Market Milestones: The Traders Plan Weekly Review

[Image] Good morning ! Did the bears awaken from their deep hibernation or is this simply a buy the dip opportunity. Thats a rhetorical question obviously since no one knows the answer and we will only find out as the price action plays out. What we do know is that bears are ecstatic that we broke the low of the February 7th candle. It gives them just the slightest glimmer of hope that we have started our inevitable slide to zero and finally Michael Burry can undelete his twitter and tweet out epic and hard hitting tweets like "sell." The bulls on the other hand are crying, terrified, curled up on the floor and wondering how it's possible that buying the break out after a 70% run up on a bankrupt company could be losing them money and also what is that big scary red candle and why is it being so mean to them. Buy the Dip or Bear Awakening As we all know the market has been on a monster bull run all of 2023. Some stocks made massive gains like W up 140% in just 24 days, TSLA up 112% in 23 days, NVDA up 63% in 22 days, META up 63% in 22 days, SHOP up 61% in 22 days and so on. These are not just the CVNAs and BBBYs of the market, these are some of the biggest companies in the world putting in blisteringly large bounces off of their lows. The market is hot, and kept getting hotter once Jerome Powell started saying words like "disinflation" and hopped up on his poduim like a little dove to answer the reporters hard hitting questions. There needs to be a pullback, how deep it will be is yet to be seen. The QQQ ran its head into a strong resistance at $311.00 after several unfilled retest gaps on the daily. The SPY came within a hairs breath of the 100Wsma and rejected. It might not be a bad idea to throw on some bear trades at these high levels and see what kind of retests we get. Many charts have better risk reward to the bear side than they do to the bull side at the moment. Once some of these names retest and that shifts back the other way, it will be time to buy those dips. Sell high, buy low team. The QQQ has a beautiful double bottom on the weekly with five bullish weekly candles in a row. A neckline retest could be a great spot to try a long. If SPY can retest the MOAT and bounce off of the 200Dsma that could be a great place to try a long. All kinds of names are putting in either large double bottoms or large inverted head and shoulders right now. Find your favorite few, set some alerts or limit buys, plan ahead how you can mitigate risk and protect capital if it doesn't work and then follow that plan. [QQQ Double Bottom]( [SPY MOAT Retest]( ETF of the Week Our ETF of the week this week is ARK Innovation ETF (ARKK). You can find out more about ARKK [here](. ARKK, like many names we discussed, ran 54% in just 24 days. You may have seen Cathie on TV recently doing vicory laps that her flagship ETF was no longer down 80%, only 75%. Thursday's bear candle took out 3 of the biggest volume bull candles of the last year. A limit sell halfway up Thursdays candle gets this trade decent risk reward back down to the 100Dsma which is very close to a 50% retrace of the whole bull move. [ARKK Daily Chart]( [ARKK Weekly Chart]( Trade with a PLAN! Sincerely, The Traders Plan Team support@thetradersplan.com Disclosure: You are responsible for your own trading decisions. ALWAYS, do your own research before investing in any of the above securities. This is not a solicitation to buy/sell ETFs or securities. NEVER invest money in ETFs or stocks that you can't afford to lose. You can lose all of your capital by trading any securities mentioned. These ETFs/securities are very volatile and gain and lose value quickly. We reserve the right to freely trade in any mentioned ETFs or securities. We are not compensated by any mentioned companies. We trade ETFs and securities based on our opinion of intrinsic/possible future value only. We are not registered investment advisors, so always do your own research before buying any securities. Unable to view? Read it [online]( If you no longer wish to receive mail from us, you can [unsubscribe]( Sent from: Real Life Trading in Nashville TN 37221