Hey everyone, Welcome to the Market Intelligence Report, brought to you by WealthBuildersHQ.com. This update is from Monday, the 26th of February, 2024. Hope you’re having a fantastic day. Man. It’s been some week. Now, let’s go ahead and hit that recap. Keep in mind that everything we look at is for education and nothing’s meant to be advice or recommendations.

All right, so as we look at today’s numbers, we look at this week’s numbers… So this goes back to Tuesday. Actually, let’s go back to the previous Monday, right? So here we are. Last Monday we had hit an all time high on that. Monday we had that gap down. This was on the Fed stuff, right? All the news that was out. We get this nice gap up, retest of the moving average, great bounce, all the stuff we talked about last week. And we closed the week on a pullback where we had door knocker type candles, meaning the same exact looking candle, one to the next for Thursday and Friday of last week, we closed right at that 5,000 level. Not surprising, it’s been so key and critical. Monday was a holiday, and Tuesday, Kablam, we get this big gap to the downside. We gap below the 5,000. We gap below the eight moving average. We run and close below the fib line. Man, things are looking very precarious at this point. We’re not looking good. The next day Wednesday we pull back right to the 21 and we bounce off it, we close back at the fib line and then we get this great news on Thursday. We gap up with an amazing move. All time highs yet again, right? And here we are on today, we gap up, run a little bit higher, pull back. Not surprising to see the pullback after the move we’ve had for the week. I mean, if we look at a weekly chart, we’re up 83 points this week. Not bad, nothing to sneeze at whatsoever. You know, for the month right now we’re up 243 points. So we are at the, today’s the 23rd, so remember shortened month, right? There’s only, well it’s 29 days this year in February, but as a shortened month, we don’t have that 30, 31 days. We had a couple days less and already we’re up 250 ish points for the month. So overall looking pretty good. So where do we go next? Alright, we’re kind of a little bit higher than I’d like us to be right now in relation to the moving average.

So what has to happen? And that’s all ’cause of the gap from yesterday, from Thursday. So what would I like to see happen? Well, first I wanna back out and go back to where we could see the fibs, right? So let’s see what we’ve got here. So this is the negative 3 8 2 down here, which is this fib line right here. The 5056.70 level is the negative -.382. You’re not my favorite level. It’s okay as far as strength goes, but what I really would love to see happen right here is I would love for our S&P to come down over the next two days. I really don’t just want it to happen Monday because I’d like to see it come down. The momentum in the moving averages is gonna still keep moving the average higher, even if we start backing off, it’s, if we get a really big move down, that’s when you’re gonna start to see a reaction in the opposite direction. It’s gonna either mellow out and/or roll over depending on how big the move is.

So we get a small push down over the next two days. That eight moving average will be right at that .382 level at that 5057 level. And that, ladies and gentlemen, is the next step as a potential catalyst to the upside. If that happens. We’re gonna look at that. 5100 and 5138 are the next two upside targets. If we break that 5057 level, we’ve gotta look at where the eight is going to be at that point. Right now it’s at 5027 and then we’ve got 5,049.81 down just below that. So we’ve gotta keep our eyes on those levels. They are all important to us right now. Definitely have to be going into this eyes wide open. The push higher though without the pullback lends itself to a thing of the firework called the Roman candle, right? Remember, you never, you should never hold it in front of you ’cause the fire could shoot back at you. So you’re supposed to hold it out here and you shake it and it shoots these fireballs up. Well, that fireball goes straight up and comes straight down, all right? And when stock market goes straight up, it tends to come straight down. So I love, love, and I do mean love. Did I say I love it, I love these move up, pull back, move up, pull back, move up, pull back up, back up back, right? That, that pattern, and it’s happened much longer than that, right? We had to move up and down, up back, up back. Here we go. We’ve had this for the entire run, right? That is strength. Strength as a trader, this is exactly what I want to see.

If we look at the VIX fear, right? We’re down again today, 80 cents. We’re down to 13.74 again today on the VIX. So right now, very, very low on our VIX. Do I care if it goes down to 12 or goes up to 16? It means nothing. We are so low. The cost of options right now are brutally cheap. Brutally cheap, right? And don’t get me wrong, companies like Nvidia are making it real easy, right? For the market to make the moves that it has. I mean, that was yesterday’s. And then here’s today again, gap up pullback. Not surprised. Once again, not surprised to see the pullback after the major move where people are gonna start to take some profits, right? So keep your eye on that S&P 500. Look for those moves. You’ll know how to trade them when it comes that way. Go ahead and check out Monday’s class where we do power out each and every Monday. We’ll put a link down below that. You can go ahead and click on that. Have a great rest of your day, good weekend, and I will see you all in our next update. Bye for now.

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