We got another on Monday. We got nothing on Tuesday, at least not US based. We have on Wednesday we got CPI, consumer Price Index. That’s at 8:30 AM CPI. It’s all of them. It’s month over month, year over year as well as core. Then we’ve got 1:01m, there’s a bond auction. I’m not really too concerned at that bond auction. Two o’clock though, on Wednesday we got FOMC minute meetings, meeting minutes…blah…are gonna be read, so you may see some lighter volume on Wednesday. Keep your eye open for that. On Thursday we’ve got PPI, producer Price Index, unemployment claims, bond Auction in the afternoon. Then, 30 year at, well again, 1:01. And then Friday we’ve got consumer sentiment, which is a fed report and they like to see that report that comes out at Friday at 10 o’clock. So the market’s open. So once again, be aware of that in case you place a trade, you could see some adverse effect to your trade overall.
All right, so we’re gonna look at the S&P 500. What in the world just happened? Where in the world is Carmen San Diego? Right? Well, let’s see. My kids used to love that show. All right, so if we go back and lemme get rid of this orange bar, right? So this was the first day of the week right here, right? So we had already hit an all time high on Friday. Actually Thursday of the previous week. Friday was a holiday. It was Good Friday. We got really close to the all time high again. We pulled back, we gapped down into the moving average. I wasn’t too concerned. We pulled, we moved back up, but couldn’t break through on a closing basis. The Fib line as well as the eight. We gapped up yesterday and I am hooting and hollering for the market, just screaming at the top of my lungs. Yeah, all time highs today. And the just crashing back down, closing for the very first time since this overall run started right from when this we, we, our fib was put in place. We broke we came back up. Actually,, our fib was put in place. We came back down in here, closed slightly below the 21. That is the very first time. And I don’t really count that ’cause we hadn’t started our trend really to the upside yet. So if you look at it, barring that very first week or two weeks, whatever it was, the very first time we approached, which we still hadn’t started a trend yet. We had…Yesterday was the first time we closed below the 21. So we’ve gotten through it with the wick. We came down to it with the wick, but not closed below. Lots of panic, fear mongers out, the market’s, you know, over, it’s coming to an end… Sell, sell, sell! Okay, maybe, but you know what? We still need to step back. Position number one in the chair. Analyze the fricking market and make a call based on what you see, not based on what you feel. Feelings are not what’s gonna cut it here folks? You wanna be a trader? Stop the crap at the feelings. There’s no mushy touchy feely garbage here. This is analytics, it’s science, it’s technical. Look at the chart. Look left at what’s happened before. Make a call on what you see and then follow along with what it does.
If you say, if it goes up, this is what I want to see happen. If it goes down, this is what I want to see happen. You now put yourself in a position that either direction, you’ve got the opportunity to capitalize on the market, make a decision on what you see. For me, right now, we’re sitting right back at the eight, we’re at the 5,200. We’ve got the fib line, the -0.618 right above our heads. The recent all time high, which is this little horizontal blue line that’s in there is right there. So there’s a lot in front of us right now. A lot in front of us, right? Am I worried at this point? No. Can things turn sideways? Yes. Will that make me worry? No. No. It’s, you know, Mr. Miyagi… “Best block, no be there,” right? Put a plan in place on how to react, how to treat it if the market does go up, down, or sideways.
So what are we looking at here, you know, for next week? So ideally Monday, I’d love to see us back above the 5219, the retest and the bounce and the 5264.85 level. My phone is blown up. It is traders. I know it is. ’cause My, my buddies would text me before asking that they should add to positions and we’re not gonna talk about that, right? I’m shutting them down. No more volume for you. Alright, so I’m looking at that 5265 level, right? That has gotta be the clearing point on the upside. And then right above it is 5284, right? Right here it is a Fitbit. That’s our next upside. But we’ve got some stuff ahead of us, but we need to put in a new high. See, we were putting in higher highs and higher lows, right? Well, we had the low here, we really didn’t break. We had a low here. We gapped up and failed. So I dunno if I would even count that as a, a, not a higher high, right? But we’re pushing it. Now on this move up, we’re gonna need to break that 5264.85. If we do fail and roll off that 5219 or 5,200, we’re gonna have 5138 as the downside.
Vix yesterday was crazy, right? It was all the way up at 16 in jingle. Even now we’re at 16.09 on the closing price today. So we’re down 26 cents. A little bit of an overreaction from yesterday, a little bit that the market was up today, even at 16. We’re at a super low VIX right now. Nothing for me to worry about with, with the vix. S&P 500 folks, just plan your day every single day. Analyze the S&P. The way that I do it is just how I did it here, right? And I do it out loud because you are using multiple senses. That is a key. One of my keys to success has been just that when I’m looking at a trade, I’m talking it out loud because I’m not just seeing it with my eyes. I’m now speaking it with my mouth. So I’ve got my eyes, I’ve got my mouth. Okay, so that’s two senses. I’m hearing it. That’s three senses. I’m half Italian on my mother’s side, so I’m using my hands. That’s four senses. I’ve got a lot going on as I’m analyzing what’s happening with the market. It’s resonating in multiple ways for me. Some of you may think I’m crazy. My wife’s friends think I’m nuts when they come over in the summertime, my wife and her friends will be sitting in the kitchen and I’ll have the door open and they’ll hear me talking, saying, isn’t Rob inside by himself? Yeah. Yeah, he’s trading. My wife knows. I mean, I’m reading it out loud, right? I do the same thing when I analyze stuff like this. Don’t fret over it. Pick direction.
If it were to go up, what would have to happen for me to want to take a bullish trade break above the line? Retest bound. What about a fail? Push up a little bit. Fail off of the 5,200. Ah, but we’ve got that 21 moving average in the way. So we’ve gotta be careful there. We don’t have a lot of room to the down. You see where I’m going with this? Talk it out loud. Analyze the market. Come back here each and every Friday. Come check out Power Hour each and every Monday, which are free trainings. We do get into our trading, Trading Coaches Playbook, which kind of wraps the week up, which is on Fridays. So if you go over to TradingLikeABoss.com, everything on this page is free. They’re all free resources that are available on the left side, Power Hour on the far right, Trading Coaches Playbook. We start, the week we end, the week in the middle is whatever other free live trainings going on. So it, it’s beginning, middle, and end of our week for our trainings. And everything on this page is free. So go ahead and take advantage of it. All right, everybody, have a great rest of your day. I’ll see you at the next one. Bye for now.
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