Market Outlook for the Week of 6/26/23

Hey everyone. Welcome to the Traders Market Intelligence Report, brought to you by WealthBuildersHQ.com. This update is for Monday, the 26th of June, 2023. Hope you’re having a fantastic day. Hope it was a great trading day for you and a good trading week. But man, it was a short one this week flew by with only four trading days available. Love when that happens. Love when the week goes by. So keep in mind as we do get started here that everything we look at is for educational purposes. Nothing’s meant to be advice or recommendations. If you like what you see, make sure that the candidate, the strategy fits your own personal risk profile and risk tolerance before ever taking on that trade or strategy. All right, let’s jump in on the S&P 500.

Very first one, SPX. Let’s start there. So let me bring that back up. Okay, so this candle’s off slightly. The closing price is right. I finally got my data working today on Omega Chartz for SPX and VIX. So we were down today, are down today about 33 and a half points. It was a little bit more wick on the downside in the day, but not really much, but it definitely was down there. Okay? So as we pull this in a little bit, let’s look at what happened. So we went from let’s see, Friday, Thursday, Wednesday, Tuesday. That was our first trading day of the week because this was Friday. Okay? So we had the pullback on Friday, the gap down Monday. Now we got the gap down Monday, the gap, I mean, on Tuesday, the gap down Wednesday, the close, right near the fib line and the bounce. I love the bounce. I was very bullish on that day. Love what it did there. Love, love, love what it did there, and closed on its high of the day. And then yesterday nice close up. Today, <crash> gap to the downside and wham bam, thank you ma’am, we just run for the hills baby, right? We pushed down 33 and a half points today to the downside, ending in a bullish neutral bias. What does that say? If I’m going to take directional trades, I want it to be above the 8EMA/ fibonacci level. That would be my requirement personally to take a bullish entry. Now that’s the hold for a swing trade. If I’m gonna day trade it because we kind of pop and break above, that’s fine, right? But I want, no matter how you slice it, I want this puppy to do something like this. If it’s gonna fail, I want it to move up and drop, and I’ll take the entry on the drop, right? If it’s going to break to the upside, I want it to break up, retest and bounce, and that is where I will take my entry. It’s all about finding the right setup. I preach this every single day, every single week of the year to traders. There’s a very simple systematic approach. You do not need to overcomplicate this at all, but being in this bullish neutral bias right now and now two days we got down there yesterday, today we closed in there. So two days that we got down below that eight, it’s starting to set up a little bit of are we going to make a retest of that 4312.64 level, which has a confluence of the 21.

If we go and look at VIX today, and we’re kind of flat-ish. We’re up 48 cents. So really nothing on VIX, it’s really small. Looks like it’s a lot bigger than that, but that’s because the VIX is just so, so far down, right? If we go over and look at a weekly chart of the S&P 500… So we look at a weekly chart on the S&P 500 and you know, we had this nice breakout from the rectangle. We had a good wedge, you know, bottoms forming up in there. We actually can take that out at this point and we’re going to draw a different line in there. We’re gonna draw off of this bottom right here. Let’s see, let’s duplicate that line. There we go. So we’ve got a little bit of a pattern to the upside in there. We are above the .618. We pushed into the .764, but we’ve now had a couple of weeks of nice bullish moves, unlike when we look at the monthly chart.

So we look S P X, right? We’ve got this month and it’s only this month. We’ve broken out of our rectangle. We got outta there. I’ve got a similar wedge or bullish trend drawn in there overall, right? So we’ve got a nice little setup happening in there. But when it comes right down to it, just looking at the daily chart… Just looking at that daily chart, I really wanna see, ideally we get back above the fib line, back above the eight moving average and continue to push to the upside. If we fail. I’m not worried about at this point until we break the 8 moving average on a closing basis, then, and only then will I have any concern that was starting to press to the downside again. So listen, if you like what you see, make sure you subscribe, follow along with what we do here on YouTube. You know, ring that bell, leave a comment down below. It helps us in the algorithms. We greatly appreciate when you folks do that. And with that, make it a profitable day. Stay focused on the quest to becoming a great trader. Keep crushing it and remember you just won trade away. Take care everybody. I will see you next week. Bye for now.