Market Outlook for the Week of 1/23/23

Welcome everyone to the Traders Market Intelligence Report, brought to you by WealthBuildersHQ.com. My name is Robert Roy. This update is for Monday, January 23rd, 2023. All right, let’s go ahead and dive right in. I wanna start off with the VIX.

We had a nice pullback on the VIX today. I am loving the move that it’s made, failed up at those moving averages came back down. Nice. We were at the lower quadrant of our mid-section, our green section, our medium section. We’re at the lower quadrant of that. You know, if we broke it up into three or four pieces, we’re at that lower edge of it. Very close to that. Yellowish takes us just down about below 18. We’re right about 19 and jingle today, 19.75 or so that we finished up 19.78. This horizontal blue line is our closing price today, right? And then we go over to the S&P 500, let’s see what they have for us.

Woah! Look at that move, man. Closed right on the highs of the day today at 3972.35 for the closing price. So we’ve gotta look at what’s happened here. Folks, this is a very critical position for the s and p to be in right now. So if we go back and look at the big picture, right, we see that long term down trend that was taking place in there. And now what’s happened? What’s taken place from that? We’ve gotten this nice bounce up. So last week we talked and I said, listen, we’ve gotta get above the fib line here. This 4025 level, we gotta get above the 4072 level, we’ve gotta get above the 4101 level just to get back into a bullish territory. And what happened? We failed coming off early this week. We’re pushing up right now. So what we’re looking for right now is how will we work out above with this recent swing high we’ve had here? How will we handle it right there? That 4015 level right about there? We need to close above that. If we can get a close above that, that higher, low negates that lower high, right? We had a higher low in here. This higher low, if it does get above, is okay, this was a hiccup. We pulled back for a couple of days, bounce right back, no big deal. But if we fail, right? Look where we are, guys. We got above this downtrend line again today on the close. If we fail at that down trend line yet again, woo. Not looking good, baby. You cannot keep pressing into that and keep failing. Especially now if you put in, if, if today as an example was the high and we failed again next week, Monday, Tuesday, Wednesday, and we break down below that, down trend line below the moving averages below the fib line. It ain’t looking good, honey. It ain’t looking good. Now I get it. You know, overall, you look at futures today, we’re doing well, right? The ES is up, the dow is up, the NASDAQ is up, the ruts up, everything is up, the oil’s up too. But everything is up today. Everything. All of the financials are good, strong, bullish day on the market. We’re up 70 points-ish, 70 points on the S&P 500. What an amazing move.

We’ve gotta look at the weekly and the monthly. So we get the weekly and what’s happening, eh, a little bit of weakness on the weekly here. We’re still above the downtrend line, which is good. Two weeks in a row. It’s the first time it’s happened now since this downtrend started on our weeklys, and we look at the monthly we closed above the best close. And again, we’re not done with the month, but it’s the best looking close so far that we’ve had above. We opened up above here and failed miserably last month in December, right? So we jump back into that daily chart just one more time, right?

So what do we wanna see? I need to see a move above that 4015 level on a closing basis. That’s the first place for us to get to. Where’s my fear? If we fall down below the downtrend line, that’s when I get nervous, okay? That’s when I start to worry, is if we break that downtrend line, if we break through all of our moving averages and that 3911 level, then I’m looking for the bear to come back, right? And where’s the next target? Then we’ve gotta get down below the recent lows. So you’ve got your swing low right here, but we do have a congestion point right inside of here as well, right? So we do have that down trend, those lows bouncing off of there. But that weakness of 376449, that’s the bottom line of what we’re looking for. Are we gonna violate break and continue to push to the downside? So the triggers, the targets for us to be concerned about this upcoming week is can we get above this level here? If it does, we’re looking for the bullish move. If we break down here below all of the down trend line, the moving averages, the fib line, then we’re looking for the move to the downside. All right?

There you have it. Ladies and gentlemen, have a great rest of your day. Stay focused on the quest of becoming a great trader. Keep crushing and remember, you just one trade away. Take care, and I’ll see you on our next update. Bye for now.