Weekly Plan 10/30
Bottom fishing gone awry
Hello traders,
Hope you had a great Halloween weekend.
Alright, let's not sugarcoat this—you want the raw truth? Markets are in an absolute tailspin. We went dangerously close to 4108, and trust me, that's like seeing the tip of the iceberg while you're on the Titanic. It looked like a kid's failed art project; bulls are not just in hiding—they're in witness protection.
Now, onto this MAGMA debacle. These aren't just tech stocks; they're the titans of Silicon Valley, the legends in their own lunchtime. Well, guess what? They got their lunches eaten last week, and they took the cafeteria down with them. Thought we were in for a sector rotation, a little evening of the scales? Jamie Dimon made sure that didn't happen. Dude pressed the eject button on his JPM holdings and sent Wall Street into a DEFCON 1 situation.
So what's the game plan, the North Star? Keep your eyes glued on 4108. It's not just a number; it's the market's mood ring. If we hold steady, pull ourselves up by the bootstraps, then there’s a smidgen of hope that we’re not just treading water. Bulls might get brave, make a run for 4188, and who knows, even 4258 if they’re feeling frisky. But if we nosedive below 4108? You better brace for impact, because we're free-falling without a parachute, folks. Next stops are 4069 and 4013, and beyond that, it's a lonely tumble down to the big 3988.
Moving on,
For Crude Oil The inflection point this week is $83.82. If the market can break above it, it will likely head to $87.25, which is a key resistance area. But if the market fails to do so, it will likely drop to $80.4, which is a strong support level. As of writing this post CL is trading at 84.25s. I have been trading less crude futures these days because of geopolitical risks but more on the second order plays like OIH 0.00%↑ (OIH) and MPC 0.00%↑ (MPC).
Levels: Here are the weekly levels for this week. Note: Post FOMC I will send updated weekly levels via Substack.