Market Plan for January 9th, 2024
No more crash, it seems
Good evening folks,
The market had a face-ripping trend day, moving up over 80 points in a massive short squeeze. Bears weren’t even given a chance to rest - we ran straight up for 8 hours, no pullbacks. We closed at 4768, a big change from the 4600’s of last week. We’ve recovered a huge portion of last week’s move in a couple of hours.
In the High-Roller Room, we went long at the open and exited for a total gain of +21 points around 4725. I avoided trying to go short as my system didn’t indicate it, even though we were overbought.
What normally happens after a trend day like this? Do we keep squeezing or drop/range? Here’s what I think: