Market Plan for December 15th, 2023
It's not over yet...
Good evening folks,
I hope you all had a great trading session. We opened at 4732 and closed slightly lower at 4722. I named 4745 as my key level this morning, and a break above this level would have resulted in another short squeeze and a rally of 20-30 points. We made a high of 4744.5 and were unable to move any higher. We dropped to a low of 4700 before immediately bouncing. From yesterday’s plan:
Bulls want sideways movement above here at the very least. If we fall below 4700 and begin to accept prices below it, the cascade can start moving very quickly. If bulls still have energy in them from this squeeze, they can move to 4725. Above 4725 we have 4743. After that level, we hit some hard resistance.
Now it seems the price is stuck between these two key levels… which one breaks first? Here’s my plan: