Welcome to the Traders Market Intelligence Report, brought to you by WealthBuildersHQ.com. This update is for the 8th of January. Happy New Year, 2024. Hope you have a great day. Hope it has been a great trading week for you. As we get started, keep in mind everything we look at is for education purposes. Nothing’s meant to be advised for recommendations. If you find something you like anything, make sure it fits your own personal risk profile and risk tolerance before you ever take on that trade that’s set up or use that indicator.

Alright, so market just closed. We’re about five minutes after four right now and a very interesting pattern setting up right now. So if we back this up, we just back the bus up just a little bit, right? We actually have a brand new fib on our S&P chart. We drew it in there yesterday, right? I’ve got a good strong support line in here, right? This actually came down, it was phase one, two, and three of our… Here, let me actually draw that in there and make it easier to see it. 1, 2, 3 of the uptrend, right? This was our original uptrend. This became our secondary support in here. Very short lived. Our tertiary support right here. And we have just chug, chug, chug, chug, chug right along that line for the last couple of months, right? It has been wunderbar. And then we go ahead and wind up, as I said yesterday, we redrew the fib on the S&P as well as on SPY just because of that rollover. We had enough of a pullback in there. I’m satisfied with it. But we need to look at exactly what’s happening in exactly where the chart is sitting right now. See up here, we’re in a true bullish bias. We got up and we peaked out where we wound up running into the, what is the zero line for the fib and rolled over. We had that really nice rollover in that pullback. We wind up with a 4711, call it 4712 fibot in there. We have a 4692, 21 moving average. We have a 4600, 100 point level and we have this phase three uptrend line support line that we’re sitting right there. We closed right at it yesterday and today we took a small bounce. We’re up eight and a half points or so. Nothing dramatic, but this could be the next potential push up if we get the bounce here.

This is a very strong level ’cause we have multiple things happening. Like what? Like the trend line, like the a hundred point line, like the Fitbit that we have in there, like the 21 moving average. You got four, five, if you count the eight moving average right in that similar vicinity. Lot of strength. Lots of strength there. If we get that break, I’m real excited. We’re looking back up at this 4793 level, which is that zero line, that fib line. If we do break to the downside, we’ve got our next fib, which is the 0.236. That takes us down to about 4630 on the next downside target. It also moves us back into a neutral, well, actually we closed in a neutral bias yesterday, so we’re still, even though we’re above the 21, we’re still in a neutral bias. You can’t go down between the green and brown moving average, the 21 and 55, you can’t close in there, then close above, right? So when we closed here yesterday, it put us at neutral on this candle. This doesn’t make us bullish neutral. You gotta get back to bullish before you can become bullish neutral. It’s just the only way that it works, right?

VIX is playing a nice game as well, right? We’re down 75 cents today, so not a whole lot. We’re sitting at 13.36, still super low on the vix. Real happy with the overall numbers, right? So if we can get that nice push and that breakout this upcoming week, we’ve got that 4793, 4800 zone is our first target and then 4887, 4900 is the next target from there. So we’ve got some nice upside potential. We get a little further away with the next one. It’s not gonna worry too much about that.
And there you have it. Make it a great day and I’ll see you all at the our next update. Take care folks. Have a good weekend. Bye for now.

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