Outlook for Next Week
Week of January 22nd, 2024
Good evening folks,
It was an incredibly bullish and eventful week in the market, despite it being a short one. We started the week with a “chop and drop” as we dropped over 50 points. On Tuesday, we bottomed at 4719 and climbed an enormous 120+ points over the next three days. The move shocked bears and prompted a massive short squeeze that broke all-time highs on Friday, a massive event.
In the High-Roller Room, we caught tons of points during the week, especially on the long side. We had one red day and three green days, leaving us with a total of two red days in the past five weeks
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.
Last week’s projection:
This week’s result:
Our key level was 4775, which bears broke early in the week, however they got ahead of themselves and dropped too quickly into major support at 4725, prompting a massive short squeeze that got us right to our long target.
The key level for next week is 4800. Here’s my projection:
Multi-year breakout: The market broke all-time highs. If we consolidate above 4800, we can see further breakouts and strong bullish action to push us 70-130 points higher.
Bull trap: The market might’ve gotten too ahead of itself. If we break under 4800, it means we can drop even further. At the very least, the move higher will be delayed.
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).
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.