Market Outlook for the Week of 12/27/22

Welcome, ladies and gentlemen. This is Rob. Welcome to the Traders Market Intelligence Report, brought to you by WealthBuildersHQ.com. I hope it was a great trading day for you. This update is for the week of the 27th of December. Remember, we start on Tuesday. Monday is Christmas, celebrated Christmas anyway for the NYSE, the way they claim it.

So if we look at the S&P 500 see, it’s not surprising, we had a small move around early in the day and then we died. We went up a little bit right near the highs of the day and then we just kind of, we just did that sideways move. Nothing really happening in there. Again, not surprising, right before a major holiday, everybody’s kind of happy, happy, happy. We did not get the Santa Claus rally that people were expecting. I called that last week saying, there ain’t no way we’re gonna get a rally.

We had a couple of pops here and there, but what Nike and FedEx, that’s all that was on Wednesday. Two stocks, really good earnings, and it was still bad news on FedEx with how bad everything else was. They beat earnings, but so what they kept talking about how bad it was, and they needed cost cutting measures in there. We were back down the next day, Thursday, yesterday, and then Friday, here we are today, right? This blue line is the actual closing price of theS&P. I’m behind a few minutes right now on the delayed data on here, but with it being holiday I’m trying to get my team out today. So I want to get this video to them as quick as possible.

So what’s going on next week? Again, lighter week. We’re on vacation next week. So this will be the last Intelligence Report update for the year. We’ll come and pick it up again the week of the first week of January. But when we look at what’s going on right now, we still have that overall bigger down bearish down trend, right? That downturn, that move small pops in there, but we had, you know, this high and then we put it in a low. We just about closed at the same high and we now have a lower low. We popped up and we get even a lower low in there on yesterday’s numbers, right? Today. Not surprising, just everybody is happy today, getting ready for a, a long weekend if nothing else, right? Others are wrapping up vacations.

So what do I see next week guys? We’ve gotta pay attention to that line right here at 3812. That’s a critical level. If we do break that 3751 is the downside target that we’re looking for. And heck, we got down to, I dunno, 3765 ish or so yesterday. So doable, definitely doable. If we break to the upside, if we bounce off this 3812 and use it as a catalyst. What am I looking for? There’s a couple different things that are really, really important for us right now to focus on. You’ve got those, those highs in there. You got those lower lows in there, 1, 2, 3 on that lower low, right lower high here as wellon the moves and… What are we looking at there? So if we do get the bounce to the upside, you’ve gotta look at are we gonna break this high and or do we, you know, at least get up through the eight moving average. So the first step, can I break the eight moving average on the close second step is, can I close above the previous high that we had? That’s what we’re looking to break the previous highs in there to kind of shift what’s going on. I still don’t believe we’re out of the woods yet. The Feds are gonna come up in a couple more weeks. Again, there’s gonna be another rate hike. How much it’s going to be, my guess is a quarter to a half. It’s somewhere in between there, but right now I think there’s a heavier emphasis on a quarter-point hike.

So there you have it, everybody. You have a great rest of your day. Enjoy the holiday. Be very cautious next week with light volume. Tell you how cautious I am. I don’t even really trade. I manage some open positions, uh, covered positions and such. Other than that, I stay away. Have a great rest of your day and I will see all of you in the new year. Bye for now.