Market Outlook for the Week of 10/2/23

Hey everyone. Welcome to the Traders Market Intelligence Report, brought to you by WealthBuildersHQ.com. This update is for Monday, that would be the 2nd of October, 2023. We are dealing with a very wet day here in New York, hence no video camera today. I am actually doing this on a different computer where I don’t have a camera because we lost power about five times today. Flooding a little bit in the basement. I mean this entire neighborhood where I live has had flooding our little creeks, we call ’em, where they catch water. It’s these external sewers, right for water street, water collection are overflowing and they’re, you know, 10 feet, eight feet, 10 feet deep in spots and it’s just, it’s all over the place. So it’s been a crazy day. There’s not a block around us that doesn’t have flooding. My wife works five minutes away and took her near an hour to get home today. So craziness. So sorry about no camera, but we are gonna rock through it.

So, as we get started, keep in mind everything we look at is for educational purposes. Nothing’s meant to be advice or recommendations. If you like something you see here, something, anything. Make sure that it fits your own personal risk profile or risk tolerance before ever taking on the trade setup or indicator. Alright, so let’s go.

So let’s go look at the S&P 500. So what happened, you know, we’ve had just this, you know, if you look at this orange bar, that’s last Friday, okay? So what happened? We gapped down on Monday and we ran up Tuesday, we had a gap down and we ran down. We broke, chipped through the ice. Wednesday we stretched all the way down to the .618. Thursday was a bounce. Friday today we gap up, we run right into the 8 moving average and kablam, Batman, we come crashing right back down, tap the 4276.23 level, finish in a bearish, true bearish bias. It ain’t looking good at all folks. I mean, if you set it up right, we’re looking at, you know, a swing high, a lower swing high, yet another lower swing high. And I don’t know if this is a swing high or not yet. I can’t really define it as that yet, right? So I don’t know if that is or isn’t. We have not had another candle to identify it. Alright? We’re gonna see, but we also have our swing lows. We’ve got a swing low in here and we definitely have another swing low in here.

Alright, so we’re making that stair step down. 4181. Woo. Baby. It is not that far away. I really want to see it get back to the 4181. I truly do. I think there’s some area of strength there. We’ll make some decisions at that point. Just watch for the chipping away at the ice. For those of you that don’t have a clue what I’m talking about. If you look at this day here, we gap down and pierced further down. That’s a chip away at the ice. The ice is the 4316.87 in this case. Okay? The next day we broke down and closed below the ice. The Day after we chipped through the ice here, we broke through. Today we barely, but we chipped through the 4276.23. We’re chipping away at the ice. Why is that important? We’re setting it up. The market’s setting up that’s saying, “Hey traders, this is what’s happening. We’re paving the way for you. Go for it. We’ve opened up the floodgates. If you wanna push further to the downside, we already set it up for you. It’s all locked and loaded. All you gotta do is knock ’em down, baby.” That’s it. Right? It’s called chipping away at the ice, right?

If we look at the VIX fear, right? We are up today to 17.52 on fierce. So we came back down, we came, we went back up. Overall, the S&P is what we’re most focused on with location, location, location. So where are we looking at? 4276 on the downside. 4236 is the next stop from there on the upside. 4317 and then 4323, which is our eight moving average. Those are your two targets to be looking at for this week.

Alright, listen down below you’re gonna find a link to tradinglikeaboss.com, which has all of our free resources on it. Go and check that page out. Make sure that you are getting involved with our free trainings we do every week, Monday and Friday. We call ’em our bookends, right? Monday is Power Hour. Friday is Trading Coaches Playbook. They’re all there that you can register each and every week for this amazing training that we do. It’s all free. It’s all core key stuff that we give away in there that’s just critical to your success for the week. Alright, everybody, have a great rest of your day and I will see you all in our next update. Bye for now.