Market Outlook for the Week of 11/20/23

Welcome everyone to the Traders Market Intelligence Report, brought to you by WealthBuildersHQ.com. This update is for Monday the 20th of November, 2023. Hope you’re having a fantastic day. Hope it was a great trading week for you. Let’s go ahead and jump right in.

So if we look and count back five days now, we still have about 15 minutes left until the market completely closes, right? But we’re gonna settle right about where we are, which is not surprising. You know, Monday we were an okay move, nothing great. We pulled back a little bit, but bounced off that hundred level. Great setup, amazing news on Tuesday with that gap and go. We ran right into the fibot on Wednesday, played with the 4,500 level and the fibot. Thursday, we did the same thing. Today we’re back in that 4,500 level yet all over again. We got into this uptrend this longer term, phase three, I call it. Phase one was the main portion of the uptrend. Phase two was here. Phase three is here. We got into back into that phase three. So we’ve cleared all the hurdles and we now have gone to a true bullish bias. Well, what does that mean? The eight, the pink line is on top. It’s crossed up through the 21, which is the green line in the middle, and the brown line is the 55 on the bottom. So green, pink, I’m sorry, pink, green, brown, right? That is our order of operations. That gives us a true bullish bias. We weren’t there two days ago. We’re bullish, but not true bullish. Actually, our 21 was the lowest moving average, which is the worst place for it to be in, in our situation here.

So, as we go and look at the bigger picture, we’ll go back and look at a weekly chart. So that’s a nice, and I mean, a really nice break out of that overall downtrend that’s gone on for months. Months. There was a great break to the upside. No different than on the monthly chart. Again, longer term, right? So we broke out. We haven’t closed a candle out there yet. And we’re not gonna close today. It’s only the 17th today, right? Actually, today is expiration Friday, right? The third Friday of the month. So we still have two more weeks left before this expires. We could pull back into that overall downtrend that we had going on in there.

Okay, so we go back one more time to the daily chart. What are we looking for? Well, I really need to see a, a break up, right? We’ve got a pressure cooker building here. A little higher, a little lower, a little higher, a little lower, a little higher. I think I can, I know I can. I think I can. Maybe I can. I think I can. And we’re fighting back and forth in there. We need the, UGH! We need that explosion that burst to the upside. I’d love it to come with a test and a balance, but we’ve now tested that 4,500 level three times. So I’m not really that excited about it. A breakout is what I really would like to see. I’d love to see another gap in here that would be an indication of, “dang, it’s time to jump on.” Okay, but we’ve got that 4500, 4495 level right there. If, and, and of course, the uptrend line as well is right there. If we break, we’re looking at 4448 to the downside, and we’re looking at 4512 on the upside. So we’ve got a little wiggle room to move to that upside as well.

All right, if we take a look at the VIX fear, what’s happening with fear, baby, we’re down another 41 cents today, which puts us at 13.91. Man, we are super duper, duper, duper low on our VIX right now. Loving that. All right, there you have ladies and gentlemen. Make it a profitable day, and I will see you all at our next update. Bye for now.