Market Plan for December 18th, 2023

Good evening folks,

A new week begins with the market still processing last week’s massive bull run. Friday’s action was that of a typical opex day - extremely choppy price action, very little movement, few setups. It was not a good day to trade for either side, best to be avoided.

Knowing when NOT to trade is just as important as knowing when to trade. I suspected we’d range after the FOMC meeting, and it kept us out of a lot of FOMO trades. Here’s what I wrote in last week’s post:

Our last range was a long one - it lasted three weeks. We broke out of it this week with another explosive move. Now, we find ourselves in the same situation - a hard resistance above, and a lack of structure below. Hence, range.

We opened in the middle of the range tonight, with the market pushing slightly upwards. Here’s my plan for tomorrow: