Welcome to the Traders Market Intelligence Report brought to you by WealthBuildersHQ.com. Now, this update is for Monday, the 4th of March, 2024. Hope you’re having a fantastic day. I hope it’s been a great trading day for you. Man, the market is doing everything I’m hoping it did, or does… Okay. Whatever we want to call it. So, as we get started, keep in mind everything we look at is for education, and nothing’s meant to be advice or recommendations.

All right, so the S&P 500 today, what the heck is going on? So I’m going to back this out just a little bit, and you can see today’s candle, man, we rocked, we rocked, we rocked, we rocked. Yesterday. Yesterday, we had a close… I’m gonna stretch it upward, which those of you using omega charts, that reverse scrunch is the F 12 key….And we had closed just under the 5,100, but we ran into this blue box. That blue box is only there because of the recent swing high. I love the swing highs and lows. We make our swing high, a swing low, another swing high, another swing low, another swing high, another swing low, right? Swing high, swing low. And we are at all time high yet again today. Woo-hoo, right? Rock on like Donkey Kong, baby. So we still have a minute and a half or so until the market closes. We’re right on the, the cusp of it now. But great move on the market. Great move on. Stocks today, fantastic. Some of the open positions we have in POP are doing great right now, but what a great move up all time high. I mean, that’s, I can’t really say much more than that. Oh man, what a great move, right?

We look at fear, the VIX, we’re down 23 cents. Not a big deal, right? Again, we’re at 13.17. How low can you go, right? You can’t, there’s only 13.17 cents left to go to hit zero. We don’t have much left to the downside.

Let’s look at the upside. Let’s look at the bigger pictures and let’s pick some targets for the week. So if we look at a weekly chart on the S&P 500, yep. Like it, like it, like it a lot, man, we are just been run, run, run, run, run. What a great bullish thrusting pattern. Actually, all the way from where we started this Fib started on a bearish candle. We’ve only had two bearish weeks since we started, uh, since we got the bottoming pattern. So we won’t count that week. But since November 3rd, we’ve only had two bearish weeks in all that period of time, we look at a monthly candle, right? Again, great pattern overall, right? Look at 1, 2, 3, 4. This is now the middle of, or beginning of, I should say the fifth month that we’re moving higher on the S&P 500. 5137. I mean, we got through the 5,100 on a close. Just outstanding, outstanding, uh, for the market. If we go back to the daily chart, we’re up about $41 Today. Did we close yet? Uh, just about, yeah, we should be closed now. So we just hit four o’clock. So ee’re about $41 today. 41 points. 5138. We were just shy of the 5,100 yesterday. If we moved to the downside, I really, you know, we’re gonna get rid of that blue zone. We’re gonna get rid of that recent swing high. So we don’t have to worry about that 5111 any longer. But we do need to worry about that 5,100. That’s our first downside target. And then our eight moving average, wherever that is right now, we’re gonna snap a line for Monday at 5078 because that’s today’s eight moving average close. But what happens next week? I have absolutely no idea, right? That’ll change as the week goes on. If we scrunch down a little bit, our next upside target is 5200 and 5219, right? So, great moves up.

What do I wanna see happen? Well, if we go and bring this out a bit, I want to stretch it out again just so it’s easier to see it. We get to see this big picture, right? I’d love to see the pullback. I’m gonna get rid of the blue zone. I’m gonna get rid of that recent swing high. Not today. I’m gonna do them. ’cause we’ve gotta talk about that in Power Option Plays. So if we can get a pullback, ideally, – now here’s the ideal – I talked about this exact pattern. Let’s see if it does it again just, oh, not that long ago. I’d love to see us start moving down slowly, slowly. I don’t want a big candle down slowly. Why? Because the 8 moving average will continue to move up slowly. And if we can get to the point that we get finally three, five – whatever, it takes – to the downside and we close near the 5,100 with the confluence of the eight. It’s not my favorite around a hundred point level, but I’d rather have that than no confluence at all. If we can get that, that’s our next step down and the next opportunity potentially to look to the move to the upside.

There you have ladies and gentlemen, have a great rest of your week and I’ll see you all at our next update. Take care for now. Bye.

Company

About
Contact Us
Legal

Stay In Touch

We hate spam as much as you do. We promise never to spam you and only send you emails filled with tons of value. Jump on our mailing list to stay up to date with our newest content, receive special offers, and stay connected!

Company

About
Contact Us
Legal

Stay In Touch

We hate spam as much as you do. We promise never to spam you and only send you emails filled with tons of value. Jump on our mailing list to stay up to date with our newest content, receive special offers, and stay connected!

WealthBuilders Logo
WealthBuilders Logo

28 Lincoln Ave, Suite C, Rockville Centre, NY 11570