Welcome everyone to the Traders Market Intelligence Report, brought to you by WealthBuildersHQ.com. This update is for Monday, the 25th of March, 2024. Hope you’re having a fantastic day. Hope it was a good trading day for you. Let’s go ahead and jump in. Keep in mind that everything we look at is for education. Nothing’s meant to be advice or recommendations.

I wanna start off with our economic reports. We got good feedback from you guys last week on this, so I think we’re gonna stick with it. So Monday new home sales, it’s okay, but it is a 10:00 AM report. So the market’s open. Be careful in the trade. We’ve got durable goods the S&P composite, that’s okay. Consumer confidence, that’s a big one for the Fed. Also comes out when the market’s open. 10:00 AM on Tuesday. So, and the Richmond Manufacturing Index at the same time, I’m not as concerned about that, right? FOMC member Waller speaks, there’s a lot of looky-loos right now on what the Fed is saying, trying to keep up with it, so I’d be careful around Waller right now that’s coming out 6:00 PM So I guess we’re okay. I thought it was 12:00 PM unemployment final GDP quarter over quarter, that’s at 8:30. So pre-market 9:45, the PMI Purchasing Manager index, that’s a decent sized report. Pending home sales, revised consumer sentiment, both big reports on Thursday. Big opportunities there. And again, market’s open for, I’m talking about opportunity for movement. 8:30 on Friday is the consumer price index the PCE and then, which is core price index. And then the Fed Powell speaks at 11:30 on Friday. So big reports, big talks. So we gotta be careful around those timeframes. We’ll see what happens with it.

So as we look at the S&P 500 here, I’ve got an orange barge drawn on the screen. I’m gonna really bring this in so we can get a better view of it. Okay, I’ve got this orange bar drawn on the screen. That was Monday. So our last update, or we did this was on Friday’s close, right back here. We gapped up Monday. So we went from a bullish neutral bias into a bullish bias all in one fell swoop. We gave a lot of it back, but the gap held. We did not fill the gap. We came close to the fib line and the eight moving average, which was a great confluence. And then what happened? You know, and well, actually, the way we really need to do this is we need to back this up and get rid of that next day first.

So if we look, I want you to see there is a pure confluence right at that fib line with the eight moving average. So, and this was on Monday as we go into Tuesday, right? You gotta remember that eight moving average isn’t, was not where it is right now on the screen. It started right at the fib line, right? So I’m gonna bring this current now just so we can see it all again. So we had a great confluence there. We gapped down a little bit, we retested, we bounced, magnifique. It is like Picasso and Magellan and all of these great philosophers and artists and thinkers came together at that one spot and said, ta-da. Perfection is here, right? You can’t get a better setup than that. Greater on the SPY as well, right? We had a good, a good close to the upside there. Not quite the highest high, but we got close, right? That was our highest high back here. And then on Wednesday, boom, we just exploded right through. We went right through it. We went through the recent high, we went through the a hundred point level, we went through the next fib line. All of it just… We blew right through that sucker gone. Okay, Thursday we gapped up, pulled back a little bit Friday, probably taking, not surprised, okay. Not surprised whatsoever. So there you have it. The S&P 500. So what are we looking at?

Well, actually let’s look at the VIX first before we go into next week. You know, we’re sitting at 13.06. We’re a little bit higher than we were. We were like 12.84 the other day. I don’t really care. 12, 13, 15… We’re so low. It really makes no difference, right? So low VIX is really keeping prices down.

What am I looking for this week, right? Well, first off, we can get rid of this recent swing high ’cause that ain’t it anymore. We need to draw a new one in there. And that’s right here, right? That’s our new recent swing high. I’m gonna scrunch down just a little to expose that 5284. If I go ahead and back up a little bit so we could see what we’re looking at there. This is the -0.618. So we don’t really have a great place to redraw with all of this stair stepping going on and that, I mean, it’s just lots of it, right? Great pattern. Difficult to draw new fibs on though. That’s the only bad thing about the pattern that we are living with today. Okay? So again, not surprised to see the pullback.

What do I wanna see happen next week? It would be rare for us to get a confluence, unless it took us two or three days to get down to that -0.618. If it did, our eight moving average will be much closer and we’ll have confluence there. If it doesn’t, and we get the bounce off the 5219.42, I’m liking that completely. I’m not worried about that at all. Take the bounce and we’re gonna have 5261 and 5284 as our top. My ultimate goal of where I see the S&P 500 going is this brown line right here, which is 5473. That is a fib line. It’s a midpoint on our Fib. Lines not part of the Fibonacci we drew. It’s on the Fibonacci number series. Do the one plus one is two plus two plus one is three, and then five and then eight, and then 13 and 21.
That number series, that 5473 is one of the mid points between two of the fib lines, right? That also gives us a 100% stack on top of the initial fib move that we made this move in here, this move right there. If we run all the way up to this brown line or that negative one, that 100% we have another stack. We literally took the entire fib stacked it on top of the, the fib and we had a new level of where we go. So I think that 5480 ish level, 75ish level is gonna be our next upside target. If we break to the downside this week we’re gonna have that 5,200 as a support. We’re go, we actually can get rid of that blue zone there as well. We don’t have a need for that. So we’re gonna have that 5,200 along with our eight moving average. And then from there, it takes us down into a bullish neutral bias at 5138 all over again. There you have ladies and gentlemen, have a great rest of your day. I’ll see you all on our next update. Bye for now.

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