Market Plan for January 2nd, 2024

New year, new bear market?

Good evening folks,

Welcome to the New Year! We have a huge year ahead of us - tons of challenges and opportunities. Last week, the market was slow since it was a four-day week. We also have a four-day week ahead of us. Last Friday, bears attempted to break below key supports. We went from 4790 to 4760 in the morning, a swift drop. Unfortunately, this was an incredibly strong support level, and bears dropped there with very little structure to keep breaking below. We reversed and closed near 4775.

Last week left us with some very awkward structure. Bulls and bears are split on who takes control. How do we navigate this week? Here’s my plan: