Outlook for Next Week
Good afternoon folks,
We had another low-volatility week to end the second week of May, with simply more “slow grind up” type of movement. Few pullbacks, but we make new all-time highs. So far, the uptrend has kept the same pace of going up nearly vertically.
Outlook for Next Week
I trade the S&P 500 index daily and use supply/demand levels as my main strategy. I focus on a handful of core setups within these levels (found here) which typically appear 1-3 times a day. I take one or two trades a day, targeting gains of 10-30 points. My objective is to maintain consistency and leverage it, rather than trying to get as many points as possible.
Here’s last week’s projection:
Here’s this week’s result:
The rally was much stronger than expected due to a strong CPI reaction. We’ve hit 5300 and maintained structural integrity in the uptrend without too much structural damage. This indicates further bullish strength as long as the lows aren’t broken. If they do break, bulls are in serious trouble.
The key level for next week is 5300. Here’s my projection:
Rally: If we hold 5300, we’ll keep rallying to 5330 and 5350, key resistances.
Dump: If we break below 5300, we’ll drop below all-time highs and collapse to 5250, 5220.
That’s all for this week’s outlook. All of this will be updated and executed in real-time in The High-Roller Room (click here to get access).
- T
Disclaimer: Investing in stocks, bonds, futures, options, and other securities carries significant risks. Some or all capital may be lost. With leveraged instruments, losses may exceed initial capital. Past performance of a security does not guarantee future results. Any content from this newsletter should not be taken as financial or investment advice, but for informational and entertainment purposes only. This newsletter simply shares my personal opinions and notes. Consult with a registered financial/investment professional. This newsletter and its authors are not licensed financial/investment professionals. By reading and using this newsletter, as well as any other publications, you are agreeing to these terms.