G. Allans Secret Bog
By G. Allan Collins
8/23/23
11:30 PM
Good Evening,
Spy was up 1.11% to close at $443.03 and we are at an important resistance zone right here in the $442-$443 ZONE and Critical resistance is the $446 Zone.NVDA came out with an absolute blow out quarter and raised guidance and is looking like they’re going to make brand-new all-time highs at the open. We already hit new highs in After Hours. We went short another 250 shares at $515 and we went short 100 shares at $458 so we have a cost basis of $495.86 and NVDA closed in After Hours at $502.10 with the 14 day RSI at 70% so we are Over-Bought again. We have GTC BUY Stops in to manage risk as always. I’m excited to see how the market and specifically NVDA are going to act tomorrow. I’s very possible NVDA trades down after the M.M’s suck in the FOMO buyers in the AM
The Bulls have support at 436 and then at the 430 level I pointed out a few times.
The NASDAQ 100 QQQ was up 1.58% today to close at $369.11 we have resistance just above in the 370 to 371 zone. The bulls have support at 366.88, it is possible we come back down to retest 355 or put a higher low between 355 and 366.
The VIX came down below 18, which tells us fears is leaving the market but it is possible Fear returns because the VIX is in a bull trend that could be finding support right here right around 16. If at any point the VIX spikes above 18, lookout below for high volume panic. Fear selling, which could send us to lower prices.
So, Tesla’s stock had a pretty good day, climbing up by 1.57% and wrapping up at $236.86. and held its ground during the support retest at 230. It’s almost like we’re witnessing an island reversal, where the previous downtrend could be turning into an uptrend. The longer that gap above 217 sticks around, the better for the bulls. If we manage to break past 244 after that, things could get interesting, with 255 coming up as the next hurdle. And if we really hustle past 244, we might just be on our way to fill that gap around 289.
Tomorrow will be very interesting with Jackson Hole on Tap, as they say. “Expect The unexpected!!!
The key is to stay focused on the chart and tune out the noise. Critical levels are your guide, risk management remains paramount.
Cheers,
G. Allan Collins
