October 14, 2021

This Index Just Made A Big Move

Frank Cabibi

10/14/2021

SPX500 climbed nearly 1% today after earnings beats in the bank sector and jobless claims came in under the expectations at only 293K. The Fed also said that they may start to taper as early as November now which would mean a decrease in the hundred-something billion dollars in asset purchases each month.

Our outlook

Good economic news from the past two weeks has relieved some of the pressure the markets have experienced from inflation fears to NFP. On a technical basis, however, the index just broke out of a falling channel and has come back from the lows of last week. This is good news for investors who have been worried about a continued stretch to the downside, so we may start to see some more buying to finish out the week.

Trade Setups

SPX500

SPX500 made a clear break out of a falling trend line on the 1D chart and is nearing resistance at the 50 DMA. A close above this falling trend line will be good for the index as it would indicate a larger move to the upside. Today's 1% move in the morning is a good sign already showing us that there is some momentum here. If price can't break above, we may see a retrace to around $4370.

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