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On Friday, October 4, 2024, the S&P 500 closed at 5751.07. It did not reach the all-time high of 5767.37 set on September 26, 2024. The market traded within a very narrow range. The recent solar eclipse caused losses for retail investors as both call and put options lost value last week.
Jupiter will go retrograde on October 9, 2024, at 03:04 AM New York time. Jupiter, which represents wealth, expansion, and fortune, is generally seen as bearish for the stock market when it goes retrograde. The negative effects of Jupiter will be felt all week, possibly leading to a market correction. Moon will be transiting on the star of Anuradha nakshatra that is ruled by Saturn, indicating unexpected surprises as soon as market opens on Monday.
A major pullback in any index could create a good short-term buying opportunity. It wouldn't be surprising if the S&P 500 drops by 5%, trading below 5460 by the end of the week on Friday, October 11, 2024.

Bitcoin

As of Sunday, October 6, 2024, Bitcoin is trading at $62,747. Jupiter's aspect on Mercury and the Sun is causing high volatility in the cryptocurrency market. I predict Bitcoin will drop below $53,400 before Friday, October 11, 2024.

Gold Price

As of Sunday, October 6, 2024, gold is trading around $2,650 per ounce. I expect gold to trade between $2,542 and $2,782 this week. If gold trades below $2,533, it could present a good buying opportunity with a target price of $2,900 in the short term.

Israel bombs Gaza and Beirut as it marks one year of war with Hamas.

Israel bombed Gaza and Beirut as it marked one year of war with Hamas. As mentioned in my newsletter last week, the conflict between Israel and Iran has intensified. Mars symbolizes war, Ketu represents destruction, and Saturn is the planet of karma. Jupiter is often seen as the protector and benefactor. Its positive influence brings wisdom, fortune, and expansion. But Jupiter is going retrograde on Oct 09, 2024 will make things worse.

We might need to wait until February 23, 2025, for Mars' retrograde cycle to end. Only then could the intensity of the war lessen and the world find some peace.

Weekly Trading Forecast

Date	Forecast	Confidence Level
Mon Oct 07, 2024	I expect the market to be bearish for the whole day as Moon will be in transiting in Anuradha Nakshatra.	60%
Tue Oct 08, 2024	Mars aspecting Mercury will create further more bearish energy. Market will go down further.	60%
Wed Oct 09, 2024	Market to be choppy and slightly buliish with Jupiter stationing in Rishaba Rasi for retrograde to move backwards.	70%
Thu Oct 10, 2024	Market may have a free fall today to find a bottom.	80%
Fri Oct 11, 2024	Market to be rangbound and highly volatile. It is also indicating bearish energy. However, if market has gone down for the whole week already, then it is a good time to long.	85%

 

Expected Trading Range for this week

Ticker	Bearish Trend	Bullish Trend
SPY	572.98 - 558.08 - 543.64	572.98 - 582.14 - 586.56
QQQ	487.32 - 468.66 - 460.18	487.32 - 500.47 - 508.96
NIFTY50	25,014.60 - 24,339.21 - 23,888.94	25,014.60 - 25,589.94 - 26,107.74

 

KTCharts Updates

Please note the following updates:
1. KTCharts weekly predictions newsletter and daily predictions you see in the website are 100% sync.
2. Slowness issues reported by a few users were fixed.
3. You will be able to view daily predictions for the next 5 consecutive trading as our algo is stabilized with machine learning.
4. Other minor UI features - Searchable ticker, minor bug fixes will be rolled out in the next few days.
Thanks and Regards,
Astrologer Kathir Subbiah
Founder & CEO of KTCharts