Daily Plan 11.9.23
Markets Close Slightly Higher - What's Next?
Welcome back everyone!
Today's trading session was unstable, with the market showing no significant momentum either upwards or downwards. Although there were minor opportunities, they fell short of my expectations. A noticeable weakness is accumulating, with a lack of strong moves from the bulls to surpass the 440 level on the Emini. The prevailing sentiment remains overwhelmingly bullish. This optimism is not only evident in the hopeful tone of recent news reports but also in the general anticipation of a 'Santa rally' as the year draws to a close. However, many are overlooking how dramatically the market has surged in just a few weeks, perhaps too hastily assuming this trend will persist until Christmas. While historical patterns often show such rallies, particularly in years leading up to an election, I've noticed some underlying factors that temper my optimism about this trend continuing.
These concerns will be elaborated upon in next week's edition of 'Flow State'. Our Daily Plans are tailored for intraday analysis of the upcoming session, so I'll keep this discussion relevant to the newsletter's focus. If the developments I'm observing begin to unfold, I will provide a detailed recap in that evening's post. To avoid getting lost in these complexities, we will maintain our focus on the market's daily structure and assess whether these anticipated trends are likely to materialize.
Now, let's delve into my projections for tomorrow!