Hey everyone. Hope you had a great trading week. It’s Rob here with WealthBuildersHQ.com. This is our weekly outlook that is for Monday the 8th of August, 2022. And what we do here is we kind of look at what’s happened this last week, what the market itself looks like and what we might anticipate happening next week, along with, are there any things that we need to focus on? And we’ll get to some of those in just a moment, but I really want to dig into the S & P 500. If we look at the S & P we’ve got five days, 1, 2, 3, 4, 5, our last five days go right to here. That was Monday right there. That’s the Monday candle that we’re we’re looking at. And you can see from the overall movement, we had closed here on Friday, we gapped down to this a hundred point level, had a small move up, breached the a hundred point level, gapped up to the a hundred point level ran almost, not quite, but almost to this black line, which is 4181, and then of course, we’ve got a Fib in there. I think it’s 4177. So we got pretty close.

The next day we came back, and had a doji would not let it move any further. Today, we had a gap down near the a hundred point level, not really a confluence of the 8, because the 8 would’ve been down here from yesterday, this is closing price of it right now, and we had to move back up. So overall some will look at it and say, “hey today, you know, was a great move.” Well, we’re down seven points today. Remember it’s from where we close, not from the move of where we opened to our closed. It’s yesterday’s closed to today’s close, how much did we move? So we’re down about 7 points overall, which isn’t bad considering the market is moving 20, 40, 80 points a day, right? This is nothing in the overall grand scheme of things.

But when you look at these last five days, right, and let’s just kinda put a rectangle around it, not for any other reason then to make it stand out. What do you notice there? See, I purposely have the screen at this zoom, right? “Look left.” Famous phrase. Right? Look left. What do you see? I see another box right here. And actually, if we just do this to try to get a measurement of it, well, that won’t work quite like that. Let’s do it this way. So let me go ahead and just to try to keep it the same height, I’m just gonna use this to measure here roughly. Okay. Then we could pull it out.

So what do you notice? We have a dreaded box of neutrality right there that matches the previous one. And it’s not surprising because where are we? 4181. Write that number down. Snap that line on your chart. And you know, I felt, how do I wanna say this? I felt relieved is not the word. Just awesome to hear the CNBC announcer say “folks, that 4175, 4180 level, there’s a lot of interest there that if we break above that, we’re expecting to move to the upside.” Yes. But they have no idea why. Yeah. We’ve had some hits up there, but you could easily take that 4180 level and bring it down here to, let’s see, bring it down here to… 41…What is that? 55, 65 to about 4165. Why 4175- 80 for them, right? It ironically it gets ’em five or six points away from the actual Fib number.

So what are we looking at now? Same thing I talked about last week, folks, we, we made some progress this week, meaning we’re staying above. Now that a hundred point level we’re above our moving averages. We did make it this week now into a true bullish bias. 8 is on top pink line, right? Green is in the middle. The 21. Brown is on the bottom, the 55, all exponential moving averages. We are in the right order, looking for the right trade set up now, right? That doesn’t mean there aren’t trades to be had in day. What this tells me is I am still looking for the break above that fib line, the 4181, the retest and the bounce. And you might want to use that 4,200 level as your trigger. We gotta pull back in a bounce, but I want to be above 4,200 for the entry. All thoughts on how to do it. You have to make the decision on how you’re going to do it. I have my plan in place. Do you have yours?

That’s what these updates are all about. Trying to help you lay out, give you some ideas, start the process of thinking, what do I need to do next? What is my next step in this phase? Right? That’s why we’re here. If we look at the intraday chart from today. Nothing great. It was okay. We kind of had this. It reminds me of the Hills of Buffalo, right? Just the pastures, the Meadows, just these winding ,big, swooping,until we got to the end of the day-type moves. If we look at the pivot points, and it’s on SPY today, we had a lot of intraday movement on pivots today. But we go to S and P 500. We gap down and really had just an amazing end of day move to the upside. By the time we were finished, 4181 is the key. Write it down. There you have it. Folks have a great rest of your day. And I’ll see y’all at the next update. All right. Take care folks then. Bye.