Market Plan for January 17th, 2024

Back to the cutting board...

Good evening folks,

We began this short week with extreme chop. The market stayed in a moderately tight range the whole day with failed breakouts on both sides. It was not an ideal trading environment for most market participants, except maybe scalpers. We stayed between 4750 and 4780 the whole day, with most of the movement gravitating around 4760.

In the High-Roller Room, I anticipated chop today and the rest of the week. I decided to take a shot with a decent setup that didn’t work, and I avoided trading for the rest of the day. My system didn’t indicate any new trades, which helped to avoid getting me chopped further.

Do we stay choppy the rest of the week, or do bulls/bears have a chance of giving us a clean move? Here’s my plan for tomorrow: