Market Plan for February 16th, 2024

It's just like the other times...

Good evening folks,

We confirmed the CPI bottom today with yet another 30+ point rally, retracing the entire CPI move and getting within a couple of points of all-time highs. We were stuck in a brutal range above 5000 for a good portion of the day before rallying to 5034 by the end of the day.

In the High-Roller Room, we took two trades - both long. The first lost 7 points, and the second gained 18 points and captured nearly all of the afternoon squeeze.

Do we crush all-time highs tomorrow, or does the market have another plan? Here’s what I think: