Market Plan for January 23rd, 2024

Start of the pullback?

Good evening folks,

Most of the day was spent in a tight, choppy range as both sides failed to establish enough force to create a sustained move in one direction. Bulls were seemingly about to have an end-of-day breakout, but that also failed. We made a high of 4870. The result was very few trading opportunities. From yesterday’s plan:

The market continues its breakout from Friday. We’re close to hitting trendline resistance at ~4870. This is not an ideal area to start buying.

In the High-Roller Room, we took no trades. While many got caught up in the chop and chased on both sides, we stayed put as we saw no clear opportunity. Does tomorrow bring more of the same, or is a larger surprise waiting for us? Here’s my plan: