Market Outlook for the Week of 5/29/23 + Trade with Rob

Welcome to the Traders Market Intelligence Report, brought to you by WealthBuildersHQ.com. My name is Robert Roy. This update is for Tuesday – Yes, Monday is a holiday – Tuesday the 30th of May, 2023. I can’t believe May is almost gone. We’re actually gonna call this a double today, right? Or a combo. We’re gonna do this as the market intelligence report, and I’m gonna throw a couple of candidates in there for Trade with Rob. So you’ll see both of ’em. You may actually get two links to this video. If so, you can ignore the other one. All right. So S&P 500, woo, baby broke the 4181, broke the fib line. That that 4195 ish level on a close we closed above. First time you had 50 sum odd points to the upside today. 54 points. What a rocking, I mean rocking move on S&P 500 today. It just crushed. If we look at the VIX…So it was up the last couple of days yesterday and today it’s down. We’re down to 17.92 right now. So 18 points on the VIX. So we are in the low range. Three is a rank, so we’re in that higher series of it at higher ranking or space of it, but 18 is a phenomenal, phenomenal VIX for us as if you are a directional trader. It has great opportunity to it.

So let’s go back and look at SPX. Let’s go back and look there and what is next? All right, so we just broke through the 4181, which is this solid white line here. Right above that is the 4195 level that is the top of the fib line. Okay? Uwe pushed up higher than it, right? Which was our high was there. We pushed up higher over the last week, week and a half or so, but couldn’t, couldn’t hold it, couldn’t stay up there today. We stayed above 4205, first close in goodness, over a year, right at 4,200, I think it’s probably about a year. Let’s see,this is August. So we’re a few months shy, maybe eight or nine months since we’ve been up at this level that we’re at right now. So we’re looking at the 4312 as our next upside target. If we push back down, we’ve got the 4195, we’ve got the 4181, and right now we’ve got the 4163, which is the eight moving average, right? Those three right there. There’s a lot, a lot to get through. You know, every time you fall through a level, there’s another level there to catch you, right? Where up above it’s free and clear passage, right? So I’d love to see the small move up a pullback to the 4195 and a bounce. Magnifique! That’s exactly the pattern that we’re looking for.

All right, so if I take you over to Omega charts, let’s go and check out. Let’s see, let’s go look at AMAT, right is the first one of our Trade with Rob, right? First one of the Trade with Rob. So where did we close? Where did we finish? What did we do? So we are sitting right now right near that 137 level. We’ve got 144 as our upside target. We’ve got 133 as our downside target. So obviously we’ve got a lot more opportunity to the upside than we do the downside. We are also in a true bullish bias at this point. So here’s what I’d like to see. I’d like to see the either breakout of the 137 level retest and bounce. 144 quarter is resistance. So 143, 143.50, somewhere around there. We’re gonna look at the target. If we break or or fail, we push up to that 137 level and fail. We’re looking at 133 and a half as support. So maybe 134, 134.50,135, somewhere around there is gonna be a target. There’s a lot more room to the upside, and I’m okay with that because we’re in a bullish pattern. So I like that way better anyway.

POH all right is our next one. So we have nice fib channel going on there. Let’s kind of bring that in a little bit. So we close right at that 332.72 level right there, right? Pennies away. What, what’s happening now? What’s going on? All right. Break to the upside, retest and bounce. We’re looking at 340 is resistance. So right about 339, 338 as our target. If we fail, retest, and drop, we’re looking at the eight moving average. This number down, 3 29 22. Etch that line in stone in PH on the truck for Monday, Tuesday, Tuesday, etch it in stone, that that’s set there and that’s support. So we’re gonna be somewhere up above there. So 330 ish or so. Okay? That’s number two.

Number three is WTW, I feel like it’s a radio commercial fm, WTW-FM, right? The home of Rock and Roll. All right, let’s bring it in. Get a bigger picture on the fib. I like it. Ooh. Now we’ve got a bearish pattern setting up here, right? Probably not gonna be able to do too much of that. So we’re at a bearish bias. We have a lot more room to the downside than we do to the upside. The upside is the eight moving average. If we retest and bounce, etch the line, 223.61 is resistance so about 222.50, 222 would be a target. So we only have two, two and a half dollars as potential moved to the upside. I’m really looking at this more for the downside because my pattern is bearish. All three moving averages in the right order, facing in the right direction. It is a true bearish bias, right? Break that 220.66, retest and fail. 215 is our support level. So right about 216, 216.50 is gonna be our target. All right?

And there you have it. Ladies and gentlemen. Make it a profitable day. Stay focused on the quest of becoming a great trader. Keep crushing it. And remember, you’re just one trade away. Take care everybody. I will see you at our next update. All right, bye for now.