Market Outlook for the Week of 5/15/23

Welcome to the Traders Market Intelligence Report, brought to you by WealthBuildershq.com. My name is Robert Roy, and this update is for Monday. That would be the 15th of May, 2023. Hope you had a fantastic trading week. Let’s go ahead and jump right in. I wanna start off first and foremost, right in the S&P 500. What a day it was, a gap up. We tag the 4144.59 level, which is our .118 fibot. We fail, we break through the eight, we break through the 21, we get to the end of the .236, which is hesitation. We bounce, come back up, good recovery at the end of the day. And we close at the eight moving average right there, baby, right there. High, lower, high, lower high. We’ve got higher lows coming up in here until this point. That’s our new low, right? So are we going to pull back and, and re retest that level again? Breakthrough or are we wedging out right now, right? We doing something like that, forming some form of wedge in there. Highs and lows that we’re gonna look for a breakout, a pressure cooker, and a breakout from there.

You know, when we go and look at the bigger picture, we look weekly, right? We’re still in somewhat of that rectangle. Yeah, we’ve gotten above it and we’ve been able to maintain up there and that’s fine, but we’re still bumping into that 4181. We are talking 1, 2, 3, 4, 5 weeks. We can’t get through the 4181, barely with the wick last week, but we failed off of that. We look at the monthly and we’re still in stagnant city. Little bit of a, again, little hook to the upside the last two or three months, but we keep bumping that 4181, no matter what level you’re looking at, that 4181 is playing a critical component.

We look at the intraday chart today, you could see the fail all throughout the day. We just, we gapped up and we just dropped, right? And there’s that 4144.59 level. We went right to it and we failed. We started to bounce, I guess it was 2:45 or so, 2:30, 2:45. We started a little bit of a bounce in there, closed up nicely for the day. All strong bullish thrusting candles. Good bullish thrusting pattern as we went through, right?

If we go and look at the VIX, which is fear, let’s go check that one out. I’ve got it right over here. Already loaded. So we’re, we are up 10 cents on fear, really not a lot, right? And we were only down what, six points on the S&P. So again, also not a lot on the day, right? So overall, not too shabby, but bottom line is this. What are we looking at? What’s happening there? What’s doing where We have to get right now, it’s changed. We have to get above the 41, 44 59 level. That’s the first key. Yes, we’ve got a recent swing high in there that’s a previous swing high is here. We’ve got a recent swing high here. That would be nice if we can get above. Actually, we should probably snap a line on there since it is the recent one, right? So we’ve gotta get above that 4155 level, but then you’ve got 4181, 4187, and 4195 right above it. So there’s lots of resistance up there. We close the day out in a barely, barely in a bullish neutral bias. We are still very close to that eight moving average 25, 24 less than, just about a dollar a dollar, seven different seven whatever, about a 1.93, whatever. I don’t know which side it’s on. It doesn’t matter. Okay, <laugh>. So about a buck from there. So we’re, we’re right on that cusp right there. But we’ve played with that eight moving average multiple days now. All right? So it’s gonna be critical.

We need to see the breakout, we need to see what’s gonna happen in there. So keep your eyes wide open this week, folks. We’ve still got some economic reports that we’ve gotta contend with, right? You’ve got some other news like debt ceiling that is looming out there right now. All big stuff that could drive the market in one direction or another near you. Have it. Make it a profitable day. Stay focused on the quest to becoming a great trader. Keep crushing it and remember, you just one trade away. Take care and I’ll see you all in our next update. Bye for now.