Market Outlook for the Week of 8/14/23

Hey, welcome everybody. It’s Robert Roy. Welcome to the Traders Market Intelligence Report, which is brought to you by WealthBuildersHQ.com. My name is Robert Roy. This update is from Monday the 14th of August, 2023. I hope it’s been a great trading day for you. Market just literally closed right now. You heard the TradeStation bell in the background. So as we get started here, keep in mind that everything we look at is for educational purposes. Nothing’s meant to be advice or recommendations. You find something you like a candidate, an indicator or trade setup, something, anything. Make sure it fits your own personal risk profile and risk tolerance before ever taking on that trade setup or that indicator. Alright, so let’s go ahead and jump into TradeStation right now and take a look at the S&P 500.

So if we grab a drawing tool, you can see a great V bottom down here on TradeStation on S&P. Nice run up on the S P X good pullback. And after we finally got this breakout here, we’re back today and we bounced right off of that one line. Okay? It was perfect setup today, right down to it, came right back up. We finished down about five points on the day, four and a half points or so on the day. Let’s see the exact number there. 4.65. So nothing crazy as far as down today, but we’ve been about two weeks that we’ve been going here with this kind of bearishness in the market. This is the same view of the S&P 500 just on a, a better looking chart, which is on Omega Chartz. Okay? And I, I like very much, I mean very, very much that we did push and balance off of there today, but now the question begs itself of where do we go next, right? What is our next opportunity for a movement?

So we’ve got that 4448.47. Let’s just call it 4448 level, right? That’s gonna be our first downside target that we’ve gotta contend with. We’re pretty close to it right now with where we closed and with just this small little bounce that that took place on it today. We can get rid of this blue line in here, which was our recent swing lows. We’ve violated that easily now at this point, multiple days, 4 – 1, 2, 3, 4 days, right? But we are still in the overall bullish uptrend, which is a confluence right now of that zero line. And right below there we’ve got a 55 moving average, which is another confluence with the 4,400 level. So we’ve got a lot of topsy-turvy type stuff happening around the position right now around the S&P.

When we look at a weekly chart, different fib on a weekly, right? But we’ve got a really nice move. The last two weeks have been bearish, and this is really the first time we’re back at the support line since beginning of June, right? That’s how long it’s been that we’re just bumping our head out ugly, where we keep pressing up on the higher edge of it. And when we look at a monthly chart of the S&P, got a, a quick trend down. I mean, well, a nice trend down actually monthly and a, a quick trend up so far, it’s been about five months. We are breaking through the bottom line. Now, the, the monthly chart, the angle is a little bit steeper than I like it. I prefer it to be more like this, not like this, all right? So I’m not crazy about that portion of it or that setup on it, but we are breaking the downside, another week of downward pressure and we could see us break and wind up back at that 4181 over the next week or two without a doubt. And that’s what that dark black line is. And we go back to the daily chart and we look that’s all the way down here. So we’re sitting right now at 4460, we’ll call it 4450. Make it easy math. And we’re talking about 4,200, right? So we’ve got 250 points for that move to the downside. So will it happen in a week? Definitely not. Can we make it down to that level? There is a concern that we do push back there and I hear a lot of it around, you know, 4200, 4100, I’m hearing these numbers. Traders have absolutely no idea why they’re throwing them out there. They just are. They’re round numbers that really don’t mean anything. 4181 fib level, we have tested it and retested it again and again. Snap it on your charts. 4181 on the S&P 500 and go back historically. Look at how often it’s bounced right off that level, right?

We take this into the VIX right now. We’re still low on the vix, we’re down a little bit today. Not much by about a buck or so. We’re still in the low zone, which is our yellow zone, right on vix. So overall, I like it a lot. So what are we looking at for this week then as far as the S&P of where we go, right? So that 4448 level is the first one on the downside. And then we’ve got the confluence at 4,400 on the upside. Man, there’s major resistance at that 4,500, the eight, the 21, and the 4,500 in there , all causing issues right at the same time. All right? That’s the first stopping point. 4542 is just above that. All right?

If you like what you see here, folks go ahead, jump over to tradinglikeaboss.com. Lemme just bring that up so you see it. Okay? well actually I don’t have it on this page. We need to update that tradinglikeaboss.Com has all of our free resources on it. Everything that we have out there that is available, that is free. Take advantage of it. You wanna learn about Fibonacci, you wanna see free upcoming trainings every week. We do Power hour andTrading Coaches Playbook. Go ahead and check those out right there. You’ll hear a little bit less from me over the next coming week because I’ll be away on Vacay. I will be back in time to do this again next Friday. So not a problem. So with that, 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. I will see you at our next update. Bye for now.