Corey Rosenbloom’s game plan from last Monday called for the S&P 500 to rally to a midpoint target. The market hit it by Wednesday.
The same setup is back this week. Crude oil at $100 a barrel decides whether it pays again.
Corey sees a bullish reversal forming off the 7660 area in the S&P 500. His upside target sits at 7776.
Crude oil is pressing right against $100 in the futures market. If crude breaks through, Corey sees a clear path lower for stocks.
A stall or double top in crude flips the script. Corey sees that reversal as the catalyst for another rally.
Bonds are sending their own warning. TLT rallied last week while the S&P 500 finished roughly where it started.
Corey reads a big bond rally as a possible safety trade. He’s watching TLT near 82, where a push higher could signal weakness for stocks.
Sentiment gives Corey a reason to lean bullish. Retail traders and some professionals are deeply bearish right now, and he treats that fear as a contrarian buy signal.
The calendar backs him up too. The S&P 500 has set its high of the year in December in recent years, and Corey points out the last miss came in 2022.
This week stacks the catalysts back to back. Here’s what Corey maps out in tonight’s video:
- Corey’s bullish reversal runs from 7660 toward 7776 in the S&P 500. He gives the market room to probe under 7600 before his thesis breaks below 7550.
- A crude oil break above $100 triggers a move under 7600 in the SPX. Corey’s first target sits at 7500, with 7300 next in line.
- Wednesday brings Microsoft, Google, and the Fed. The market prices a 90% chance of a hold, so Corey wants to hear what the Fed signals about December.
- Thursday delivers Core PCE inflation data alongside Amazon and Intel. Exxon Mobil and Chevron round out October, with the midterms right behind them.
Corey treats each setup like a deal of the cards. When the market pulls back to support and holds, he says the odds clearly favor a rally.
