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The Tradewriter Report
Market Plan for January 9th, 2024
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Market Plan for January 9th, 2024

No more crash, it seems

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Tradewriter
Jan 08, 2024
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The Tradewriter Report
The Tradewriter Report
Market Plan for January 9th, 2024
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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:

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