Weekly Outlook & Review
Week of September 18th, 2023
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Good afternoon folks,
We had another spectacular week as the market attempted and failed above the 4500 level. We started the week with a tightening range, which then turned into a breakout above 4500, and finally ended with a break below 4500 and a 50+ point collapse.
Through the ranges, the ups, and the downs, we stuck to a simple level-to-level plan, which proved immensely profitable. From accurately predicting CPI to capturing an entire day’s price movement, here’s a recap of this week:
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.
This week gave us some important new information. We attempted to break above 4500 and push higher, but only made it a few points above before the market abruptly and violently collapsed. We’ve ended the week slightly red, with an ugly-looking weekly candle. Bears currently have the momentum advantage and are trying to break through key support at 4430 to break down to the 4300’s. Bulls need to hold this support and make their way up to 4470+ to reclaim the uptrend. Next week will be decisive in determining price action over the next month.
Since we day trade, we don’t have a weekly bias. We reset it every day. We will trade whatever setup presents itself, bear or bull. Trade setups, projections, and intraday levels are found on the paid substack, as well as supply/demand education so you can trade self-sufficiently (subscribe button below). Reminder: it’s the last day to do so at the current price.
Chart:
This is not a prediction, just a general outlook of where price action goes next. That’s this week’s outlook. Stay sharp.
- Tradewriter
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.