Daily Plan 2/24/23

Hi Traders-

Today was a magnificent day where we saw both sides take a piece of the pie and had 60 point moves up and down from our levels. 4030-4035 and 3974-3976 acting as big supports. Those will be on focus tomorrow.

2/23 RECAP

Scenario 1:

Initial Balance is going to be a key for tomorrow again initial balance being the first hour of trading. $3994 must hold for the bulls and $4007 must be broken out for them I believe. Then they would want to see continuation into 4021-4025.

Scenario 2:

For the bears you would want to see a close under $4007 and preferably $3994 for more downside into today’s lows at $3986 and lower into next support $3976, $3963 and $3954.

$3954 WOULD BE A BIG SPOT TO WATCH FOR A BOUNCE IF IT IS A TREND DAY.

TODAYS CHARTS

All of these levels and charts were posted and traded live in chat today.

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DAILY PLAN FOR 2/24

Everything relies on the data released tomorrow before premarket PCE and some housing data around 10AM EST.

Scenario 1

If we IB close over 4030 we can see a move to 4047, 4054 and 4063 where all 3 of these levels can play out for a big resistance preferably 4054-4063.

Scenario 2

IB Close under 4030 can send us lower into 4021, 4007, 4000, 3994, 3986 and 3976 KEY LEVELS.

$3976-$3986 would be line in sand for bulls to take control of if scenario 2 happens otherwise free sailing until $3954

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