Market Plan for October 9th, 2023
Good evening folks,
Over the weekend, we got some concerning news of conflict in the Middle East. I hope this conflict resolves as soon as possible and peace ensues. The loss of human life is always a tragedy, especially when many are innocent.
Last Friday saw a tremendous short squeeze, rallying 100 points from top to bottom - a massive day. News at 8:30 caused an instant drop of over 50 points. When the market opened, we held the low and rallied above 4230 - a key level. Here’s what I said in my plan from Friday:
We want to see momentum going into 4270. After the open, bulls can push to 4300 and possibly 15-20 points higher.
Bulls do not want that to repeat. They want to reclaim 4300 as soon as possible. Overall, the down moves are getting weaker, and October is seasonally bullish. Bulls have many factors on their side, they just need to move quickly.
We did indeed break 4300 and move 15-20 points higher. The high of the day was 4527 before we cooled down and closed at 4314. Our supply/demand levels worked incredibly well. All of them held as significant pivot points that could’ve been used as near-perfect entry/exit points.
There is a lot of uncertainty going into tomorrow. The market may be extremely volatile or may just move as normal. Here’s what I think: