Market Outlook for the Week of 10/16/23

Here and 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 16th of October, 2023. Hope you’re having a great day. I hope it was a good trading day for you. I wanna go ahead and dive in as we get started here, let’s take a look at the S&P 500. Let’s see what’s happening today.

Oh, it’s another down day. We did a training the other night, Monster Market Movers. We had this great move down, the pullback and the recoil over that h-pattern, right? That wonderful fib pattern that’s set up in there. We’re down today about 24 points right now give or a take. We’ve got another minute left to the market closes, but we had pushed up nicely played on that 4367 level. If you remember, I wanted us above the 21 moving average, and I wanted us above that 4367 before doing anything bullish. We stretched above with the wick. We chipped away the ice and we fell. We closed above. We broke below. We retested today and said goodbye. Boom. Straight to the downside yet again. Right? And what did we do? Nah, watch, watch. Don’t, don’t…watch. See here, we chipped away at the ice. We broke it away again. We are setting it up for next week. Yeah, but Rob, so what? We broke that line. Big deal. Uhuh. Come on now you gotta be paying attention, right? You gotta be paying attention. Let me just click this on scrunch key there, right? This bullish pattern we had up here, right? That move in there inside of these two blue lines. This next line is the transition of a 100% distance. So whatever this was, this is straight up a hundred points. This right here is a hundred points away. This one is a hundred points away. Ryan Litchfield calls them equal lane, equal distance lanes on a highway, right? Or lanes on a highway. And each one of ’em have the same distance to them. We are now looking to potentially break not only the 4316.87, but but to break that uptrend line as well, which means sending us further down into turmoil, potentially to the downside. We’re looking at that 4276. That’s our next downside target. From there we’re looking at 4235 and then, huh? There it is, 4216.80 before the 4181, which is our black line. If for some reason we do recover, keep in mind we are. Now, if we close here, did we close? We closed here we are in bearish bias now, and, and it’s a true bearish bias.

So we’re exactly what we want. So where I would’ve been today or was today in position number three in the chair on the open of the day, right? We were in neutral, man. Right now I’m on the edge of my seat, baby. I’m just waiting for that setup to come. Obviously the market’s closed. We’re waiting for Monday, right? But I’m on the edge of the seat waiting for that. I’m in position one in the chair, assuming we open where we are now. I’m looking at bearish setups there. Breakdown through that upper trend line breakdown through that 4316.87, retest it, drop and look for the 4276 right.

VIX itself. Don’t have a great candle on it, but I do have the finish of it today. It’s 19.25 so we’re up two and a half dollars. Hey, big, I mean, big move on VIX today. Really big, right? When we go back and look at the weekly on the S&P 500, you can see we’re still in that nice downtrend. Very nice downtrend there. This is this week we’ve closed up 19 points for the week. That’s great. Nothing wrong with that, right? 19 points on the week. We look at the monthly and we’re also still in that overall downtrend. Alright? So there you have it, ladies and gentlemen. If you like what you see, make sure you ring the bell. Subscribe, leave a comment down below. It certainly helps us with the algorithms here on YouTube and, and other platforms as well. Have a great rest of your day and I will see you all at our next update. Bye for now.