2/29 Friday Trading Plan

Market Sentiment: Neutral

Trading Plan for Friday

Supports to Watch:

• Immediate Supports: 5093, 5087, 5078-80 (major), 5066, 5058 (major), 5052, 5041-41 (major), 5031, 5028, 5018-22 (major), 5013, 5009, 5004, 4998 (major), 4988 (major), 4976, 4965, 4956-69 (major), 4947.

Resistances to Monitor:

• Key Resistances: 5100-02 (major), 5108, 5113, 5120-24 (major), 5131, 5140 (major), 5150, 5155-57 (major), 5163, 5170, 5179-81 (major), 5188, 5196, 5200 (major), 5210 (major), 5214, 5220-25 (major), 5232, 5240 (major).

Trading Strategy:

• Capital Preservation Friday: Prioritize capital preservation over aggressive trading today.

• Limited High-Quality Setups: The market's recent price action limits the availability of clear, high-probability setups. Exercise caution and selectivity.

• Disciplined Trading Within the Range: The 5108-5066 range defines the current market; employ disciplined, level-to-level trading strategies within this range.

• Creative Approaches: The established range will require creativity in identifying trade opportunities.

Bull Case:

• Trend Continuation: The bull market remains in control. Short-term focus is on the 5078-80 support level. Holding above this level primes ES for a breakout of the ongoing bull flag, targeting 5120-24 and potentially moving toward new all-time highs (5140, 5155-57).

• Adding on Strength (Cautiously): Look for opportunities to add to positions, but proceed carefully due to limited visibility on setups. Overnight flagging above 5087, while remaining below 5113, may offer a constructive setup for direct upward movement.

Bear Case:

• Support Failure: Breakdowns below 5078-80 trigger the bear case. Expect retests of the support level and consider shorting on failed bounces around 5076.

• Breakdown Trades: Breakdown trades are risky (low win-rate, high reward potential). Proceed with caution or consider avoiding these setups if you find them unsuitable.

In Summary: Prioritize capital protection today. Maintain awareness of the trend but focus on trading within the established range using disciplined and creative approaches. If 5078-80 support fails, a potential shift in dynamics may require adjustments to your trading plan.

Top News for March 1, 2024

• KeyCorp Earnings Calls Scheduled: KeyCorp has announced its schedule for quarterly earnings conference calls throughout 2024. Investors can access live audio webcasts via the company's investor relations website.

• Biodesix Reports FY2023 Results: Biodesix, a leading diagnostic solutions provider, has released its financials for Q4 and FY2023, highlighting substantial growth in Lung Diagnostic test volume and a solid gross profit margin. The company projects significant total revenue growth for 2024.

• Fox River Corporate Update: Fox River Resources Corporation has provided progress updates on its ongoing projects for 2024, including Battery Supply Chain Initiatives and Pilot Plant Phosphoric Acid Tests.

• Financial Rule Changes Effective March 2024: Key financial changes are set to take place in March 2024, including GST rule updates, FASTag deactivation, and bank holidays. Additionally, the fiscal year 2023-24 will close on March 31.

• Vanguard CEO Transition: Vanguard's CEO, Tim Buckley, who oversaw massive asset growth during his tenure, is stepping down.

• Lordstown Motors Settles with SEC: Electric-truck maker Lordstown Motors has reached a settlement with the SEC regarding disclosure issues surrounding its SPAC deal.

• Nasdaq Hits Record High: The tech-heavy Nasdaq composite index closed at an all-time high for the first time in over two years.

• Dell's Outlook Boosted by AI Adoption: Dell's shares rose in response to bullish annual forecasts driven by increased demand for AI-optimized servers. This indicates AI adoption is a significant growth factor for enterprise technology suppliers.

• Brazil's Q4 GDP Flat: Brazil's GDP in the fourth quarter of 2023 unexpectedly showed zero growth, missing market expectations slightly.

• New York Community Bancorp Shares Fall: Shares in NYCB have declined due to the discovery of 'material weaknesses' in its loan review processes.