Market Plan for September 22nd, 2023

Everyone's got the blues

Good evening folks,

We had an incredibly bleak day as the market grinded down lower. It was the worst type of market to trade for bulls - slow chop down, followed by quick drops. There were some instances where it looked like the market would bounce, but it just kept dropping, trapping many bulls along the way. We opened near 4380 and closed near the low at 4330 - a massive ~50-point drop.

Here are the supply/demand levels intraday:

The big question everyone is asking is: how do we end the week? This market has been bullish for a while, perhaps the Fed’s policies will change the direction. Maybe we’ll end the week with a short squeeze. Let’s create tomorrow’s plan to find out: