Welcome to the Traders Market Intelligence Report, brought to you by WealthBuildershq.com. My name is Robert Roy and this update is for Tuesday, Yes, Tuesday; Monday is a holiday, the 20th of February, 2024. I cannot believe how fast we’re getting through. As we do get started, keep in mind everything we look at is for education purposes. Nothing’s meant to be advice or recommendations. Alright, so let’s go take a look at what transpired over the last week.

So all kinds of crazy happening, right? So this was 12th was Monday, so this is last Friday, right? So we were at an all time high on last Friday. We gap up…actually we gap, we opened about flat on Friday. On Monday we ran up, we ran down, we closed a little bit lower, we gap down on Tuesday, got down below the fib line, the -.272 hesitation level and the eight moving average. It put us in a bullish neutral bias and we got a strong move up on Wednesday. Push back into that 5,000 level, gap and go. It was actually a great gap, retest and bounce. And then today we had a little bit of push up and I heard something very early in the morning with someone saying, and we’re gonna get another rung today. Yeah, it’s Friday, dude, , it is probably not happening. It’s a Friday. Take some profits, right? Which is what we see happening today. So we wind up finishing the day down 24 points. If we look at the week, if we look at the week, we’re down 21 points on the week overall. So not horrible.

If we go and look at the month, Still up very nicely for the month or about 160 points on the S&P for the month. So overall, very nice. Where are we going next? Right, well actually let’s look at VIX first. So we’ve played ping pong up and down, up and down on VIX. We pulled back a little bit, bounced a little bit. We’re up 23 cents today. 14.24, I don’t care. It means nothing. It’s still super low. I’m really not worried about it one bit, right?
So where do we go? All right, we’re sitting right at that 5,000. Now the eight moving average is right underneath it. So we have a confluence. If I can get a bounce off of that confluence level. There’s a lot of strength of that happening there. It ran up, it pulled back below the eight for a day, got back above, got to the 5,000 retested, you know, pulled back a little bit and bounced.

And then today we close back down at it again. So if we can get the bounce off of that 5,000, we’re looking at the next level of 50 56 70, right? Which is right up here. If we fail, we’re gonna slow down at that 4981 level, 4980.85. We’re gonna slow down there, but we’re not done, right? What I mean by that is I don’t think we’re just gonna sit there, either we break and that’s gonna be the key. We break and it puts us back into the bullish neutral bias. The problem we would be contending with there is we now would have lower highs and now to go and set up another candle that falls down here below the eight moving average, the pink line, right? I’ll just kind of continue in red, just on that pink right here. Pretend that’s the moving average right there. So we get back down there. Now what are we looking for? Well, we wanna see then are we going to make another new low, right? Which takes us off of that 4,900 level and then 4887. So there’s a lot of play here On top of that. Phase three of our bullish trend line in here, right is where we are at. If we break this recent low, but we get down below the 21 moving average as well. So overall, we may not be looking too pretty if we do see that fall. So you got the 5057 on the upside, you got the 4090, 49 1, and then from there you’re gonna hesitate at the 4936 and then down to 4900. We’ll be my hero. And there you have a ladies and gentlemen, have a great rest of your day and I’ll see you all at our next update. Bye for now.

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