Market Plan for February 5th, 2024

The blow-off top?

Good evening folks,

The market had a wild week as it swung hundreds of points in just a few days. Thursday and Friday witnessed an unbelievable squeeze of 150+ points and coming within striking distance of SPX 5000, a historic psychological level.

In Friday’s plan, I gave upside targets of 4945, 4961, and 4975. The market hit all three, a rare event. The 4975 target marked the top of the day after a shocking 50+ point run. I also made a video recapping Thursday and Friday’s action below:

What does this week have in store? Will we finally hit SPX 5000? Here’s my plan: