Gerardz

S&P 500 Weekly Outlook 18-22 Oct

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CME_MINI:ES1!   S&P 500 E-mini terminer
So we had a pretty great price delivery to the upside as expected and outlined in previous weekly outlooks. Those who were blindly shorting the markets because the price crossed some magic moving average or followed their social media gurus have been stopped out by now. I'll be looking at three levels for the coming week to add new long positions (if any of them provides support). The first area of interest is the gap created during Thursday and Friday, which most likely will be rebalanced between Monday and Wednesday. The second area of interest is much deeper retracement levels around the price range 4369 and 4356. The target for scaling out will be the gap at 4482-4492, and the ultimate target is the September high at 4549. We'll see how it plays out :)
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