Market Plan for January 5th, 2024

The market is looking ugly...

Good evening folks,

We had another very choppy day in the market. The theme this week has been chop, then drop. We opened at 4704, bounced nearly 30 points to 4731, then spent the rest of the day chopping lower until we broke 4700 in the last few minutes and made a low at 4692.

In the High-Roller Room, we went long at the open and exited near the top for a gain of 19 points, followed by a loss of 5 points near the low of the day for our runner.

The daily chart is looking uncomfortably bearish. Is it finally the end for bulls, or do they have a chance to make it all back? Here’s my plan: