Weekly Charts Reading for 10/14- 10/18

Grind or Glide?

Oct 13, 2024

Rushed today’s newsletter due to other commitments. Let me know if you spot any number issues or copy-paste errors

The new format is shorter but covers more instruments—still packed with sharp, actionable, and accurate insights!

Hope it helps with your trading. If it does, remember—free content deserves a tip in the form of likes, shares, and reposts! 😂

Key points:
Support and resistance levels are marked with asterisks (*).
If one level is claimed or failed, the next asterisked level comes into play.
Levels in parentheses indicate daily time frame transitions.
If one level in parentheses is claimed or failed, the next level in parentheses comes into play.
I hope this helps you navigate the market effectively.
As always, I appreciate your likes, shares, and restacks on Substack and X.
Your feedback helps me know if I'm adding value to your trading.
Given the abundance of numbers in this newsletter, there's a chance I might make a typo. If you spot any errors, please give me a heads up. Thanks a bunch!

How’s last week?

Short on time today, so not repeating my daily X updates on how plays & readings from the weekly newsletter worked last week.
Quick note: I expected #NQ to move higher, faster—but it didn't.
#NQ still lagging... or maybe just coiling nicely?

Read here how I use this Weekly Newsletter in my daily trading

Week Ahead (10/14 – 10/18)

Quiet Monday through Wednesday for economic reports/events.
Big earnings next week from $NFLX, $ASML, $TSM, $UNH, $JNJ, $C, $BAC, $GS, $PG, $AXP, $MS, and more.
Bulls need to quickly reclaim levels from the Quick Play section.
Until then, taking level-to-level quick profits on longs.

Overview:

Although not significant move up from week before, moving flag levels up for early detection of trend change.
Trend changes happen step by step as bulls/bears lose control, which is why I use my 3-flag system:
- Red Flags:
  - Orange Flag: A red day close below the uptrend in question.
  - 1st Red Flag: A red day close below the short-term weekly uptrend.
  - 2nd Red Flag: A red day close that voids the short-term weekly uptrend.
- Daily Timeframe Flag Triggers (on a red day close below these levels):
  - #ES: 5740(Orange), 5690(1st Red), 5597(2nd Red)
  - #NQ: 20195(Orange), 19860(1st Red), 19635(2nd Red)
  - #RTY: 2234 (Orange), 2207 (1st Red), 2174 (2nd Red)
  - #YM: 42665(Orange), 42250(1st Red), 41795(2nd Red)

Quick Summary:

#ES bullish above 5823, bearish below 5811
#NQ bullish above 20240, bearish below 20195
#RTY bullish above 2236, bearish below 2220
#YM bullish above 42730, bearish below 42675
#SI bullish above 31.325, bearish below 31.27
#GC bullish above 2660, bearish below 2656
#PL bullish above 983, bearish below 980
#CL bullish above 73.80, bearish below 73.36

Quick Plays:

#ES:
- Bullish: Hold 5852/44/38*, reclaim 5863 for targets 5878/86*/94*/(5902*)/08*/23/30/(42*)/56/62*/72/80*/(93*)+
- Bearish: If 5838 fails, targets are 5831/23*/(5816*/11*)/07*/03*/(5798*/93*)/87*/81/73/64*/(53*/43*)/33*/(24*)/06*/(5690*)-
- Bigger picture: As long as 5823/16 holds/reclaimed, 5894/5908/42*/62*+ in play. Bulls must hold 5823/16 to maintain Friday's move.
#NQ:
- Bullish: Hold 20400/20355, reclaim 20475 for (20525/535*)/(600*/635*)/(685*)/740/(800*)/870*/(920*)/21050*+
- Bearish: If 20355 fails, targets 20295/(20265/240*)/20195*/155*/(065*/020*)/(19955*/940*)/9000/860*/800*/720*/680*/(650/630*)-
- Bigger picture: Hold/reclaim 20240/20195 for 20920*/21175/340*/545/22000+. Bulls must hold/reclaim 20355/340 to keep Friday's move alive.
#RTY:
- Bullish: Hold 2245/40/36, reclaim 2252 & 2256.5 for 2263*/(68*)/78*/(89**)/93*/(2305*)/20*/(2332*)/(46*)/63/(73*)/(2403*)/(28*)+
- Bearish: If 2236 fails, targets 2229*/20*/(06*/02*)/2194*/90*/(83*/74**)/51*/36*-
- Deeper pullback: Bulls must defend 2206/2202 to keep Friday's move towards 2278/89/2320*+ in play.
#YM:
- Bullish: Hold 43030/42980/915, reclaim for 43175*/280*/320*/430*/580*/(630*)/720*/930*/(980*)/44210/425+
- Bearish: If 42195 fails, targets 42850/785*/730**/675**/625/585*/360*/275/(42250**)/210/135*-
#DXY:
- Bullish: Hold 102.485/102.290 for 103.055/103.155/103.280/103.310/103.545+
- Bearish: If 102.290 fails, targets 102.075/101.885*/101.815*/101.630/101.520/101.330-
- Bears need a red close below 102.290 for hope, <101.630 for confidence. Bulls in control unless bears defend 103.055/103.155.
Crude Oil #CL:
- Bullish: Hold 74.98/74.73 for 76/76.20*/76.90*/(77.35*)/77.70*/78.10*/(78.75*)/79.10/79.65/(80.20*)/80.90*+
- Bearish: If 74.73 fails, targets 74.50/74.28*/73.80*/73.36**/72.65/72.08/71.80/71.50/(71*/70.80*)-
- Bulls must defend Oct 10th's open & lows, or likely dip to 72.65/71.50/71-

