Market Plan for December 26th, 2023

The blow-off top...

Good evening folks,

Hope you all had a great long weekend and enjoyed the holidays. Friday was a low-volume day with lots of choppy action. We attempted to break last week’s high at 4787 but failed and chopped between 4745 and 4775 for most of the session. We’re now trading in the high 4760’s, the higher end of the range.

We closed Thursday’s long from 4725 at 4775 for a gain of +50 points. We stayed long, expecting a test of 4787 again, but this didn’t happen and we gave back a few points in the ensuing chop.

After Friday’s action - do we rip to all-time highs again, or do we continue dropping? Here’s my plan: