A Weekly Checkout

r.Virgeel has brewed this weekly forecast one month ago

My long-term followers know that I have a special love for the weekly forecast. It has been demonstrated in the past ten years to be nicely reliable.
The weekly model is a balanced mix of market prices and economic indicators and I suppose that this is the reason for its success.

The following chart has been brewed exactly four weeks ago, on Sept. 29th, 2023.

Weekly forecast Sept. 29th, 2023 at 11:36 CET

You may note a few things:

  • r.Virgeel was projecting the S&P 500 in area 4130 with a possible extension down at 4070
  • The rV.NextCycle indicator was pointing to four bars later for a possible reversal
  • The dynamic was expected with a couple of bars of indecision followed by two bars of strait decline to the target area

Most clues are now pointing to a reversal next week. after a low that may have happened yesterday or will be cleared today. Strong support at 4100 has formed on the daily timeframe (see the rv.FastTrack indicator https://free.spxbot.com/fasttrack/).

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