Welcome ladies and gentlemen, it is Rob. Welcome to this edition of the Market Intelligence Report, which is for the week of September 26th, 2022. Hope y’all having a great week. Hope it has been a great trading week for you. Hope you have been hunting bear, baby, because that’s exactly what’s been going on this week. I’ve been away, Shaune and I are down in Florida for a conference this week. Our last day is tomorrow.
But man, when you look at what the market has done and what the S & P has happened with and what they’ve moved and… Ugh, it is just amazing. So let’s go check it out, see what’s happened this week and talk about what goes on for next week. So here we are 9/19. This was Monday on the S & P 500. We had a quick little bounce off of that, 3855 level, which was the 20% correction for the S& P 500. So we retested it again, but we bounced. We pushed all the way up into the 3,900, the 4000, go figure. It’s actually 3900? 3900. We pushed right up there, right? It happens all the time. We stop at key levels and the next day, [crash]. Tuesday, we gap down and we play on those two lines again. But what happened? What did we see? What took place? We broke the ice. We put a chip in it. We cracked it. And now what? We came crashing down through there on Wednesday! Look at the move with the “here, kitty kitty,” back up to the 3,900, and we just came falling like a rock through there. And we closed oh right at about 3,800 go figure.
We retested it and failed yesterday, small candle after a big day, not surprising. And of course, Wednesday this week we had the fed announcement happened, right, there it was. And then today [crash] we gap and we go right down below the one line, which breaks us down below the 20% correction yet again for the year, right?
There are analysts talking about another 500 point move on the S & P 500. I’m gonna give you my analysis on it after I get back. So for next week, what we talking about in Power Hour, we’re talking about Power Options Plays. This weekend we have to! it’s critical, man. There’s so many people getting their heads handed to them because they’re trying to ride the bull! Get off the damn bull and ride the bear, right? Jump on the animal that’s moving. Stop with the garbage of “it’s gotta go back up!” They ain’t nothing telling us it has to go up. You’re gonna have some short interim moves, but until something major comes out for our economy, it ain’t happening, baby.
So don’t let anybody lie to you that things are getting better, cuz they ain’t financially. Things are in a mess. Thank goodness you’re here learning how to trade the market. Right? This is it. This is the key. This is what it’s all about right here right now. Right?
So what did we do? We gapped down. We opened up at the 3721 ish level. Actually what’s the exact price we opened at? 3719.06. $2.50 on a $3,700 position. That’s how, how close we opened to it. The high was 3719.06 so we opened at the high and we came crashing down. We had that long wick. What does that mean? Come on guys! We chipped the ice. We broke through that 3,700 level yet again, we broke that 3,700 level. We need a new Fib in here. I’ll work on that over the weekend in Power Option Plays.
But for now for what’s going on right now. Woo. It ain’t looking pretty, right? It ain’t looking pretty at all. All right. Caution into next week, folks. Be very careful with what’s going on, understand and utilize the key levels. Come in and check out Monday after I redraw this with Power Option Plays over the weekend, come into Power Hour on Monday and check out what we’re looking at for the S & P. Come and check with me in YouTube show on Monday morning and get an understanding of what we’re looking at there as well, as…,and where the markets are going and the cabinets we’re looking for. So with that, make it a profitable day and I will see all of you at our next update. All right, folks. Bye for now.