S&P 500 Weekly Outlook Sep26 - Oct 01
So we had a quite interesting beginning of the week with Monday providing a complete meltdown of the markets and falling through my indicated levels. My Nasdaq analysis played out to the script and S&P analysis update on Monday provided support at the indicated imbalance. All YouTube gurus were flashing red lights left and right and screaming markets Armageddon that we will see 90% correction because the price crossed some stupid moving average on their chart. I personally don’t see any Armageddon and those who have been shorting the markets from Monday after watching their gurus most likely already have or will be stopped out this coming week.
I’ll personally be looking at adding more long positions but we’ll need to see how the markets will open on Sunday and trade through London open session. I’m anticipating small pullbacks to either take out the Friday low and rebalance some of the buy side imbalance created during Thursday or slightly deeper to close the small gap. If we see any of the levels providing support I’ll be dropping to smaller timeframes and try to get in the ride and aim for the sell side gap at 4482 and then September high. Alternatively, we might see long rally from the open without even looking back. We’ll see how it plays out ;)
I’ll personally be looking at adding more long positions but we’ll need to see how the markets will open on Sunday and trade through London open session. I’m anticipating small pullbacks to either take out the Friday low and rebalance some of the buy side imbalance created during Thursday or slightly deeper to close the small gap. If we see any of the levels providing support I’ll be dropping to smaller timeframes and try to get in the ride and aim for the sell side gap at 4482 and then September high. Alternatively, we might see long rally from the open without even looking back. We’ll see how it plays out ;)
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.