NFP Range Expansion

Daily Plan 12.8.23

The main expectation today was to see buyers come in at 4550 and push into 4584.

This was reiterated and my target raised to 4600 via a pre market open chat at 4570 with paid subs.

This was good call as we narrowly missed 4600 by about 4 dollars to close around 4580.

Now past 3 weeks or so, this level has been a tremendous resistance. You could argue that if you sold the rallies, AND/OR you bought the dips in last 3 weeks, you would have done ok. However if you sold the dip or bot the rally that did not quite work out quite well.

Now the bears have tried to break below the support for about half a dozen times in last 15 days.

They have done quite a decent job of holding the top line but not so good at the support zone, but the range is now quite tight and has a lot of suppressed energy in it.

With the NFP tomorrow, if the NFP comes out to be weaker, I do think this could be a fake breakout type situation tomorrow.