signals the potential for ECB rate cuts.
Warnings & Opportunities
Analysts express caution regarding select financial stocks before a potential crisis.
Technology continues to disrupt finance, with evolving focus on AI and blockchain within the space.
Important Reminder: Despite the potential for short-term pullbacks, the main trend remains bullish. Consolidation is likely. Prioritize adaptability, risk management, and reacting to the price action rather than relying solely on predictions.
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