Market Plan for October 19th, 2023
The end of the range?
Good evening folks,
We finally broke out of our tight range today to the downside, dropping all the way down to 4305. We chopped and dropped for ~40 points throughout the day. We ended the day once again with a very strong bounce.
Here was yesterday’s plan:
Bears want to see failed breaks before 4375. They don’t want to see it go higher than 4389, that would simply indicate that bulls are too strong. Once we drop to 4362 and begin lingering around there, it’s likely we’ll break lower and head toward 4340.
We completed this move overnight and spent most of the session chopping. From a supply/demand point of view, there weren’t many good setups.
Is tomorrow the day that finally snuffs out the bull market? Or - do we get back inside the range? Here’s my plan: