Final Day of 2023, And After 9 Green Weeks In A Row, Do SPX Bulls Have Anything Left? Dec 29 Plan
Tomorrow is the final trading day of 2023 and it caps off with what has been a massively lucrative run: Of the last 15 trading days, 13 have been green, including the last 4 in a row before todays micro red day. This overlaps with the seasonal ‘Santa Rally’ period, which began on Dec 22nd and runs until January 4th. This period has a 1.4% average gain over the last 30 years, and this year has tracked so far +0.85% for the period-to-date. Its not over yet.
I have been in the same trade now since last Friday in the high 4790s as readers recall and I added to this late day yesterday due to my core setup triggering, writing: “I am still holding runner from both the Friday entry and this mornings entry. Late day today, I decided to add a little exposure back to this, due to the textbook failed breakdown of the 4822 level”. This played out for ~20 points, and we continued the Santa run higher to make yet another new high into the low 4840s then spent all of today chopping.
What is in store for the final day of 2023? In today’s newsletter I’ll talk this, I’ll then go over my system for trailing stops that has kept me in the long this whole week. I’ll conclude by talking the actionable trade plan for Friday.