Market Plan for September 7th, 2023

Has SPX bottomed?

Good evening folks,

We experienced an incredible drop today after SPX failed to hold the 4500 level overnight. We opened at 4490, then spent the entire morning dropping nearly 50 points to 4442. This is where we bottomed and spent the afternoon rallying higher to 4465.

Our first target was 4475, which I stated would happen in yesterday’s post if we opened below 4490.

Below 4500, we are targeting 4490.

If we reach 4490 by market open tomorrow, we could even move down to 4475.

This was a clean 15 points. We continued dumping after this. Around 4450, I tweeted that the market could rally 15-20 points, which it later did.

Was this drop a short-term bottom? Will SPX keep moving higher? Let’s create tomorrow’s plan to find out: