Market Plan for November 2nd, 2023
The Powell pump...
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Good evening folks,
The squeeze continues as we have another solid green day. It’s been the third day in a row of rallying. We ran from 4200 to 4230 in the morning, followed by a run to 4248 post-FOMC.
Our plan from yesterday went exactly as expected - we caught a big level-to-level move, from 4200 to 4230
The plan tomorrow is simple - try to capture a level-to-level move before FOMC. If we can’t, we will take whatever profit/loss we have at the time.
We want this reversal to sustain itself by staying above 4158, after which we can break 4200 and head to 4230.
Here’s yesterday’s projection with today’s results:
Is this the end of an oversold bounce, or is 4300 next? Here’s what I think: