Welcome to the Traders Market Intelligence Report, brought to you by WealthBuildersHQ.com. My name is Robert Roy. This update is for Monday the 29th of January, 2024. Hope it was a great trading day. Hope it has been a good week for you. We certainly did have our share of decent days this week. Some good moves, but the last couple of days, including today, it’s kind of an up, down, up, down. “Bulls, Do you want it?” “No, not really.” That’s Wednesday. “Bulls, Do you want it today?”” Yeah, I do today.” “You want it? Yeah, but no, we’ll pull back to where we started out,” right? We just, all week, last three days of the week anyway, Wednesday, Thursday, Friday, we’ve had this battle up near this 4,900 ish level. We’ve got above it now twice with the wick, so we’ve chipped away at the ice, right? Y’all have heard me use that phraseology before we chipped away at it, but we’re not there yet.

We haven’t gotten to a point that we broke above yet. Realistically, what I do appreciate is the eight moving average, the pink line is still climbing up, right? That’s big. The moving averages of the eight and 21 are spreading apart a little bit, as are the 21 and 55, spreading apart, and the some of these gaps have greatly helped – this gap here and run this gap, this gap – they’ve greatly helped our moving average cause, but we’re not quite there yet.

Now the market’s not closed. We still have about 10 or 12 minutes left until we actually shut down completely on the market today. But we are not getting above that 4,900, I don’t believe, by the end of the day today. We just keep running into it, bumping our head on ugly over and over again.

The VIX has performed very nicely, so we’ve had a little bit of a climb in the last few days. Some inverse relationships where the market went up and the VIX went up. It’s like, huh? Yes, overreactions. I mean, when you’re this far down, you have nowhere else to go but up, right? So we’re sitting at 13.28 right now. It’s not a big number whatsoever, right?

If we go back and look from S&P 500, let’s go and look at a weekly chart, right? And yeah, this weekly, so you can see we’ve had a really nice run, this pullback in there, and this breakout at this point, we dropped down a little bit. We’re looking at 4981 as our resistance on the top, 4793 on the downside. So I like the pattern, lots of bullish…we got one bearish candle in there one week only in the last 10 or 12, 14 weeks, right?

We look at the monthly, a little bit of a bigger picture overall, right? We’ve got a longer term fib on there and what’s happening there? Once again, we’ve pushed up into these all time highs here and now we’ve broken out of that new all time highs, all this breakout running up above our 4818 level, 4819 level. Really important that we’re getting those breakouts.

But I think bottom line, we go back to that daily chart. What do we need? We need the eight to continue to move up, right? Which is gonna stop soon if we don’t get some more bullish days. We kinda have a slight curvature to the upside there on the left side, uh right side shoulder of it, if you would. So We’re gonna flatten off. So what’s gonna have to happen is, as we do, I’d like to see us pull back into that eight moving average and bounce, get back above that 4800 and jingle, that 4,900 level. And from there, we’re looking at 4981 as our next upside target, which is gonna be big, right? And when I mean big, it’s gonna be a big, not big, wrong word. It’s important. We’ve gotta get to that next level, but I don’t think we get there with the way we are now. We’re gonna need a pullback, a breakout, a retest, and a balance. So pullback towards the eight breakout of the 4,900 retest and bounce, and I think it’s a clear path up to the 49 80. And at that point, what are we looking to do? Ding, ding, dinging, ring that bell at 5,000.

All right, there you have ladies and gentlemen, have a great rest of your day. Great weekend. God bless, and I’ll see y’all on our next update. Bye for now.

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