Pre-Market Prep | Wednesday Market Prep Show | April 5, 2023

Pre-Market Prep | Wednesday Market Prep Show | April 5, 2023

Introduction

The host introduces the show and greets the audience.

Host's Introduction

  • Charcoal Laurie welcomes the audience to the pregame show.
  • The show is held every weekday except for Fridays when the market is closed.
  • Viewers are encouraged to hit the like button if they find any useful information.

Show Preparation

The host prepares for the show by checking audio, greeting regular viewers, and doing chart requests.

Preparing for the Show

  • Charcoal Laurie checks her audio before officially starting in nine minutes.
  • She greets regular viewers and welcomes new ones.
  • Chart requests are taken from viewers during this time.

Gratitude to Viewers

The host expresses gratitude towards viewers and acknowledges their support.

Expressing Gratitude

  • Charcoal Laurie thanks regular viewers and welcomes new ones.
  • She expresses her love for being on the show every day and preparing for it.
  • Acknowledges that she enjoys spending time with her audience.

Chart Analysis: Gold

The host analyzes gold charts using RSI patterns.

Gold Analysis

  • Four-hour RSI is overbought while daily RSI is not overbought.
  • Weekly RSI is also not overbought, indicating a bullish move on gold.
  • A cup-and-handle pattern can be seen on weekly gold charts, which confirms a bullish trend.
  • Pullbacks are considered buying opportunities in such cases.

Bitcoin Response to ADP Data

The host discusses how Bitcoin responded to ADP data release.

Bitcoin Analysis

  • Bitcoin responded positively to ADP data release.

Netflix Analysis

The host analyzes Netflix charts and discusses potential trading strategies.

Netflix Analysis

  • Daily RSI is not overbought, while the four-hour chart has lost EMAs.
  • A weekly lower high on Netflix is expected.
  • The host considers shorting SMH or going long SOXS as a mechanism to short SMH.
  • Bounces are considered selling opportunities in such cases.

Passover Day Greetings

The host greets viewers celebrating Passover day and wishes them well.

Passover Day Greetings

  • Charcoal Laurie greets viewers celebrating Passover day and wishes them well.
  • She also acknowledges that it's Holy Week and hopes everyone has a good time with their families.

Queen of the Mountain Trades

The host discusses her queen of the mountain trades and potential trading strategies.

Queen of the Mountain Trades

  • SMH is weak relative to other trades, making it a top fish for the host.
  • First five-minute overbought for a potential short on SMH is recommended.
  • Bounces are considered selling opportunities in such cases.

Market Analysis and Daily Outlook

In this section, the speaker provides an overview of the market and discusses recent data releases.

Recent Data Releases

  • ADP data was released, which is slightly bullish.
  • Non-farm employment change data will be released on Friday. The market has been selling off on bullish news, so caution is advised.
  • The market has not been digesting bullish news well. This could be a precursor to Friday's data release.

Indices Analysis

  • Jets held up well despite bearish oil prices. It could be a daily bull flag with a bottom fish of 1814.
  • The speaker notes that there is no clear edge for bears or bulls in the current market. However, they are looking for daily higher lows on many charts.

S&P 500 Analysis

  • As long as the S&P 500 holds at 4098, it could be a daily bull flag. However, hourly EMAs are overhead on shorter time frames, indicating bearishness.

Mentoring and Chart Notes

In this section, the speaker talks about their approach to mentoring and shares their chart notes.

Mentoring Approach

  • The speaker likes to have fun but also gets traders ready for the trading day.
  • They recommend watching Dan's end-of-day video for insights into rotation in the market.

Chart Notes

  • There are many charts showing potential for daily higher lows.
  • The S&P 500 is healthy and inside yesterday's range.

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