16102023 - #SPX

16 paź 2023On Friday, I gave a long 4340 for a move to higher and a short 4380 for a move down (tradingview.com/chart/SPX500USD/8xYZOcQA-13102023-SPX/) . Both trades would have worked out; though eventually, it was the bears who won. As mentioned in my NDX plan, should not have faded the bearish price action of Thursday; as in, probability of a bearish continuation is higher than that of a reversal back up. Weekly price action, however, to me, is still neutral to bullish (green weekly candle, and I have seen times when price just opened and go higher). Also, despite the bearish news over the weekend, market instead gap up instead of gap down. Thus Friday's down move could partly be due to options.

Overall IMO, price are above the zones (PZ and DBZ) and within the WBZ and MBZ. If anything, 4360 (previous strong support) would be the level to watch. IMO could see that level trade before market gives a rejection for a move lower, or, possibly, a recovery.