Metals:

Silver #SI:
- Bullish: Hold 31.715/31.45, reclaim 32.05 for (32.45*/32.60*)/33.05*/33.20/(33.54*)/(33.75*)/33.95/34.15/34.60/35+
- Bearish: If 31.45 fails, targets 31.325/(31.27*)/31.15/31**/30.80*/(30.60*)/30.20*/29.40/29/28-
- Bulls weak below 32.60/33.05. Reclaiming 32.60 (daily/weekly) is still key for upside to 35/35.70.
Gold #GC:
- Bullish: Hold 2661/2656, reclaim 2681.5 for 2688*/(2696*)/2703/2717*/(2733*)/38*/50*/68*+
- Bearish: If 2656 fails, targets 2650/45*/36*/23/(2618*)/11/08*/01/(2583*/72*)-
- Bulls weak below 2695; reclaim 2681.5 on daily to resume upside.
Platinum #PL:
- Bullish: Hold 991/985/983, reclaim for 1007/1012/1016/1020.5/1025/1031/1037/1045*/1050*/1056*+
- Bearish: If 980 fails, targets 974*/970/963*/956*/940*-
- Bulls weak below 1025; reclaim 1016 for upside.

Note about levels above ATH
Upside targets are estimated without left-side confirmation on the chart, utilizing a combination of Fibonacci and trend lines across multiple time frames. Feel free to reach out if these levels prove effective; otherwise, your understanding is appreciated.
These levels are subject to refinement as prices evolve throughout the days.
In the event of new highs, prioritizing profit-taking based on risk-to-reward multiples is recommended, rather than waiting for specific target levels to be reached.

Feel free to scroll down to the end of the report to get a rundown on some of the terms I'm throwing around, like "hold," "claim," and “fail”

Events Calendar :

[Bonus]

#ZB 30-Year US Treasury Bonds:

After 4 red weeks, now near key supports at 119'30, 119'27, 119'10.
119’12 being key must hold weekly support
Bullish: Hold 119'30/119'27, back test to 120'10/120'15/120'25+ likely.
Claim 120'25 for a confident push to 121'15/121'20/122'00/122'10+. Bulls weak below 123'20.
Bearish: If 119'10 fails, downside targets are 118'20/118'12/118'00-.

Note about Terminology:

In my weekly reports and X (Twitter) posts, I often refer to terms like "must hold," "claim," or "fail." Here's a quick explanation of what these terms mean:
For intraday analysis: I consider the 15-minute or 1-hour candle close.
For trades spanning overnight to two days: I focus on the 4-hour candle close.
For a weekly or longer-term outlook: I rely on the daily candle close.
close above: claimed / close below: failed
These references are also available in the pinned thread on my X profile. I strongly recommend reading this thread for a deeper understanding of my chart analysis. If I get lot more subscribers and engagement, I plan to elaborate on my methodology in a separate Substack post in the future, the pinned thread on my X profile offers valuable insights for now.

Read this thread on X to learn about my chart reading method and examples of hold/fail/claim/reject setups for trade execution

Curious about your trading experiences. Share your trading moves inspired by this newsletter – the wins, the almost-wins, and the lessons learned. Drop your insights in the comments below or over on X (formerly Twitter). Let's learn and grow together!

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