Good afternoon folks,
This was a critical week in the market, as there was a distinct change in tone. We saw large drops in the second half of the week, and they weren’t immediately bought up like the other times. Bulls attempted multiple times but failed. Due to low volume, price action was generally difficult to read.
High-Roller Room results:
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 beginning of the week followed like clockwork. We’d made a lower high and bounced exactly where I saw. We broke through our key level and were following the bullish path until we began stalling on Wednesday. We hovered around our key level and dropped to near the week's low. This does not necessarily mean bearish, but bulls need to pick up the pace soon or it will be.
The key level for next week is 5145. Here’s my projection:
Bear trap: If we fail to hold new lows and pierce 5145, we’ll likely see 5200+ and new highs.
Look above and fail: If we fail to break above 5145, we’ll likely drop under 5100 and begin making new lows, effectively ending this bull run and bringing us into a new phase.
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.