Market Outlook for the Week of 10/30/23

Welcome everyone to the Traders Market Intelligence Report. It’s being brought to you by WealthBuildersHQ.com. My name is Robert Roy. This update is for Monday the 30th. Yeah, the 30th of October, 2023. Hope you have a great trading day today. I just want to dive right in, ’cause is gloating my thing? Not really, but today it is. So what do you mean? Well, man, we need to talk about what’s going on with the S&P and why it’s happening the way that it is, right? So if I go ahead and ship this over, let’s get some moving averages up there. We’ll get a little bit of a zoom out effect.

So since our last get together where I said, and I quote I actually should have gone back and looked at the exact phrase right here last Friday. I said we’re looking to attempt at that 4216.80 level, which was the recent swing low. We hit below that. We had the 4181 with the 4185 confluence, and then the 10% correction. So what do we do? We come down on Monday and get right in its face. I mean, we were right flipping there on Monday with a low of drum roll please. ..4189. Look, 4181 is the level. 4189 is where we got to a low as far as I’m concerned. We hit it on that day, right on Monday. We had a little bit of a gap up on Tuesday. It was a little bit of a bullish day. Wednesday, KABOOM, we come smashing back down on Wednesday and let’s see what the low on Wednesday was. The low on Wednesday was 4181.42, so we’re only out by 42 cents. Once again, crushing that level. On Thursday, we gap down, we stretch up and retest the 41 81 again before slamming down again today, breaking that 10% correction level gone as of yesterday. We now have a 10% correction on the S&P 500, right? And we came down today on our, with our low, let’s see where the low is. Low was 4103.78. We got 410 3.98. 20 cents away from that fib level, right?
And if we stretch this back so you could see it, right? That level, that 4103.98 comes right back from here on May 24th. All of this to say, listen, really for me to say I’m right? No, heck no. Not the reason I’m doing it. Not at all. It’s all to say don’t look at fibs and think they’re just a whole bunch of lines on the screen and sooner or later we’re gonna hit ’em. We are running right to those levels. We’re doing exactly what we said was gonna happen. We’re pushing right down into that. We’ve actually got to a point where we have violated. Now on our downside, we’re, we’re hitting our lowest level here on our charts, right? So we’re gonna have to go back and use a previous fib in the future until we’re able to draw a new one. And we may, I’m gonna analyze this over the weekend with my Power Option Plays group. And we’re gonna see if there’s a new place we should be looking to draw our fibs from.
But where do we go next? Well, we’re at the 10% correction, or we broke the 10% correction. We’re at the 4104 level right now. If we go back and look left, we have 4094. Well, yeah, 4094. Well, actually, you know, we’re missing is we’re missing a 4,100 level. So let’s get that in there. Let’s change this to 4,100. All right? So right there, another confluence on top of it. So from there we’ve got 40 94 and we’ve got 40, 31. Those are our two next downside targets. If we continue to push on the upside, we gotta look at that 10% correction. It’s gonna be a major number that, that the traders are focused on. And then that 4181 is the next upside.
When we look at the VIX today, right? Huge bounce on the VIX. We’re up 63 cents. Look at that candle. We’re still in the green zone, right? Life is good, but a big bounce, A big move to the upside today on VIX. So S&P 500, real excited about the opportunities there we are in a true bearish bias. You want the best opportunity to be right in the trade. Stay with bearish trades for now until we get outta true bearish bias. If you’re gonna do anything directional, do it as a day trade only would be my thought,on the downside. Plenty of opportunity to go. Alright, have a great one. I’ll see you at our next update. Bye for now.