Welcome everyone. It’s Rob. Welcome to the Traders Market Intelligence Report, brought to you by WealthBuildersHQ.com, and it is for Monday, the 31st of October. November’s just around the corner, baby. It’s a spooky day. Hope you’re having a great day. Hope it was a great trading week for you. We had an amazing two days of training in New York. Day one was A Day In The Life of an Online Trader with Mr. Brandon Wendell, myself. We met with our inner circle and mastermind groups and we rocked the house. We streamed that video, that training live, all over the world to our other students that could not make it. It was smoking. What a great training we had there, and evaluations, the feedback were fantastic. We had about a half a dozen of our students stick back at the end, helped us move stuff around, helped Shaune get things put away and wrapped up. It was fantastic. Thank you very much all of you that that came. Appreciate all the help that everybody gave as well.
So with that, let’s go ahead and jump right in folks. Man. Oh man, what a week it was. So 1, 2, 3, 4, 5. This is Monday guys. So here was our close on last Friday. We closed in a neutral bias, right? We’d already moved up nicely from where we had been. We moved up Monday, still neutral. We moved up Tuesday, now we’re in bullish and we are not in true bull, but bullish up that the 8 had crossed up through the 21, pink through the green on uh, Wednesday there, uh, Tuesday rather Tuesday there crossed up. We were not in the right order. It’s not a true bull, but enough to take a directional trade if you chose with an aggressive entry, meaning a smaller number of contracts, right?
Then we had this pullback on Wednesday. Mm, we got right back to almost bullish again, and then we came down into bullish-neutral, very concerning. “Are we gonna drop?” We got all kinds of earnings coming out. We got Amazon earnings, got Google earnings coming out, and we have Apple’s earnings come out and this explosive move on Friday. We’re up 94 point -ish on Friday. Explosive. We pushed right up into that 3,900 level right up into the purple line, which is the 0.618 Fibonacci level, right? Which is, uh, 3915.15 level. And now we’re sitting in this bullish bias.
There’s a lot of news coming out this week, folks. Check out the economic reports on the market intelligence report page, but we have got a ton, a ton of red reports, couple orange FOMC speaking, This is the last one before the election, right? But here we go. So we got the FOMC out and still a fairly high percentage that we’re going to get an increase of half to three-quarter point. Half would signal the feds slowing down. Three-quarter would signals, would signal status quo. We’ll see where they go. It all depends how much they wanna to try to manipulate elections, I guess, right?
So overall we’re in a bullish bias, right? Do I think the economy is better yet? I don’t. I don’t. But that doesn’t mean that election day doesn’t make a change, right? Wall Street may be looking at things, looking for certain parties to win one side or the other, and if it does, that could drive a market up or down. It all depends. So if the right party wins, it could drive it up, the wrong party wins, it could drive it down.
So we’re not there yet. We could still get that continuation from a standpoint of inflation cost, fuel cost, we’re still there. I mean, I saw a line at Costco today that was massive, massive for people to try to get gasoline at 20 cents a gallon cheaper than it was somewhere else. I wasn’t waiting. We drove somewhere else. I paid 20 cents a gallon more and we called it a day. There is no way in god’s great earth I was waiting on that line to get gas. Uh, my wife goes, “Well, we can wait.” I’m like, “Nope, I ain’t doing it. We’re gone.” Right? And we went somewhere else and picked it up. So, but is it more money? Yes. Is it more cost? Yes. Is gas high? Yes, it is, right?
So what’s going on now this week? So we are looking at the Fed, at the fibs and saying that 3852 level is a key area of support that is the next pull back and retest…And I’d love to see that happen. You know, we had the high, well, we had a high here and a low. We had a lower high and a lower low. We still had a lower high in here, which we have now. Uh, well actually, what was it here? The high here was 3905 and the high here was 3907. So we have still not yet hit or broke that previous high, but we have broken on a closing basis, which is great. The next step up is breaking that .618, push back up, retest and bounce. That’s the next leg up or a pull back into the previous fib level, which is this 0.5, which is the 20% mark on a bearish market. That was our 20% pull back on the s and p 500 right there. Great recovery in the last two weeks, folks. There you have it. Have a great rest of your day. Stay focused on the quest of becoming a great trader. Keep crushing it, and remember you just one trade away. Take care, everybody. I will see you at our next update. Bye for now.