Market Outlook for the Week of 7/31/23

Welcome everyone to the Traders Market Intelligence Report, brought to you by WealthBuildersHQcom. My name is Robert Roy and this update is for Monday, the 31st of July, last one, baby, 2023. Hope you’re having a fantastic day. I hope it has been a good trading week for you. As we get started, keep in mind that everything we look at is for educational purposes and nothing is meant to be advice or recommendations. Listen, bottom line is if you like something you see here a trade is set up an indicator, make sure that you confirm that it fits your own personal risk profile and risk tolerance before ever taking on that trade setup or indicator. Alright, so with that, let’s go ahead and dive right in.

So I wanna look at the S&P 500. Now guys, I’m still having a problem with getting my data properly here, so I wanna look at this for big picture, right where the fib is, where it’s moved from and to, and we’ll take it from there. So we had a really nice move up for our fib, a good pullback and a nice breakout of the upper level of our fib in there. We got out a little bit, we pulled back and then 1, 2, 3, 4, 5, you can see where we were on the previous Friday’s close and we just had that really nice run up, the gap yesterday, just massive gap to the upside yesterday, and then kerplunk all day long. But what did it do? See, that’s the key. What happened? We pulled back and closed near that 4542 level, and if we take this over a little bit off the screen, get rid of today, right, and really kind of bring it in there, like chugging along, you could see we closed right at the eight moving average on the Fib line. Wonderful location, great confluence in there. And what happened today, man, we exploded, right? Overall move was fantastic. We’re up about 44 points. The market’s got about a minute left to close up right now. If we go over and look at the TradeStation chart of the market what are we looking at here? There’s the big day from yesterday, right? Great gap up, a little bit of a pullback, tiny wick pullback, and we ran and we ran… Market’s closed. …We Ran right into the next fib line, which is the .382. We’re closing right there, right? What a phenomenal, phenomenal move, right?

If we go over and look at the VIX, just bring that up, I’m gonna take that off screen, make it a little bit easier for us. You can see how high the VIX ran yesterday. Now when I say how high, it ain’t high, right? But when I’m talking how high it ran, just generally how big of a move it was, we are still in the very low range on our VIX. Nothing to worry about whatsoever, right? So right now we’re sitting at 13.33 on the VIX. Woo! Just sweet, right? Very low price options. Great as a buyer, not so good as a seller. You gotta be very cautious as a seller to find the right premiums. Okay?

Now with that being said, let’s go back and look again at the SPX and let’s see where we go next. Alright? So to the downside, we still have a great confluence at that 4542. If we break and continue to push back down, trying to fill that gap, that’s where I’d expect us to go right now since we gapped up and ran right to it on the open today at that 4,600. That’s my first stopping point on the upside, right? If I scrunch this down a little bit, it’s 4661 is the next target. Above that, keeping in mind we still have this overall uptrend has been very much respected on the upside, so we could run into and have a short-term pullback somewhere along that way before getting to a major fib line. See right here we had this pullback, well we had the close near the fib line confluence with the diagonal trend line and then a little bit of a pullback, right? We pop back up, we could see that happen somewhere here, another pullback, a bounce, and then the move up to the next one, right? That’s really what we’re looking for. How strong can we get off of a key level, the fibs and or trend line moving average, Bollinger band, whatever your confluence points are.

Alright, with that folks, if you like what you see, make sure you go ahead and subscribe. Ring the bell here on YouTube. Leave a comment down below. We love the comments down there. It certainly helps us along on the algorithms for, for growing our channel, gettin’ the message out, not “gettin'”…my Brooklynese came back all of a sudden getting the message out to others out there. So with that, 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. Bye for now.