Market Outlook for the Week of 9/11/23

Welcome everyone to the Traders Market Intelligence Report, brought to you by WealthBuildersHQ.com. My name is Robert Roy. This update is from Monday, September 11th, 2023. Hope you had a fantastic trading day today. Hope it was a great week for you. I want to go ahead and jump into the update of what we’re looking at for next week, but as we do keep in mind that everything we look at is for educational purposes. Nothing’s meant to be advice or recommendations. If you like what you see something, anything here, make sure that it fits your own personal risk profile and risk tolerance, one that you define for yourself before ever taking on that trade, that set up or that indicator.

Alright, so we’re gonna start with the S&P 500 and what did it do today? Not a fricking thing-ski. We’re not closed yet. We’re still about three minutes, two and a half minutes left. We did get a gap up. We got above our zero line here, right? We’re still pinned between the fib line and the 8/21 combo of moving averages there. After this big pullback and the bounce we drop down, we’ve had some issues trying to make it back up again. Does that mean we’re done? Nope. It’s end of week. It could very well be just a setup in there. This update is to help you as a trader understand what to be looking for come next week. Alright, so we’ve got what would be considered right now a neutral bias. We’re below two of our moving averages, above the third one, we’re in a neutral bias that automatically says “day trade.” Wipe out any thought of directional trade, and if you are gonna take directional, you’d want to take it as an aggressive trade because you don’t have a clear direction here of where we’re going. Okay?

So when we get in and zoom in on it, we’ve got that 4448.47, lots of fours as our fib line, right? Break through that on Monday, retest and fail, and we’re looking at 4,400 as the very first downside target. So that would be support. So, somewhere up above there, 4101, 4102, somewhere around there as a target for the upside. We get the bounce, but I gotta get above the eight and 21, so that makes it hard, right? We’ve got two roadblocks in our road, in our path to get to our next level, that 4495 level. So realistically, I need to see us get back above that 4495, 4500 level for me to really feel comfortable of, “let’s consider something directional bullish.” Okay? So if we get above the eight moving average on Monday, then look at a potential bullish entry up to about 4495 as resistance, right? Because when we look at our bigger timeframes, took it weekly in there and it’s just that very weakly, right? We had this breakout of the uptrend. We climbed back last week. This week, we’re down 58 points on the week. We’re bouncing off that 4419 level. We did get a little bit of a kickoff. We’re up to 4460, we’ll call it 55-60y right now. So we’ve had a little bit of move, whereas on our monthly chart, steeper angle, this is the second month in a row. And keep in mind this last box, Septemberit’s only what? The eighth? Today’s the eighth. It’s only the eighth. So we don’t have a lot of days in there, but we’re already down almost 50 points on the S&P for the this month so far. Okay?

When we bring it back over to daily, overall pattern is so good. We just we’re, we are in a state of flux…flux, right? Where we’re kind of just stagnant, we’re stuck in there and we need to get out of that stuck, above, below, I don’t care. I just need to go. Once it does, I know what to do. I’ll be in position number one in the chair on Monday, sitting back like this, just waiting. If I break one of those levels, I’ll get to position number two. If we retest and bounce position, three puts me into the trade, okay?

If we look at the VIX fear, right? We look at the VIX and what’s going on for today, we’re down a little bit on the VIX, so nicer to move actually there for vix it puts us at 1395 for today. So good move down. We are at a very, I don’t wanna say historical low ’cause that’s not it, but historically when we go and bring this back out, where is it? We’ve broken down below this 13 and jingle level before we gotta go back. I mean, man, we gotta go back, right? To get down below this level. Lemme put my mouse on about those bottoms in there, right? This black line. You see the black mouse in there? Where is it? I mean, we ain’t got it. We’re in 2021, we’re not there, right? We have to go all the way back to February of 2020 when we had these amazingly low levels on VIX and we had been there for a long time. Market was just going straight up in the air was awesome. We don’t have that right now. We’re not in that luxury right now, but we are still at 14, which historically is very low, right? So to wrap it all up S&P 500, watch for the breakouts above the moving averages below the support line. Either one, right? And retest and bounce on the upside. I’m a little less excited about tho that one break to the downside. I’m a lot more likely to want to take that trade because that throws me into what could be a, a true bearish bias and a move to the downside. So I’m all about that.

All right? Make it a profitable day. Stay focused on the quest to becoming a great trader. Keep crushing it and remember, you just one trade away. Listen, we’ve got a free training coming up in September. It is brand new, never taught before, right? It’s called Stop the BS. And you need to. You need to stop the BS and learn how to do this effectively and how to do it right. I’m gonna lay out a series of steps for you of exactly what to do. So down in the link below, you’ll find a, a link back to TradingLikeABoss.com. On that page, you’ll find resources for all of the free trainings that we do, including our upcoming Stop The BS, right? Have a great rest of your day, and I will see you all at our next update. Bye for now.