Market Plan for February 20th, 2024

Short week, but might pack a punch

Good evening folks,

After a long weekend, the market is about to open for a 4-day week. We ended on Friday with a failed attempt to break out to new all-time highs. Instead, we dropped over 30 points to SPX 5000, which has been an important psychological magnet.

There’s a lot of speculating over this week’s outcome since last week’s close gave mixed results. It was not strongly bearish or bullish. We’re in a short-term range for now, here’s how I think it could end: