Trade Plan for 10/8
ANOTHER excess high
As mentioned in the weekly plan I’ll mostly be out this week. We’ll have daily plans but I won’t be active in the Discord every day.
The weekly post should be reviewed prior to this. Link to The Week Ahead
As mentioned in the weekend newsletters, Friday’s spike left the door open for sellers to reject this spike and render Friday’s high as excess. The spike was rejected overnight and futures came off 40 handles at one point. While there was an attempt at a rally, buyers never even sniffed the base of Friday’s spike once cash hours opened. Sellers put in a strong performance, taking out Fridays low, and finding continuation lower to the bottom of this recent range.
As of now there isn’t a technical breakdown but as discussed in the weekly plan this has been a rather poor showing from bulls.