Recap
Last week was the longest stretch of consecutive red days in 2023, with the SPX experiencing 5 red days in a row for the first time this year. This week started off with a single green day, representing a 70-point bounce to reset after 5 days. We spent 3/4 of yesterday in sell mode, making it 7 out of the last 8 red days. The question is whether this bounce is another dead cat or the beginning of a sustained recovery leg.
The Markets Overnight
🌏 Asia: Up strongly
🌍 Europe: Mixed
🌎 US Index Futures: Up
🛢 Crude Oil: Up
💵 Dollar: Down slightly
🧐 Yields: Up a bit
🔮 Crypto: Down slightly
Major Global Catalysts
Core PCE eases slightly in September
Key Structures
Support Levels
4163, 4153 (major), 4147, 4135, 4126 (major), 4112, 4102-4106, 4092 (major), 4083, 4076 (major), 4060, 4048-50 (major), 4040, 4026-29 (major), 4016, 4000-4005 (major).
Resistance Levels
4171 (major), 4185-90 (major), 4205 (major), 4213, 4220-23 (major), 4231, 4248-50 (major), 4259, 4268 (major), 4279 (major).
Trading Plan
The context remains very bearish as long as we are sub 4205. If we can hold 4153, we could see a relief bounce. If 4153 fails, we could see another deep leg lower that should see 4126 at least. For those looking for short reactions, 4220-23 and 4248-50 are the best probability spots to look for a dip.
Wrap Up
With Amazon earnings out, we should expect more volatility, and predictability may be difficult. However, if we can defend 4153, we could see a relief bounce with 4171 as a trigger. If 4153 fails, we should expect to continue lower to 4126, 4076.
Disclosure: This is not financial advice and is for informational purposes only. Please consult a professional financial advisor before making any investment decision.
Last week was the longest stretch of consecutive red days in 2023, with the SPX experiencing 5 red days in a row for the first time this year. This week started off with a single green day, representing a 70-point bounce to reset after 5 days. We spent 3/4 of yesterday in sell mode, making it 7 out of the last 8 red days. The question is whether this bounce is another dead cat or the beginning of a sustained recovery leg.
The Markets Overnight
🌏 Asia: Up strongly
🌍 Europe: Mixed
🌎 US Index Futures: Up
🛢 Crude Oil: Up
💵 Dollar: Down slightly
🧐 Yields: Up a bit
🔮 Crypto: Down slightly
Major Global Catalysts
Core PCE eases slightly in September
Key Structures
- 4279: Connecting the two rising October lows acting as ultimate resistance this week.
- 4247-50: The key support zone for the last few days collapsed on Wednesday.
- 4205: Important support zone back in May.
- 4153: Important support zone in March, April, and May.
Support Levels
4163, 4153 (major), 4147, 4135, 4126 (major), 4112, 4102-4106, 4092 (major), 4083, 4076 (major), 4060, 4048-50 (major), 4040, 4026-29 (major), 4016, 4000-4005 (major).
Resistance Levels
4171 (major), 4185-90 (major), 4205 (major), 4213, 4220-23 (major), 4231, 4248-50 (major), 4259, 4268 (major), 4279 (major).
Trading Plan
The context remains very bearish as long as we are sub 4205. If we can hold 4153, we could see a relief bounce. If 4153 fails, we could see another deep leg lower that should see 4126 at least. For those looking for short reactions, 4220-23 and 4248-50 are the best probability spots to look for a dip.
Wrap Up
With Amazon earnings out, we should expect more volatility, and predictability may be difficult. However, if we can defend 4153, we could see a relief bounce with 4171 as a trigger. If 4153 fails, we should expect to continue lower to 4126, 4076.
Disclosure: This is not financial advice and is for informational purposes only. Please consult a professional financial advisor before making any investment decision.
Penerbitan berkaitan
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penerbitan berkaitan
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.