Welcome to the Traders Market Intelligence Report, brought to you by WealthBuildersHQ.com, and this update is for Monday, the 11th of March, 2024. Hope you’re having a great day. It was not a surprising day with what we’ve just seen happen in the last week but we’ll get into that in a second as we do get started, keep in mind everything we look at is for education. Nothing’s meant to be advice or recommendations. If you find something you like anything, make sure it fits your own personal risk profile and risk tolerance before ever taking on that trade, that set up or that indicator. All right, excellent.

So as we look here, I put an orange bar, this vertical bar, I put that on last Friday. Okay, so that’s last Friday’s update which was the first, right? Yep, that was the first. Okay, so let’s talk about what the market did from last Friday and we’ll kind of walk our way through day by day. So we had a slight little gap down on Monday. We ran up to, at that point, what was an all time high Tuesday we gap down. Okay? And just continued to push down. So we gapped down near that 5,100 level. We ran all the way down into the fib line. The next day we gapped up and we opened right near the confluence of the eight and the 5,100. I’m not a fan of confluence at a hundred point levels, but is it stronger than just at the moving average itself? Yes, of course. Just not the strength of a fib line. Thursday we gapped up and broke to another all time high, right? Nice. Today we opened up and stretched up to yet another all time high. And then what happened? Traders went, wait a second. Now is Friday. We need to take some profits because we’ve done so well over this week on how this pullback and this balance there were great. It was a great opportunity to enter right here on various trades right off of that balance, right? So the S&P gave us just wonderful setups.

If we look at the VIX, nothing really crazy happening on the VIX, right? So we’re up a little bit on the VIX from where we were. So we were sitting at 13. Now we’re, w at what, 13.25. Now we’re at 14.75. So we’re up a little bit, but it’s still such a low vix. Nothing to worry about whatsoever.
So what are we looking for this week on the S&P 500? We’ve been spot on for the last couple weeks. Go back and check the previous videos and you’ll see that we’ve been right spot on with what we’re calling here. So we close below the fib line, which is a fibot, right? It’s black, so it’s a fibot. If we bring this back out, right? That’s the negative five. Okay. Line that’s in there. So we close just below that fibot. We’re still in a bullish bias, right? A rank of two because we’re close to the fib line, but not close enough to the moving average. So it gives us a rank of two.

So what I’d like to see happen, what I would prefer to see happen is over the next day or two, we kinda of flatten off. We just go sideways a little bit, little up, little down, and we give the eight moving average a chance to catch up and get closer to this fib line. And then so we go, let’s say two days, kind of flat-ish type candles. And the third day, now we’ve got a moving average and a fib line sitting right on top of each other. That is where I’d like to see the bounce. Everything we’re looking for right now is we want to continue to maintain higher highs. Let’s try that again. Higher lows and higher highs. Higher, low, higher high, higher low, higher high. That’s what we want to continue to see here. That’s the opportunities we’re looking for, places we’re looking to actually go long on the position are places where we get those pullbacks and those bounces, particularly when that is happening in conjunction with what’s going on with the S&P 500, right? So we’re looking at that.5138. We’ve gotta get above. And then of course we’re gonna snap a line on the swing high we had here today, because that is our all time high, right? That’s our highest high ever. Historically on the S&P 500. 5189.26, we’ve got a 5,200 just above that. So if we do push up, we’re gonna look at that. 5119, 5200, and 5219. We got three upside targets in there. And the 52 80, 5189, 5200 level between those two. That’s its own little blue zone in there. It doesn’t really fit the criteria for Blue Zone, but the way that we normally draw ’em in POP, in Power Option Plays, but for the sake of will we see a break into that level and a failure, that’s what I fully expect to see happen. I expect to see another attempt there where the wick breaking that 5,200 level before pulling back a little bit and then continuing from there. Can it just blow right through it? Of course, of course. But we have a zone now. Instead of it being a a definitive line, we’ve got an area zone of the recent swing high and the a hundred point level, 5200 point level that we could see our wicks kind of flipping around into a little bit.

If we fail off of here, failure doesn’t matter if we stay above the eight moving average for right now, okay? And if we do break the eight and we break through the 5,100, how bad is it? Well, if we go back again and look historically at what’s happened in the past, we made this move up, we pulled back and we broke through the eight bounced off to 21, we pulled back. We didn’t quite get down to the 21. We pulled back. We didn’t. We got close. We’re not quite there. We pulled back, we got to the 21, we pulled back. We didn’t get below. We broke below here, and then we bounce, right? So we’ve been through the eight before, so I’m not too concerned if it breaks the eight. I’m okay with that. The key is going to be does it break through the 21? And If it stays above the 21, but below the eight, that puts us in a bullish neutral bias. What does that mean? Well, we’re still bullish, not bullish enough to take directional trade off of it, or at least not a full trade. We could take an aggressive trade on our individual stocks if they are aligning with bullish patterns, we would be okay with that. But this gives us an opportunity to, if we do pull down, we know that it’s pulled to the 21 before. If it violates this, we’ll be in a whole different ball game and talking about a whole different setup if we start moving to the downside on that.

And there you have it. Ladies and gentlemen, have a great rest of your day. I’ll see y’all on our next one. Bye for now.

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