Welcome to Trade with Rob/the Trader’s Market Intelligence Report, brought to you by WealthBuildersHQ.com. This update is from Monday the 18th of March, 2024. Hope you’re having a great day. I hope it was a good trading day for you. It was a bit of a rollercoaster there today, but we’ll check it out and see. As we do get started, keep in mind everything we look at is for education. Nothing’s meant to be advice or recommendations.

I wanted to start off… I’m thinking of adding a new segment here of looking at the economic reports that are coming up for next week. You guys can gimme some notes down below in the comment section of your thoughts. Do we keep it or kill it?

So we don’t have anything on Monday. Tuesday building permits I don’t care about, I’m only looking at us right now, fed on Wednesday. It’s the Fed fund rate, the economic projections, the statement, the press conference, big day on Wednesday. We’ll have lower volume in the morning. Unemployment comes up on Thursday. Not worried about Philly Fed. PMI is a big one that comes out. Market is open home sales could be big, but I don’t expect it to be. And then Powell speaking on Friday at 9:00 AM just shy of the market opening. So we’ve got a bit of stuff next week, particularly Wednesday that we wanna be cognizant of.
Alright, with that, I want to look at the S&P 500. So, I mean, there’s a lot of lines on here. There’s just, it’s getting to become a little bit of a busy chart at this point. I’m gonna really zoom it in. You can see that, you know, way back here on my left is where we started our Fib. We ended it up here, excuse me, and then we have just continued to press forward from there. We ran into the all time high, just the, you know, last week. This was the eighth, so that was Friday of last week. So this is our last update that we did together like this. And we put in a higher high. We came in with a higher lows, we bounced, but we could not break to a newer high, higher high. So this breakdown here now has not given us a lower low yet, but we may be setting up for that and that’ll be a while since that has happened for us. So that is my concern there. I’m not worried yet. We’re in a bullish neutral bias at this point as long as we remain above the 21, which there’s a confluence at the 5,100 level. There’s dot dash line that’s right there on Omega Chartz. We’ve got a good confluence at those. I don’t put a lot of emphasis on the a hundred point levels when it comes to confluence, but it’s better than there being nothing there. That line still has a level of importance to it, but it is not the equivalent of Fibonacci. As far as strength. It’s… There’re two different things, right? The fib line is much stronger. Okay? So we’ve gotta watch that 5,100 on the downside. We’ve gotta watch that 21 moving average. And then if we do break through there, guys, we’re looking at 50 57, the breakthrough. That 21 moving average, that is the concern, right? I don’t know how else to say it. We ain’t broke it since January 17 of this year, right? We’ve gotten close to it and skyrocketed. We broke through and we took off. We broke through and took off. Now the question again is can we maintain here, get a bounce? Give me a new all time high, which is that 5189.26. Can we break through that level and start pushing up? And if we can, then we’re looking at that 52 19 level right in here. The next line is probably too far away, but oh, wait a second. Hold on, hold on. Let’s go ahead and bring this out. Right? So that’s a negative one. That’s a -0.618. We’re gonna add a -0.809 because we need it.

Come on baby. Light my fire. All right, so we’ve got -809. That’s not what I was getting excited about. You see this brown line, this brown line is a midpoint, right? If I look at, to make this a weekly chart, okay? You see this black line down here is 4181. I’m gonna really scrunch the chart down to where you really can’t read anything but watch, check it out. See the brown line, right? It’s, it’s got a confluence of our one level. So this 4181 is right here. We’ve got this brown line at 5473 and then all the way up here, we’ve got another black line at 6765. That is a fib number 4181. This black line is a fib number. The brown line we’re dealing with right now, the 5473 is a midpoint. That is a critical level of importance. It is a fib line, it’s a 50 percentile move from that 4181, which was a catalyst thrust us, by the way, right?
If we go back and look, we pushed down into it and that was what we broke off of that 4181. So to be looking up ahead, not that far ahead and to see this brown line, there’s a lot of encouragement there. We’ll see a lot of hesitation I believe at that level if we do make it up there. Now, I, I’m not sure if we will or not, but if we can make it up to that level, I think we’re gonna see a lot of hesitation there. Yes. It’s the one, the negative one, which is a 100% move or a standard deviation, right? We already have this move from where we started. The fib one to zero, right? Or one to a hundred. Okay? Well this move from here to here is zero to minus one. They’re the same equal-distant. So 100% increase. And that ladies and gentlemen, where we have the confluence. So there’s a lot of strength coming up there at that level. Definitely something to be considered not concerned, to be knowledgeable of know that it’s coming up and that it’s there, right?

VIX, not a whole lot happened today. Yeah, we were down on the S&P. We do the number, we finished it down 33, right? Well, when we look at the VIX, we’re up a penny. Ooh, we had such a big reaction yesterday that today was more muted in there. It’s also could be that traders are looking at the S&P 500 and going, “yeah, I’m just not sure we’re there.” I don’t know if this is really a down mover or not yet because we’ve done it so many times before and we’re gonna continue to push that way now going forward.

Alright, there you have ladies and gentlemen, have a great rest of your day and I’ll see you all in our next update. Bye for now.

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