So we’ve got nothing on Monday. We’ve got 9:45 AM, market is open, so you wanna be careful here. 9:45 is PMI, 10 o’clock is new. Home sales, red and orange, so high and moderate. Impact on the market. So be very cautious if you’re in a trade on Tuesday as the market gets going. On Wednesday, we’ve got durable goods. I’m not too worried about that. Thursday we’ve got GDP. That could be a big one. Unemployment, eh, it could be big if there’s a big change, I don’t expect it. Pending Home sales is also 10:00 AM again, another one to be concerned about. And then 10:00 AM on Friday is revised consumer sentiment. That’s a big one for the Fed. So you wanna be focused on those times if you’re in an open position. All right. Know that it’s coming up that day. All right, let’s go ahead and jump right into the market and let’s bring up Omega Chartz.
So some adjustments have been made on the fibs. I had met with today with our Inner Circle. It’s our highest level coaching group and we spent near an hour talking about 40 minutes, talking about S&P 500, what’s going on and the likes. We redrew the fibs, as an FYI, we drew them from the low of January 17th, all the way up to the high of March 21. So we are down yet another 44 points ish today. We market is closed now. We’re down about 44 points in total right now. We have moved into a bearish bias. It’s not true bear, we don’t have the right order. True bear would be eight on the bottom, right, pink green in the middle, brown on top. We’re kind of mixed up right now. Pink is on the bottom. It just barely broke through today on the 55 moving average. So a bearish bias, just not true bearish. So I’d be doing more aggressive than anything else on the downside right now. Downside is my trade of choice with what’s going on with the overall market.
So where do I see it moving to? Well, if you look from last week, 1, 2, 3, 4, 5. So this was Monday, right? We had gapped up Monday. It was looking great. Ran into the moving averages. Everything was beautiful. Kerplunk, we just got destroyed on Monday, Tuesday, we kind of woo, okay, regroup, think about it. But we broke through with the wick, so we chipped away at the ice, gave it an opportunity to break through again. Wednesday was a slam dunk right through. Okay. Thursday was a retest and a further closed down. And then Friday today, open lower, came up, filled the gap, and just broke right through that 4987 level. Just gone annihilated. Absolutely annihilated. I want to put back, I moved away the, some of the a hundred point levels because we really don’t need them any longer. But the thousand point levels we do want have on there. So we’re gonna put that back.
So where are we looking at right now on the S&P 500? We’re looking at downside target of 4293.50, and on the upside, 4987.96 or 4988 basically, right? And we can move up into this zone here where the 5,000 level is. So there’ll be a little bit of resistance based on both of those lines inside of there.
If we look at the VIX for the day, so we’re back up again into the moderate zone. So we have definitely given way. It’s been a while since we’ve been up there. You know, it was last year October, November is when we came out in November of last year. We came out and we did not get back in there until just a few days ago. So, hey, listen, is it bad? No, it’s not bad. Are your options gonna be a little more money? Yes. Is it horrific? No, it’s okay. It’s okay. You’ll be fine. You’ll be fine. So caution on the S&P. I am looking purely bearish. This upcoming week is my goal, at least for now until something changes, I’m gonna be looking really at the bearish play. If some good news comes out, I’ll day trade for the day. But if I’m holding overnight, I’m holding bear.
All right, ladies and gentlemen, have a great rest of your day. I’ll see you all at our next update. Bye for now.
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