Market Plan for October 11th, 2023

The squeeze slows down

Good evening folks,

We continue the week with another short squeeze. It’s been three trading days since the market bottomed at 4204, and we’ve now rallied an impressive 160+ points. The market refused to dip during the night, instead ranging around 4340. We opened and immediately began rallying, moving up to 4390. At 4390 (key supply/demand level), we quickly dipped to 4362 (another key level), then spent most of the afternoon chopping around that price.

Today’s supply/demand chart. Notice how well our key levels marked the local top and bottom of the move.

Is the squeeze finally over? Here’s what I think: