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Hello trading world, it been a while but looking to get back to posting outlooks and more in 2024. I am actually open to suggestions on post if you want to drop a comment or message.
I haven’t posted much but 18 days ago I checked in on reddit and in comments projected a near term top between 1/11/24 -1/21/24. Hear we are, after the takeoff on Friday it seems too risky to take longs at this point however, I Do have two runners left from last week. Even though the dates I projected have been reached the actual levels, I projected still have a little room left. The levels I projected were between 4845-4915 on the S&P futures. This week is going to get interesting later in the week. We may see some boring or sideways trade Monday and or Tuesday, but I expect some wild two-sided trade to take hold as the week progresses. We are truly on the edge of a band; I think it is absolutely possible to end the week higher but for me it’s too risky to take a position where we are now to back that sentiment. Coming into Monday there is a zone at 4885-4888 on the ES that may be hard to break through right away. Look for 4860 to either hold or be the trap door for a deeper pull back Monday.
Option volume drove the market this past week, specifically in the tech sector. I will look to see which particular stock or two will be driving the market based on early option volume and volatility. Find that stock and whatever direction it is going, and the market won’t be far behind. Here is my drawn projection for the market this week.
Hope this Helps… Happy Trading!!
So far, driving the market this morning will be Netflix, Intel and Tesla. Option volumes in these stocks point to more upside but be careful the carpet could be yanked from under the market mid to late morning as options get covered.