Market Plan for January 18th, 2024

Back into the range?

Good evening folks,

It was a bullish day overall as we dropped from 4745 to the key support level of 4725, then rallied back to 4745. We briefly pierced through 4725 and made an excess low of 4719 before turning around and rallying above support.

In the High-Roller Room, we took two trades - one winner and one loser. The first trade got chopped and lost 10 points. The second trade caught the entire afternoon rally for a gain of 20 points.

Did we establish a swing low today? Do bulls take control for the rest of the week? Here’s my plan: