Welcome everyone to the Traders Market Intelligence Report, brought to you by WealthBuildersHQ.com. My name is Robert Roy and this update is for Tuesday, the 5th of September, 2023. As we get started here, keep in mind that everything we look at is for educational purposes. Nothing’s meant to be advice or recommendation. You find something that you see anything, make sure it fits your own personal risk profile before you ever take on that trade, that setup, or that indicator. Alright, so let’s go take a look at the market for today.
We’ve got 3:52 right now, so we’re not quite closed yet. We’re pretty darn closed though, right? We are up $4 today. That 4,500 level is going to be critical. I’ve said this before. We broke out of it. We retested one day today. I wanna see if we get a, a chip away at the ice. If we break through it a little bit today, we’re setting it up that it says, “okay, it’s all right if you want to go down now, ’cause you kind of chipped away at it already, so you weakened it,” right? We’re not there yet, but, but, but, but, but, but actually what was the very low today? 4501.35. Yeah. I didn’t remember seeing it get down below 4,500 or so n the day, we’re up from yesterday’s close, but we were up six and 7 just a few minutes ago as I started setting everything up for this recording. So we got a little bit of a pullback.
If we look at the weekly, weekly is a lot different than monthly now. ’cause The weekly is these five days, Monday through Friday, right? Great move. 107 points to the upside. Very nice. Very nice. You look at the monthly, ah, not so good, right? Today. Today is the first, right? First, first. We don’t have a lot happening there. We look at last month, we gotta take this off the screen, right? We were down 81 points for the month. That’s not horrible concerning what the S&P 500 moves every day. We’ve got a Fitbit of 92, so we move about 46 points a day. So, we’re down two days worth of data of trading for the month. Not, again, not really that big a deal, but it did get us outside of the uptrend slightly. We’re outta there. Now getting back in there is gonna be much harder because of how steep of an angle we’re at. If we were at less of an angle, it’d be a lot easier to get back inside of there.
So where we’re looking at this upcoming weekend? Remember it’s a four day trading week. Monday is a holiday. So I said Tuesday the fifth. Okay, not Monday. So on the upside, we’re looking at 4542. That is the first level we’ve gotta get through. Ultimately, we’ve gotta get through 4,600 to have any kind of real breakout because we’ve been there and failed handsomely off of it. Actually, if we go and look at, just take a little side side step there and we’ll go look at A, B, C. Yep. Look at that. 4541 is critically important. We’ve got our A, B, C shows up right there, right? We don’t have anything else, which is the one until we get up to 4661. But that 4541 is going to be a complicated level to get through. There’s a lot of resistance there, hidden resistance that you’re not seeing like this 45 41 that I just jotted down in there, okay?
If we look at the VIX today, VIX is down. We’re down about a half a point. We’re sitting right now at 13.08. Still five minutes left to the close of the day, but we’re overall looking good. We’re in a low level on the VIX. We’re a rank of two, which is phenomenal. Phenomenal, right? Great move on the downside, we’re looking at that 4,500. Then we’ve got our 4475, which is the 8. 4448 is our Fib line. So those are the three critical ones for us right now. Okay?
As we go ahead and wrap it up here, you’ve got an extra day off. Hopefully you do. Anyway, at least from markets, you do go ahead and do some research, do some work, do some training this upcoming weekend. Go over to TradingLikeABoss.com and all of our free resources are there. Take advantage of them. Go and inhale the things we have on our podcast and on our YouTube channel, which is our long form trainings are on there, right? Capitalize on those this week, which you’ll find all of that at TradingLikeABoss.com. Alright? With that, make it a profitable day. Stay focused on the quest to 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.
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