Market Outlook for the Week of 5/8/23

Hey everyone. Welcome, it’s Rob. Welcome to this update of the Traders Market Intelligence report, brought to you by WealthBuildersHQ.com. And this update is for Monday the eighth of where are we? May, 2023. Hope you’re having a great day. Guys, I wanna take a look first at the s and p. Then we’ll look at the vix, we’ll kind of flop back and forth a little bit and make some determinations of what the heck is going on.

So what a day it was today, man, it rocked. We had a gap up and we never looked back. We blew through the 21 period moving average. We blew through the eight moving average. We pushed right up into the Fibot, that 4144.50 level and pull back a little bit closing near the highs of the day. Strong day. 1, 2, 3, 4, 5. Now we started the week off up here, right? Monday, Tuesday, and Wednesday, Thursday, Friday, we gapped up into that high. We had three days of pull back in that nice run today. This was all based on the adjustments of employment numbers and yada yada, yada, right? Government still can’t get it right. You would think we all the people that got working for ’em, some would be able to get the numbers right with, they don’t have to make adjustments to them, right? So there’s a lot of talk of what could d derail the market already today at two o’clock, they’re already comments out there. What could derail the market? Derail. We’re not done, we’re not going up. We just had an update so far. We’re not there on this announcer on this news, but they are right? There are some things the Fed could be looking for. What happens with more unemployment? What happens with next CPIs GPD, there are some reports out there that the Fed is gonna be focused on over the next couple of weeks towards that next increase to determine are we done or not, right? We have a very small percentage chance of increase now, but we’re a month away or so from the next up to increase. You know, we just upped it this week to another quarter of a point hike and we had a 90% chance of a hike for this week and it happened.

So on a daily chart, great day today. Ping pong between the two fib lines, right? If we go and look at the bigger picture, we’ll start off with weekly, right? We kind of got outta that rectangle a few weeks ago, but we’re pressing into that 4181 again and again and again. And that came in on Monday. We’re nowhere near it now for today, but we closed it on Monday, right? But we’re outside of that box at this point. We look at the monthly and we’re still kinda sideways ish. Once again, that 4181 above our head. But now we’re talking about 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13 months, bumping our head on ugly up towards that 41 81. That’s how long it’s been going on. If we look at the intra day chart, the five minute chart, you can see what’s going on here, we had this nice gap today. Good continuation move. We pulled back into lunchtime right there, right? One o’clock or so. We started our bounces and we had a small pullback at the end of the day. A little bit of profit taking, nothing crazy, nothing really to worry about. Nothing to be the, “oh my goodness, what’s happening?” Not, not at all. We go back and look daily. Let’s go look at the VIX, fear factor. So. There we go. Look at it. What a drop today on fear. We got back to 17.14 today. Yeah, it’s just closed now. A few minutes. 17.14, right now we got back to close down there in the yellow zone. So we are a bias of low, right, which is our low yellow, green,medium red, high low, with a rank of three. We’re up there at that top zone exactly where we want to see it. I like it right where it is. Now, if you’re a buyer, man, this is a sweet spot as a buyer,you definitely need to be checking it out, right? One more time and go back to the,the daily. And let’s go look at our targets.

What do we want to see happen? What do we expect to see happen? So you’ve got the eight and the 21 moving average. They’re gonna be some sub-supports. They’re gonna be there, but not the most important number. 4093.74 is the most important number on the downside. 4144.59. You’ve heard me talk about chipping away at the ice, right? When we come down here, we’re break away at the bottom and we’re kind of breaking that ice a little bit, just a little bit on this day, giving way that we can not will, can break to the downside. When we did that today, except we were laying on the S&P was laying on its back and it was breaking up, right? It broke away to the upside, it gave way to break that 4144.59. 4181, still our topping pattern in there right now. We’d be looking also at a recent swing high at this level right here, which takes us at 4186.92, and of course, 4195.44 would be the next target from there. Ladies and gentlemen. There you have it. Listen, make sure you head on over to TradeingLikeABoss.com. Get your week started now by signing up for our Power Hour on Monday, Trading Coaches Playbook on Friday. Tony’s got a free training coming up as well. The pattern whisper. Take advantage of all of those. Have a great day. God bless, and I’ll see all of you on our next update. Bye for now.