Market Plan for November 10th, 2023

The descent begins...

Good evening folks,

The market had its first red day after an unprecedented eight green days in a row. We attempted to break 4400 this morning but fell a few points short. We later ranged until around 1:00, where we quickly began declining. When Powell spoke at 2:00, we declined even faster. We ended close to 4145, around a 60-point drop from this morning.

From yesterday’s post:

Right now, there are just many failed attempts to break higher. Ultimately, momentum is beginning to shift downward. I suspect we’ll have a major down day either tomorrow or Friday.

We had a major down day today.

Now the question is - how far and how quickly do we drop? Do we bounce first? Here’s my plan: