Market Plan for October 24th, 2023

Face-ripping rally or oversold bounce?

Good evening folks,

After unfounded fears of Black Monday over the weekend, we opened at 4230, dropped to 4200 overnight, then rallied after the open for 60+ points. We ended the day by ranging and dropping, closing at 4219.

This followed my plan from yesterday, where a failure to maintain 4230 would result in 4200. This happened overnight:

Although we are at a major support level, bears still retain momentum. If they can stay below 4256, it will be a regular continuation of the downtrend and make new monthly lows at 4200.

It turns out the funniest scenario did indeed happen.

This rally has already lost some steam. Can we move higher tomorrow? Here’s my plan: