1. In Friday’s (October 16) Williams edge live meeting it was noted that the December S&P (then trading at approximately $2018) was likely to test both $2015 on Friday, October 16 and then a test/attempt at $2011/$10 into Monday, October 19.
2. Subsequently, the market completed the $2015 downside target and later on Friday attempted the $2011/$10 downside target as well (Friday’s session low, $2012.25).
3. (Today (Monday, October 19) the possibility remains for a completion of the $2010/$11 downside target. However, Friday’s test of $2012.25 may have been all the market could do on the downside. If so, this would indicate internal strength and substantially higher prices later this week, including, $2030/$31 and $2038/$40 (or higher) also noted in Friday’s meeting. Will update as the market continues to confirm.