Market Plan for July 31st, 2023

Was last week just a bump in the road for bulls?

Good evening folks,

Last Friday’s action made the FOMC dump look like it never happened. We opened at 4550, recovering 20 points overnight from Thursday’s low of 4530. As the market opened, this “dead cat bounce” turned into a full recovery.

We moved up to 4570, then as high as 4590 - a massive 60-point move. At 4590, a good short opportunity presented itself as the market stalled. I went short, targeting 4570. We dropped there soon after. It was a 25-point move with zero drawdown.

Here is a chart explaining supply & demand levels intraday:

Now, let’s make tomorrow’s plan: