Outlook for Next Week
Good evening folks,
We had an extremely choppy week in the market with low-quality price action. Numerous breakout attempts failed, each followed by a drop and bounce at support. The result was a tight range. Price is still in discovery mode as bulls and bears try to find balance above all-time highs.
In the High-Roller Room, I remained conservative this week and didn’t take many trades. Conditions were not met for many trades that I took. As it turned out, this week was not a good week to trade. Many got chopped. We ended roughly at breakeven:
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 results:
Our key pivot was 4800, which was never touched. We stayed above 4840 the entire time, holding short-term support. Since bulls did not have a significant dip the whole week, they didn’t have enough liquidity to propel a significant move higher. What result was a choppy range as we were stuck between hard support at 4840 and heavy resistance at 4907.
The key level for next week is 4860. Here’s my projection:
Grind Higher: If the 4860 level holds, we can see a grind higher and a run past 47900 to 4920, 4950+. If momentum is excessively strong, we might even tag 5000.
Downside exploration: If 4860 breaks, we can see support at 4840 tested and possibly lower. It might also be a good bounce level if we drop there early in the week and it gets bought up.
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.
