Market Update for Monday, October 16th, 2023

Good afternoon, traders.

Let’s look at our structures. We’ve been dealing with this large head and shoulders patterns for months. Within that, we’re now wrestling with the neckline. In this weekend’s “addendum” I discussed a bull flag and a possible target for that. We gapped up and then during the session retested the upper rail of that flag from above:

SPX

From here there seems to me to be two possibilities:

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So that’s the plan, I can’t guess the outcome but will try to participate regardless of the move! I hope everyone has a fine evening.


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