NQ Power Range Report with FIB Ext - 9/5/2024 SessionCME_MINI:NQU2024
- PR High: 18985.00
- PR Low: 18961.50
- NZ Spread: 52.5
Maintaining Tuesday lows above 18800
Key scheduled economic events
08:15 | ADP Nonfarm Employment Change
08:30 | Initial Jobless Claims
09:45 | S&P Global Services PMI
10:00 | ISM Non-Manufacturing PMI
- ISM Non-Manufacturing Prices
11:00 | Crude Oil Inventories
Session Open Stats (As of 10:25 PM 9/4)
- Weekend Gap: N/A
- Session Gap 7/24: -0.32% (open > 19946)
- Gap 10/30/23 +0.47% (open < 14272)
- Session Open ATR: 398.86
- Volume: 20K
- Open Int: 243K
- Trend Grade: Bull
- From BA ATH: -9.5% (Rounded)
Key Levels (Rounded - Think of these as ranges)
- Long: 20954
- Mid: 19814
- Short: 17533
Keep in mind this is not speculation or a prediction. Only a report of the Power Range with Fib extensions for target hunting. Do your DD! You determine your risk tolerance. You are fully capable of making your own decisions.
BA: Back Adjusted
BuZ/BeZ: Bull Zone / Bear Zone
NZ: Neutral Zone
Newscatalyst
TSLA does the upcoming RoboTaxi announce change things LONGTSLA has the accouncement upcoming. Price will pump for sure. Will it then dump or
change the trend altogether? The forecasts are there. The tea leaves and crystal balls
will tell the rest of the story. In the meanwhile, I will take long trades to play this in
the immediate term. One million taxis making $250 / per day every day per each is
serious potential future growth perhaps at the expense of UBER and LYFT which may get
a bearish bias in the short term on this upcoming announcement. Playing the news
sometimes works.
TLRY and its peers jump on high federal news catalyst LONGTLRY on the 2H sharge shows a draamatic trading response to the DOJ recommending the
reclassification of marijuana. No much to the analysis = these will have momentum until it
fades. I suspect good continuation plays here until mid -day on Friday when profit taking
and sell-offs will dominate. Short sellers will take positions at the tops as well. In the
meanwhile long trades are the low lying fruit.. The risk is a bit lessens by the surge from
the news. Others include SNDL, OGI , ACB and the ETF MJ for those who like to spread risk
across a basket of stocks. For the time being these stocks will be truly buzzed but do not be
late. Stay home if you are.
LCID rises from falling wedge on news from its rich uncleLCID got news that its rich uncle the Saudi Arabia Wealth Fund will be assisting in the
manufacturing of large body parts moving forward (perhaps on the methodology of TSLA
to just massive molds to efficiently do so and at a far lower cost). Shares pumped today on the
news. Is it sustainable? Is there still time to buy a piece of the move?
On the 120-minute chart, LCID was in a falling wedge or narrowing regression channel and
broke out also on a day when other EV stocks made good moves. The MACD indicator as
well as the dual TF RSI indicator in confirmation both show bullish momentum. The algo echo
indicator ( by LuxAlgo) which looks back in time to find matching price action patterns and
then predicts the near future move, shows a predicted move to 4.05. This is confluent with the
POC line of the volume profile anchored back to November. From November 14 to December 6,
price was range bound in consolidation around the 4.05 level. My call options for 2/16 @ $3.5
did 140% today unrealized. I will add $4.00 for 2/9 expiration and watch for the anticipated
and predicted continuation.
ABT has good news synchronously with price action dip LONG
ABT on the one-hour chart is in a sideways diverging channel with Bollinger Bands overlaid
and now compressing. In Europe, the new implantable cardiac monitor has tentative approval
producing a growth narrative. Relative volumes and volatility have decreased heading into the
pivot. ABT is in what is projected to be one of the hottest sectors this year. It pays dividends
consistently. I am taking a long trade here. Targets are $120 and $130. A predictive algo
validates the idea in its forecast
PHAT Phantom Pharma to moonshot from upgrade LONGPHAT is now targeting 25-34 according to analysts. I am not surprised. It has a pipeline and
is pending approval for a medication product to treat a stomach bacteria that causes chronic
infection and symptoms are often refractory to long and elaborate treatment protocols. The
product is already in Asia and doing well in YoY reports. PHAT has partnered with another
pharma company to make regulatory and marketing inroads in the European market. My
portfolio is already heavy with medtech and pharma but this one is far to promising
with the great upside it presents. I will hit this one hard trying to get the low of day in
pieces and build a position.
VTYX falls to support on private offering Biotech LONGVTYX- Ventyx Biosciences, Inc. (“Ventyx”), a clinical-stage biopharmaceutical company focused
on advancing novel oral therapies that address a range of inflammatory diseases with significant
unmet medical need, announced today that it has entered into a stock purchase agreement for
the sale of 11,174,000 shares of its common stock at an offering price of $8.95 per share in a
private placement to certain qualified institutional buyers in a bearish news catalyst on March
7th. I have recently uploaded my idea for VTYX on February 27th. Any traders who bought
at 7.00 based on that idea may have sold on March 6th for 11.00 and achieved a 55% return in
less than two weeks. On the 15 minute chart, VTYX has pulled back to support from the news
catalyst. It has settled on the first upper VWAP band where it also found support in February
after the post-earnings bullrun and again on February 27th when I uploaded the prior idea.
VTYX is now at the bottom of a megaphone pattern ( broadening wedge) reflecting increasing
volatility. The predictive algorithm from Lux Algo shows a forecast consistent with price action
about the confluence of the support trendline in green and the first upper VWAP band in thick
blue while the regression line and then predictive algorithm derived from it is the black line.
Biotechnology especially small caps are among the hottest sectors at this time. This one
went from cold to very hot and is now lukewarm while readying another bout of bullish
momentum. I will revest capital from the previous 10 day trade in a long position
expectant of a target of 11 or about 35-40% upside from current price.
KODK Kodiak long trade from a retracement( Industrial Penny)KODK is the old chemical industrial company that focused on camera film and printing for
decades now a bit or diversified in what it does. Share price is a fraction of what it once
was. KODK had a news catalyst that it was trying to clean up financial issues with its pension
plan which had $ 6 Billion in assets. That may be a good thing but investors through otherwise
and price put in a 20% retracement over a few days. I expect this to rebound and earnings
are about ten days away. The P/E ratio is about 10. While this is a risky penny stock,
I see the potential in a recovery of the 20% of market cap in the pre-earnings period.
Accordingly, I will take a long trade of stock shares and a put option to hedge those
shares against a downturn.
XPEV collaborating with VW = China EV on fire !XPEV is trending up. It is Chinese in the biggest EV market on the planet.
No import duties. Low-interest rates on debt and consumer auto loans here
as the government is doing the opposite as the US fed. Now the collaboration
with VW which has legacy excellence in manufacturing with XPEV whose
forte may be technology and autonomous driving innovation. On the 2H
chart, the stock price jumped fast and hard on the news catalyst. The
MACD launched signals over the histogram and the Volume Price Trend
screamed higher. This all spells momentum. While there is a risk of a downfall
reversal and drop as they saying goes make hay while the sun shines.
There may be shadows of short selling squeezing here. Time will tell. For
sure being late to the party is sometimes a waste of time. The real show
will be watching XPEV/ VW competing with both NIO and TSLA in China.
To the victor goes the spoils. Hold on as the ride will have some bumps.