21 May 2023 SPX Weekly - Higher
Accuracy: 62/68 (91.17%)
SPX above 3900 - Correct!
Paper Trade
SPX landed into max profit area, just slightly, closing 4191.99. Just as I anticipate a bigger move out of the range it has been in for past few weeks.
Last Week
SPX finally made a higher high than the previous high and this time actually touching the 4200 price. We did eventually close 4191.99 on Friday, slightly below 4200.
Zoom in to the 30 minute chart, we see the slight break upwards and retesting the 4180 area. This whole range of 4050 to 4180 has been running for weeks. Now we just want to see if it's a real break out upwards, or is it gonna be a false break.
Economic Calendar
Pretty interesting week ahead with Yellen speaking, FOMC minutes and PCE. These would probably be the catalyst to continuation upwards or reject down. Event wise I actually think these are more towards bad news than good news. Hope for the best.
Next Week
Bullish uptrend and momentum.
Green - 4180 Continuation of momentum
Orange - 4100 First key support to pull back
Red - 4200 Next low
Prediction
Although the momentum upside, I'm still slightly bearish from the potential events catalyst. Play safe.
SPX above 4100
No time to write, keeping it short and simple this week.
Skip Paper Trade.
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