SPX Weekend update
Updated
This will be a quick update.
As long as we hold 3907-13SPX on closing level we should see lower going into Tuesday am, then up into 2nd/3rd high.
Another possibility is we bottom on the 2nd and reverse into the Midterms with higher levels to be seen, maybe even above 4-4.1k zone
I really have no good support till the support cluster zone at 3739-3750SPX
There are 2 supports on the way, look for 2 grey lines below the price.
Ideally we gap down tomorrow and wont look back till 3750-40 zone is tested then a rally back to 3918SPX before the Fed decision.
Im having a dilemma is we see a low or a high on the 2nd (pre-FED), ideally its a low and not the high, as I want to see a good push into Midterms with the high to be seen on week of Nov 7th.
Then I would expect a strong move down to at least re-test of Oct 13th lows + or -, if not 34 handle.
Its getting to a point where it can breakout, cant rule out that.
If we do, we should see 4-4.1k and no way higher then 4300.
Nov is a bearish month when going back to Mid-Term elections and since its a bear market, I expect Nov to be a red month with Oct being the high month.
Tomorrow am will be a telling story, so far futures are slightly down and we have a gap from Sunday open, futures gaps always get filled!
Will those be filled after a strong move down tomorrow into the 2nd or it might get filled before the open or in am at top.
Again all eyes on 3907-13SPX as a maj resistance going into tomorrow.
If the price closes strongly above that resistance tomorrow, I will get long into Nov 2nd high.
So far Im swing short and quite under the water from Fri close.
Its going to be a very volatile month, so dont get emotional thinking that you're missing the train and jump when tomorrow it all can dramatically change
As long as we hold 3907-13SPX on closing level we should see lower going into Tuesday am, then up into 2nd/3rd high.
Another possibility is we bottom on the 2nd and reverse into the Midterms with higher levels to be seen, maybe even above 4-4.1k zone
I really have no good support till the support cluster zone at 3739-3750SPX
There are 2 supports on the way, look for 2 grey lines below the price.
Ideally we gap down tomorrow and wont look back till 3750-40 zone is tested then a rally back to 3918SPX before the Fed decision.
Im having a dilemma is we see a low or a high on the 2nd (pre-FED), ideally its a low and not the high, as I want to see a good push into Midterms with the high to be seen on week of Nov 7th.
Then I would expect a strong move down to at least re-test of Oct 13th lows + or -, if not 34 handle.
Its getting to a point where it can breakout, cant rule out that.
If we do, we should see 4-4.1k and no way higher then 4300.
Nov is a bearish month when going back to Mid-Term elections and since its a bear market, I expect Nov to be a red month with Oct being the high month.
Tomorrow am will be a telling story, so far futures are slightly down and we have a gap from Sunday open, futures gaps always get filled!
Will those be filled after a strong move down tomorrow into the 2nd or it might get filled before the open or in am at top.
Again all eyes on 3907-13SPX as a maj resistance going into tomorrow.
If the price closes strongly above that resistance tomorrow, I will get long into Nov 2nd high.
So far Im swing short and quite under the water from Fri close.
Its going to be a very volatile month, so dont get emotional thinking that you're missing the train and jump when tomorrow it all can dramatically change
Note
I didnt want to post this, but I will ,as if it happens it will be a very crazy ride.If, again IF, we get down to 3500 before the FED or on the announcement, then the move up into the Midterms can make a right shoulder and then end of the month can be very bearish!
Please do not bet your house on this pathway, as I dont give to it much odds, but the setup is there for that to happen...
Note
Not much to add here, wanted to go long at the EOD but dont like the price to enter here, SPY block prints above the price all day long, not bullish.Note
There is a high chance this big H&S I mentioned on Oct 31st ,can be in play!I did some calculations and the price can get to 3575-89SPX before some good size (right shoulder) bounce
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