Market Plan for August 23rd, 2023

Is that a bear flag I see?

Good evening folks,

The market moved up overnight to our 4430 level before dropping down to ~4410 by market open. We continued dropping to 4400, followed by 4385. We then spent the rest of the day chopping around between 4400 and 4385, as neither side was able to gain traction.

The New York session did not offer much opportunity besides the morning short from 4430. The overnight session was far more profitable, and followed our plan from yesterday with very high accuracy:

If we stay above 4375 and break 4400, we will be targeting 4422 and 4430.

Chart:

Now that we’re in a range, who has the advantage tomorrow? Let’s make a plan and find out: