Market Outlook for the Week of 11/13/23

Welcome to the Traders Market Intelligence Report, which is brought to you by WealthBuildersHQ.com. My name is Robert Roy, and this update is from Monday the 13th of November, 2023. Hope you had a great trading day. Man it was a day. Let’s go ahead and dive right in. See what the heck happened today? Man. This on the S&P today. Woo-Hoo. We broke it. Yes, we broke this overall downtrend line. Now we barely closed above it. So the excitement level of we broke through the ice so it chipped away at it. That’s great. And that’s exactly what we want to see. What really is gonna make the difference is next week do we continue to push up a retest and a bounce. Now we’ve got a real strong directional move. I mean, we’re 67, almost 68 points to the upside today. Amazing.

We look at VIX at fear, fear is back down again. We closed about 14.19 on fear. So nothing, nothing as far as the VIX. Super low. Super duper low. If we look at our other timeframes, we go and look first at a weekly chart, you can see overall we’re still in the downtrend, but we are up at that upper echelon of that downtrend line. And we did close slightly. Now that’s the November candle. We still have two weeks left in November, right? A little bit more 20 days or so, but we still have a lot of time left in November yet that we can still get a bigger or different shaped candle than we have now. Hopefully we get the bull, right? Get above that 4418.69 level is what we’re looking for.

We go into a monthly chart, right? Monthly, same thing. We had a very narrow range that we were in as far as our bars. We were sticking to about the same amount. We moved from highs to lows on our candles for the last four or five months. We’ve done all of that this month in 10 days, right? In 10 days we’ve been able to do that, pushing up to the very top of that level there, right there.

So what are we looking for? We’ve got a couple of key levels to be cognizant of this upcoming week, this downtrend line of course, which comes off of the highs on July 27th and the highs on September 1st. So if you’re trying to duplicate my line exactly, this is just parallel to it, right? So we, we’ve got the 4,400 level to the downside. If we do break through that lower or that upper band rather of our resistance level, we’ve got the 4,400. This 4393. 57? Gone. Doesn’t matter anymore. Why? ’cause we blew through it. We have a higher close at this point. Now we have a higher high. We don’t need that level, that line any longer. Okay? Ideally we wanna see the moving averages where the eight is on top. That’s pink, the green is in the middle, and the brown is on the bottom. So 8 21, 55, we’ve got 8, 55, 21. So we’re kind of convoluted on the last two mixed up there, but today compared to yesterday, what a difference a day makes just for one lousy day. We had a huge move, huge move in the eight moving average above our 55 to give us a great looking setup up to this point. So that’s our downside targets. 4448 is what I’m looking for. And man, if we can get up above this diagonal trend line, this uptrend line, and you cannot really tag that line back to a particular level to say what line, what dates are we pulling that off of? It’s not, we’ve got a line in here, these two fib trend lines. We have another one here that’s equal distant, and then this one is equal distant from there, okay? So they’re just parallel lines to that exact same level that we’re looking at there. So if we can get above that level and do so by getting above the 4488, 4448 at the same time, man, life is looking good.

And There you have it, ladies and gentlemen. Make it a profitable day and I’ll see all of you in our next update, bye for now.