Market Outlook for the Week of 7/17/23

Welcome everyone to the Traders Market Intelligence Report, brought to you by WealthBuildersHQ.com. My name is Robert Roy. This update is for Monday the 17th of July, 2023. Hope you’re having a fantastic day. I hope it’s been a great trading week. We’ve still got about 20 minutes left till the market closes. I wanted to get this thing wrapped up and sent out, I wanna make sure you have it today. I’m heading on a little vacay real quick for a little bit so I wanted to get all of this taken care of so you have all the information you need to kick tail next week in the market. So with that being said, keep in mind that everything we do discuss is for educational purposes and nothing’s meant to be advice or recommendations. If you like what you see, make sure that it fits your own personal risk profile, your risk tolerance., Never take on a trade or a strategy that doesn’t suit you first. All right, so let’s go look at the S&P 500.

We are sitting right at that 4,500 level. It’s not surprising. Friday, Thursday, Wednesday, Tuesday, Monday, takeoff, right? We had a great rocking move this week. I mean, we did extremely well on the market this week here. We did extremely well on the market this week as far as move goes, right? We opened up Monday, we had a quick little bounce. Tuesday was a gap and go. Wednesday was a continuation gap. Thursday was a continuation gap closing above 4,500. Yes, just rocking that number until you had a little bit of a pullback, not surprising to see a little bit profit taking at the end of the week. If we go and look at the intraday chart for today on the S&P, you can see we’ve had this overall, you know, quick move up and then this overall stair step pattern that just kind of brought us down, right? So we keep getting those lower highs and lower lows along the way.

All right, so if we go back and look at the VIX for today, let’s see what’s happening there. All right, so VIX overall, pulling back a little bit as the market is up, right, because, keep in mind, if we are up right now well actually we’re down right now, but we’ve been up so much for the week. This little bit of a pullback is not affecting it that much, where the VIX has made a little bit of a move to the downside as well, right? So overall just rocking it the way it should, right? Pulling back a little bit, we’re sitting right now about 13 and a quarter on the VIX. So man, it’s just, it’s super low. I just went through and did a video which I call “Backstage Pass,” which is for our Mastermind Group users, where I talked about the rut and why we’re seeing the disparity in how big of a distance we had you know, weeks ago only how far apart our two call and put spreads were and how much closer they’ve gotten together and why that’s taking place. And a big part of it is a little more than just the broad explanation, but the VIX has a lot to do with why that’s doing what it is right now. So overall move very nice on the market. Again, not surprised to see the pullback.

We look at a weekly chart on the SPX, right?, Overall. Woo, just rocking baby. I love it. I love it. Just keeps gliding higher. That’s good. Once we broke the 41 81, we broke it, retest, it bounced moving. Nice. we go look in the monthly chart. It’s now two months in a row that we’ve broken outta this rectangle, which was also the 4181 and one last time on the daily chart. Everything is good. I mean, when we back up and look into it and see what’s happening out there we will probably be redrawing the fibs in Power Option Plays over this weekend on the S&P 500. It looks like it’s due.

All right! So with that, we’re good to go. Hey, if you like what you see, make sure you follow along, subscribe, bring that bell so you get notified of all of the content that we put out there and make it a profitable day. Stay focused on the quest of becoming a great trader. Keep crushing it and remember, you just one trade away. Take care everybody. Have a great weekend, and I will see you all at our next update. Bye for now.