$SPX Weekly Outlook 2/6/23

5 feb 2023

SPX

SPX closed at 4136.49 after a big week with
multiple Earnings reports, Feds, and Data. We can
see some consolidation early this week between
4100 and 4150. As long as SPX can defend 4100 we
can continue up through 4200 in the next 1 to 2
weeks. Below 4100 we can see a 60-70 point
pullback. 4100 can present a good opportunity in
both directions. Remember never to trade with a
Bias. The top day traders use simple strategies.
You don’t need 50 different indicators
to tell you which way the market will move each
day. To generate consistent profits,
Keep your approach simple and PAYtiently wait for
the right trade setups. Having Decision fatigue can
lose large amounts of money in a short period of time.
The main cause of this when Day Trading is over trading.
Always look for quality over quantity because it
this will always add to larger profits in the
long term!