Dollar Index: It has bounced and it has not yet affected the equity markets. However, the dollar index getting over 103.5 may be a problem for the indices.
TLT: TLT is right at support. Any lower than 92.95-93.16 will mean that the 10-year treasury is over 4.2 again. Nasdaq can have some problems if that happens.
DIA: It has reached the 1.618 fib extension drawn from July 2023. Weekly ADX has turned down a bit but nothing yet suggests a pullback or bearishness.
SPY: TTM squeeze on the daily has fired long. It has also reached the broadening formation top. No signs of a pullback yet. But since it is at my price targets, I am not looking for longs in the SPY unless we have some pullback/consolidation.
QQQ: The 38.2% fib ext drawn from Oct 2023 low to Dec high to Jan 2024 low is at 422.26. As long as Q’s are above 414.8, I am still looking to buy the dip. But I am not buying Q’s long here.
Intraday index trading levels to trade SPY and QQQ
SPY:
QQQ:
Out of the Mag - 7 GOOGL has the best chart. I have a long position in GOOGL and am looking to trade GOOGL from the long side.
Earnings focus this week: TSLA and NFLX
TSLA: Would love to be able to buy at 190 or so before earnings. If that happens then I plan to take a small call debit spread as an earnings trade. Looking at 215/220 call debit spread as a potential trade. I may also sell put credit spreads below 180.
NFLX: I am looking at a bullish call debit spread in NFLX also.
The plan is set.
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Disclaimer: This is my trading plan on the indices. This is intended to be for educational and informational purposes only. Trading is risky and loss of capital is possible. Do your own diligence. In trading, there are no guarantees. So please be careful risking capital.
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