Market Outlook for the Week of 9/18/23

Welcome everyone to the Traders Market Intelligence Report, brought to you by WealthBuildersHQ.com. This update is from Monday the 18th of September, 2023. Hope you had a good trading day today. Man, it was an interesting one. I want to jump in. I cannot wait. But first, as we get started, keep in mind that everything we look at, it’s for educational purposes. Nothing is meant to be advice or recommendation. If you find something you like, make sure that it fits your own personal risk before ever taking on that trade, that setup or that indicator.

Alright, so with that, let’s jump in and here’s the S&P 500, and we’re doing okay. We had this nice move to the upside. We had this pullback very well needed. We came back up, put in a lower high, but I was good because we put in a higher low. So I’m like, all right, I am not that upset by this. You know, as long as we maintain, we’ve got a wedge formation happening in there. We were a little bit deep into the cone of that wedge already, and today we came crashing through and where did we go through the wedge, through the eight, through the 21 and right to the zero line, right to that 4448.50 level. We’ve got about three or four minutes left till the market closes. We’re sitting right at that line. We’re looking at an intraday chart of today. It’s just been “do, do, do…” just all day, “ba boom, ba boom, ba boom,” down. It’s just been straight down. Gap and go gap and go today, right?

And when we look at our, you know, bigger picture, we look at the monthly, we’re still doing okay on the monthly. We’re in that uptrend still that secondary line, that new bottom line in here of what we’ve got, but it’s not looking real strong. Not at all. We’ve got a black line, a dark, thick black line there that is the 4181. We are getting close. We are seriously getting close. We look at a weekly chart, eh, it’s not looking good overall, right? It’s great that we maintained above the 0.236 level. We still have a higher low right now, but we had a high, a lower high about the same high closing, you know, lower than we did for the week, right, assuming we, you know, the next two and a half minutes we stay about where we are.

We go back and look at the daily chart and let’s kind of bring it in a little bit there. What am I looking for, right? Well, I’m looking to see if we’re gonna get a bounce from here. We’re gonna fail if we fail our recent swing low. That’s the target right now. That is our first line of defense from where we sit at this moment looks like 4430.46.

So right now that 4430.46, that is the key level. If we break through the 55, I’m not too concerned with that. 55 is never my strong point. It is more for bias, for me. But that 4430.46, that’s an important level. And look at this. If we’re talking another day or two, we run right into this next uptrend line right in here, right? Which goes back a ways, alright? It well, okay, it’s actually a duplicate of what this line is. So whatever the distance between these two lines, this is equal distant line to give us another lower level in there. So if we violate through there and push through that level, lots of concern.

When we look at the VIX today, right? Vix woo, big gap up baby a 1.11. We were at 12 and change yesterday. I think it was 12.82. What was the close? Close was 12.82 yesterday. Right now we’re at 13.93. So it’s not like we’ve got a horrible, “Woah! The VIX is crazy now!” No, the VIX is fine, but that when we got that low on the VIX and that gap up, it is not boading well overall for the market. So we gotta see where it all lands next week. There’s a lot of economic reports and every one of ’em people are hanging on with bated breath, just, just waiting to see what that report is gonna bring, right? So wait on those reports, make sure you know what’s going on before you take on that risk. Do not get caught on the wrong side, right?

So keep in mind that we’ve got a lot of great content that we put out there. So make sure you’re checking out the latest and greatest of the things we put out there. Go over to TradingLikeABoss.com where we have all of our free content posted there. And 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.