Welcome to the Trader’s Market Intelligence Report for the week of August 15, 2022. Hope you’re having a fantastic day. I hope it was a great trading week. Market is closed. We just have a few minutes left on Omega Chartz until we get the final update, but I wanted to get this out there so you guys have this right away and we get it locked and loaded for the update over the weekend.
So what we’ve got going on here, this horizontal blue line is where the actual close was today on the S & P. As I said, just a few minutes behind on the delay here. I don’t have real time data on this platform. I’ll show it to you on another one though. So we’ve had a nice move up, but this platform is critical to me for my analysis. I don’t find a better platform than Omega Chartz to work with.
So if you remember last week, Friday, Thursday, Wednesday, Tuesday, Monday, here was last Friday, right here. We were in the rectangle, which matched up to this rectangle right back here on the left. The phrase was “look left,” right? Well, we’ve talked about this ad nauseum, that we’re looking for a breakout of this black line, which was the 4181. The 4177 is the, one line, which is the start. We started at 1 of the fib, the blue line that’s kind of hidden in there, and then of course the 4,200 is that dot-dash line that’s in there 100 point level. All three important, a lot of confluence around there. And now we did get our breakout, right? So here we go back, you know, here’s, Monday we’ve moved up Tuesday, we moved back down Wednesday, we got the gap and the breakout that was a strong breakout. Yesterday’s pullback was critical. We got back to that 4,200 and we bounced and not exactly the 4,200, but close enough, and we bounced. I would’ve liked a slightly smaller move down, but today was a classical pattern of making that move to the upside and it’s a phenomenal move in its in its own right.
And if we look, go a little further back in time, it’s been a while since we’ve been at that 4180 level, it’s taken us now back till May 4th was the last time we were up there. And it was a major resistance at that 4,200 ish level, 4,300 rather, level up there. Major resistance and the fib line 4282.08. Today we got 4280.04 as a close. Go figure, right on top of the previous fib line which are always in play, they are always important. We never want to delete the past fibs on our charts. I just don’t pull ’em all the way out on top of each other because it would be a mess, you know, look, something kind of like that. Right. Which of course we don’t want to have.
So good move for the week. What am I looking for? In an ideal world, I gotta pull back to that 4,200 again and a bounce. But if you can get the breakout above the 4280 level where we close get above 4,300 retest and balance, there’s another opportunity right there as well. If we look at the intraday charts, here’s the four pack of charts. Yes. There’s five charts, but the one in the right side, the upper right, right there is something I normally use with intraday. We just don’t get pre-market data on the S & P, we get it on futures, not on S & P. But overall, we rocked.
I mean, if you look at this five minute chart today, woo baby, baby, baby! We’re up 73 points on the S & P today. So just an amazing flipping move that was made in there. Right? Great, strong, strong, strong pattern going on for today. Good, good move up. Right. 4222.62, we took a nice bounce off of there and then rocked to the upside. So I’m excited for the overall pattern for the overall move.
It’s just caution, right? What do I mean by that? What’s going on? The Russia, Ukraine war is still happening. The United States government is getting set to sign an unprecedented document where they’re giving away billions of dollars again, that’s gonna cause an increase in taxes for the average person. It’s not just the big money. That’s not where it’s coming from. The average person that, you know, 72% appear that make over 40 grand a year are going to be hit by this.
And if you make a hundred grand a year, it’s like 97% are gonna be, have higher taxes because of it. And I don’t know where it’s an inflation buster, since a large majority of what’s taking place in there doesn’t even come in until 23, 24 before they start to kick in and beyond. Some are like 26 or 28 before certain things kick in. So you’ve got all of these other factors out there, uh, high inflation recession, you know, the economic reports, unemployment rates, all of these things, interest rates play into this, all of that to say, keep your eyes wide open and focused on what’s going on in the market. Don’t get stuck on a daily chart, just looking at the far right candle. Look at everything that’s going on around you analyze the market from a global perspective. And then not only then when you get it right. All right, ladies and gentlemen have a great rest of your day. Keep crushing it. And I will see all of you at our next update. All right. Take care folks. See you then. Bye.