Market Outlook for the Week of 10/9/23

Welcome to the Traders Market Intelligence Report, brought to you by WealthBuildersHQ.com. My name is Robert Roy, and this update is for Monday the 9th of October, 2023. Hope you’re having a great day. Hope it was a good trading day for you. The market really did respond well. I am stoked at what happened today. We’ll see if it’s able to keep it up. Let’s go ahead and rock on.

So we look at the S&P today, man. Oh man, did unemployment represent, boy, they stepped up to the plate, didn’t hit a home run. They got a touchdown, a field goal, goal. I mean, they just crushed it today. They couldn’t do anything wrong. We went from one Fib line to the next. We blew right through that through the next, and we hit massive obstacles along the way today. First fib line eight, moving average, next fib line. And we did amazing. Now, we still have a few minutes left in the market wrapping up here today. But if you look overall, we are up 59 points right now. There’s still about 13, 14 minutes left until the market closes. What a great move. Where does it put us? What does it mean? Okay, good numbers and it isn’t much of a difference. I mean, when you look at the numbers, you look at what the actual unemployment was versus what was the expected, right? The actual on the unemployment rate was 3.8%. It was expected 3.7, okay? And the previous was 3.8. So we hit right where we were. Okay? I mean, just we forecasted average hourly earnings month over month. 0.2 was, 0.3 was the forecast. So 0.1, I mean, that’s all the difference was on the numbers to drive the market this way. Listen, I’ll take whatever it is to push it up, but I want you to make sure that you are in position number one in the chair. You’re back here and you’re checking this out for what it is, ’cause if you look at this and say, “man, it’s going up. I’m jumping in.” And you know what, maybe it does, but I do not have enough proof, enough signals yet that that is what’s happening, right above our head.

You see a small little horizontal blue line? What is that? Well, we had a lower high, a lower high, and then yet a lower high, lower low. Lower low, okay? So overall, actually we had a low in there as well, right? We should have one right there. We had a low right there as well. So low, lower, low, lower low. So we’ve got it, we’ve got up to the 4316.87. We’re just barely above that right now. We may or may not hold by the end of the day. Again, there’s about 12 minutes left until we close up, but right above that is the 4333 even, which was the high that we put in on…let’s see what that is. That is on the 29th of September was our high day. Okay? So we’ve gotta get up through that. We’ve got our 21 moving average right above our head. I need to close above both of those. That then at least gets me outta bearish type territory. Right now, we’re in a bearish, neutral bias. If I get up above the 4333, but not above the 21, the green line, I’m still in a bearish neutral bias. And it’s still hard for me to say, alright, let’s start stepping our way into bullish close above the 21, the green line. Now we can start taking small positions because we will still be in a neutral bias. We have not turned bullish and we were not anywhere near a true bullish bias, yet we’re all of the moving averages are in the right order, which they are right now for bearish. Okay? So we’re not there yet. So we’ve gotta get above that.

So right now we’re looking at the 4333, we are looking at the 4340.50, which is the 21, and we’re looking at the 4367. On the upside, if we fail, pullback is not a bad thing, right? After a day like today, 60 points pullback is not a bad thing. Where do we fail to? If we fail to the eight and bounce, awesome. Lot of strength. Fail down to the 42 76 and bounce. Awesome. We break that. Now we start to show some weakness and four days in a row, including today, we played around with that 4216.80 level. So are we gonna be able to sustain that level or not? That really is what the key to it all is.

When we look at VIX, fear, that sucker is down big time, big time, right? We’re down a 1.15, we got back into the low zone, we’re a low medium, and everything about fear is looking great. It all is gonna come down to what the big picture turns into for the S&P 500.

Now, if we go out and look at different timeframes, this is the part that’s going to, you know, make you think, right? We’ve got a nice bounce going on today, but this candle is the last week, right? It’s Friday, it’s, this is Monday through Friday. We’re on the higher end of it, which is great, but we’re still in a bearish territory if we go ahead. Actually that was yeah, that was weekly. This is monthly. So for the month we’re up. Big deal. We’re up a little bit, right? Overall, we’ve had a couple of bearish months in a row. Last month was the worst, right? Overall, this was our trend was in here. We broke and this just became an equal-distant trend line in there. So we have two major months that we had bearish moves. Last month was really bad. We’re still outside of that realm there right now, okay? And that really is gonna, you know, make the difference as to where it all comes together. So keep your eye on the markets. Be very diligent. Make sure you focus on the correct positions in your chair. If you are not at a point ready to trade, be back in position one or consider that it is position one.

You’re backed away from the computer and you’re watching the big picture. Move up into a closer position. Position two in the chair. As you see things start getting better, right? We start pressing up and we’re hitting into that 4333 line. We start to break above and we’re tapping on the 21 moving average. Now I’m in position number two. We break the 21. I’m in position one in the chair. I lean forward, my hands are on the keyboard, and I’m ready to rock.

You have a great day, and I will see you all in our next update. Bye for now.