Equity Indices Press Toward Support

Good Tuesday Morning, MPTraders!  October 3, 2023-- Pre-Market Update: The Indices failed to sustain yesterday's late-session strength, and instead, find themselves pressing once again toward challenging key support in ES from 4300 to 4277, which MUST CONTAIN THE WEAKNESS to avert a bout of potentially severe selling pressure to a minimum downside target of 4200 next. As we discussed late yesterday, ES needs to hold 4300 and then climb to challenge and hurdle resistance from 4345 to 4355... Last is 4302.00

As for NQ, in the absence of a climb above resistance from 15,040 to 15,060, this index is vulnerable to another loop down to test key support at 14,665 to 14,586, which if violated, will point initially to 14,400... Last is 14,894...

Let's keep in mind that the Seasonal Influence will remain down into October 10-11, which in theory, leaves investors vulnerable to a nasty bout of weakness for the next week. 

That said, should the Seasonal Influence play out as anticipated, sometime next week the equity indices and many individual stocks will be making significant lows ahead of a potentially powerful rally for at least the subsequent 4 weeks during Q4... 

  • Action-Oriented Trade Set-Ups in Stocks & ETFs
  • Macro Analysis of the Broader Markets
  • Detailed Technical Guidance for each Trading Idea
  • Live Interaction w/ Mike & Our Member Community
  • And Much, Much More!
Join Now! - Special Offer!
Veteran Wall Street analyst and financial author, Mike provides detailed and timely analysis and trade set-ups on a range of markets. Read more...

Have Mike's “Out Front” morning analysis delivered FREE to your email inbox twice weekly!