Market Plan for August 7th, 2023

Bulls' last chance

Good evening folks,

On Friday, we opened near 4520, dropped to 4496, then rose over 40 points to 4542. This oversold bounce was the move we were looking for in Thursday’s plan.

Above 4510, we’re targeting 4523, 4535, with a potential runner to 4545.

We hit our first and second targets, and fell short of our runner by three points. After this move, we quickly dropped over 60 points to 4476. This was one of the largest intraday moves we’ve seen in a while, with well over 100 points of movement. Volatility has picked up quite dramatically.

Supply/demand chart:

Were the bulls’ last hopes crushed after Friday’s move? Is this an even better opportunity to buy the dip? Let’s find out and create tomorrow’s plan: