Weekly Outlook & Review
Week of October 16th, 2023
Good afternoon folks,
Hope you’ve all had another great week. In less than three weeks, The High-Roller Room launches. So far, this Substack has been providing insightful daily plans and an entire course on learning how to trade supply/demand. The room will focus on live execution and community. It’ll be an all-encompassing trading system. You don’t need both if you’re only interested in one, but they’ll work together. Stay tuned…
It was a relatively straightforward week in the market. We had an oversold bounce that lasted three days, followed by two days of mean reversion. We traded with the trend until it ended, then took counter-trend trades. Here’s a recap:
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 results:
Just as predicted, the 4270 level was a key determinant. It was tested on Monday, held, and then immediately soared. We moved up 130 points before CPI caused the market to drop 80 points.
For next week, our key level will be similar. It’ll be around 4300. If this is indeed a reversal of a multi-month downtrend, bulls want to make sure this level holds so they can propel the next leg higher. If this level is broken, it will show that the downtrend is not over and more carnage will come, possibly breaking the lows at 4200.
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).
Chart:
This is not a prediction, just a general outlook of where price action goes next. That’s all for this week’s outlook. Stay sharp…
- 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.