Market Plan for September 1st, 2023

Is it time for bears to play catch-up?

Good evening folks,

Today’s action was similar to yesterday’s, where we were stuck in a tight range and didn’t have any major movement for most of the day. We made a new high at 4535 this morning and then chopped in between 4535 and 4505 for the entire day. This was the target I laid out yesterday:

Above 4510, we are targeting 4523, followed by 4535.

Here’s the supply/demand chart:

We’ve been over-extended for a while now. Is it time for bears to catch up?

Let’s make tomorrow’s plan: