S&P 500 Index Analytics on 10/17/22:
Today we’re here to talk about the S&P 500 Index.
What’s on the market now:
Today the index is trading at 3583. And yesterday, as expected, we saw a sharp drop in the market, which I mentioned earlier. Today, I expect market volatility to continue. The market will still be volatile for a while. Globally, as I said earlier, the market goes to the level of 3200. However, it still has a small chance to rise to the level of 3800. In my opinion, the market will try to start this attempt from the level of 3550-3570. However, if this attempt is broken, we will see a sharp drop towards the 3200 level.
What today:
Today at the open, I expect the market to try to rise to the level of 3630-3650, but then the movement to the level of 3550 will continue. There is also a possibility of a sharp fall in the market and therefore long positions are prohibited.
Here are my trading recommendations for today 10/17/22
What I recommend:
- If you want to open short:
Short positions are possible from the 3840-3800 level, this will be the ideal place to sell this week, limit your losses. - If you want to buy:
Long positions are prohibited, limit your losses. - If you are not in the market:
Long positions are possible from the 3200 level, limit your losses. If you want to open a short position, then it is better to do it from the level of 3840 – 3800.
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