10/12 Trading Plan - Wednesday Recap and Looking Ahead
Recap
In the past few days, the SPX has seen a massive uptrend, with Friday marking the single largest range green day of 2023. This was followed by two more rally days on Monday and Tuesday. As predicted, we saw a pullback and consolidation yesterday, with a dip mid-day to 4377. However, this was bought with force, indicating the strength of the bulls.
The Markets Overnight
🌏 Asia: Up
🌍 Europe: Up a bit
🌎 US Index Futures: Up slightly
🛢 Crude Oil: Up strongly
💵 Dollar: Up slightly
🧐 Yields: Mixed
🔮 Crypto: Down
Major Global Catalysts
Inflation prints down slightly from last month but very slightly higher than expectations.
Key Structures
The price action has several notable structures and levels. At 4438, we see a backtest to the orange wedge structure that we broke down on September 26th. The 4418-24 zone is an important breakdown area that we fell through thereafter. The 4377 level is the downsloping yellow channel connecting the June 26th and August 18th lows. The 4336 level remains a major pivot and the 4316 level is the core bull market uptrend line.
Support Levels
4407, 4400 (major), 4390, 4378-80 (major), 4366 (major), 4353, 4347 (major), 4336, 4322, 4316 (major), 4302, 4284 (major), 4274, 4255 (major), 4242, 4236, 4227 (major), 4217, 4213, 4200-05 (major), 4190 (major), 4178, 4163 (major).
Resistance Levels
4418 (major), 4424, 4430, 4439-42 (major), 4453, 4462 (major), 4473 (major), 4488, 4497 (major), 4507, 4515-20 (major), 4533, 4542 (major), 4549, 4556-61 (major), 4575 (major).
Trading Plan
The bulls are in control. Trade accordingly.
Wrap Up
In summary, the bulls are firmly in control as long as we stay above the 4316 core uptrend line. A loose guess would be that if we can continue holding the above-mentioned supports, we could continue higher to 4439-42, 4462, then 4472.
Disclosure: This is not financial advice and is for informational purposes only. Please consult a professional financial advisor before making any investment decision
In the past few days, the SPX has seen a massive uptrend, with Friday marking the single largest range green day of 2023. This was followed by two more rally days on Monday and Tuesday. As predicted, we saw a pullback and consolidation yesterday, with a dip mid-day to 4377. However, this was bought with force, indicating the strength of the bulls.
The Markets Overnight
🌏 Asia: Up
🌍 Europe: Up a bit
🌎 US Index Futures: Up slightly
🛢 Crude Oil: Up strongly
💵 Dollar: Up slightly
🧐 Yields: Mixed
🔮 Crypto: Down
Major Global Catalysts
Inflation prints down slightly from last month but very slightly higher than expectations.
Key Structures
The price action has several notable structures and levels. At 4438, we see a backtest to the orange wedge structure that we broke down on September 26th. The 4418-24 zone is an important breakdown area that we fell through thereafter. The 4377 level is the downsloping yellow channel connecting the June 26th and August 18th lows. The 4336 level remains a major pivot and the 4316 level is the core bull market uptrend line.
Support Levels
4407, 4400 (major), 4390, 4378-80 (major), 4366 (major), 4353, 4347 (major), 4336, 4322, 4316 (major), 4302, 4284 (major), 4274, 4255 (major), 4242, 4236, 4227 (major), 4217, 4213, 4200-05 (major), 4190 (major), 4178, 4163 (major).
Resistance Levels
4418 (major), 4424, 4430, 4439-42 (major), 4453, 4462 (major), 4473 (major), 4488, 4497 (major), 4507, 4515-20 (major), 4533, 4542 (major), 4549, 4556-61 (major), 4575 (major).
Trading Plan
The bulls are in control. Trade accordingly.
Wrap Up
In summary, the bulls are firmly in control as long as we stay above the 4316 core uptrend line. A loose guess would be that if we can continue holding the above-mentioned supports, we could continue higher to 4439-42, 4462, then 4472.
Disclosure: This is not financial advice and is for informational purposes only. Please consult a professional financial advisor before making any investment decision
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