Market Outlook for the Week of 11/6/23

Welcome everyone to the Traders Market Intelligence Report, brought to you by WealthBuildersHQ.com. My name is Robert Roy, and this update is for the 6th of November, 2023. All right. It was a great trading day or a couple of great trading days for us, and you know, it’s been a long week, I mean a long flipping week. Let’s talk about what that even means.

Okay, so Friday, Thursday, Wednesday, Tuesday, Monday. Remember last week we nailed that 4181 through the week. We tapped it again here. We broke down lower, we broke through the 10% correction, and Monday, this whole week has just been do, do, do, do, back up. Tremendous gains in the markets for this week. Biggest gains since X weeks after some of the biggest losses in months that we’ve seen, right? But we’ve get pretty much gotten back. Almost everything that we gave up in the last couple of weeks came back in the last five days.

So today we are just closing up now actually we might have just closed a few seconds ago, but we are sitting at 4359. Yeah, we’re still open. It’s got a couple of seconds left there. Yep. There is the bell, right? So we’re closed at 4358 and a quarter or so. We’ve got 4367 is our risk resistance up above on the S&P 500. I mean, just rocking. What a great, great, great, great, great move. Now we are in a bullish bias, but it is not true bullish. The moving averages are completely flipped upside down. The pink should be on top, the green in the middle, and the brown on the bottom. That makes us a true bullish bias. We’re bullish, but we still want to treat this as an aggressive setup. We don’t want to take these as full-bore, I am bullish here, right? We’ve got a fib line not far over our head at the 4367, and then not far above that is the 4393.57, which is our recent swing high. Along with that 4,400 level on the top, on the downside we’re looking at 4316.87. So we don’t have we don’t have a lot of stuff in our way. Granted, getting up above the current fib line. We’ve got the recent swing high and the a hundred point level, but they’re really, really close to each other. Overall, I like to move. Are we done going down? We might be for now, but there’s still a lot of turmoil out there. US-Wide, worldwide that is going to cause strife and potential havoc, particularly whenever Powell opens his mouth up. It could cause issues, right? If we look at the vix, we had a nice little move to the downside.

Today we’re down about 57 cents on the VIX, takes us down to 15.09. Great VIX level, I mean, super low options. Prices are really inexpensive at this point. You know, if we look at the bigger picture on our S&P 500, let’s go back to the S&P first. Let’s go look at that bigger picture. Start off with weekly. So here’s this week. I mean, great candle, right? But it’s still an overall downtrend. So the bigger longer term picture, we are still in a bearish pattern for on our weekly chart. We look at a monthly chart. We’re still in a bearish pattern for five months, four months. We’ve been in a bearish pattern. We could break out of it. I’m not saying we’re stuck there, we could break out. But boy, that 4181 on every level, every level has played massive importance last month, this month, all tremendous importance for us for S&P 500. Okay? So we’ve got some room there for it. So watch come next week. You’ve got your targets already of what I’m looking for, right? I’m looking at that next fib level and then up here at the 4,400 with the recent swing high, and then down at that 4317 ish level is our first downside target. We’ll see where it all goes.

Have a great trading week and I’ll see you at the next update. Bye for now.