Welcome to the Traders Market Intelligence Report. Brought to you by WealthBuildersHQ.com. This update is for Monday the 10th of April, 2023. I hope you’re having an amazing day. What a great day it was in the market today. Hope it’s been a really good week for you.
We’re gonna start off with the VIX today. You can see we’ve got a nice little slide on the VIX today. I’m very happy with that. Really, really nice move to the downside. We’re at the very, very, very bottom of our green zone. We’re playing around. I’m waiting for that ice chipper to come in and break away into that yellow zone, but we’re getting really sweet premiums right now on our options because of that volatility that VIX being so low. Before we jump into the S&P 500, I want to go over and take a look if we could at economic reports, so I brought up the ones for next week.
We have got a lot of stuff happening next week, right? CPI, check big one. FOMC minutes. Woo. This could be major, baby. PPI, producer price index, unemployment claims, retail sales. Not good on Costco today, baby. Not good at all. Consumer sentiment, all of this Fed-focused. Every one of that was a really bad circle. Every one of those are fed-focused items. Well, the minutes are the Fed, right? But every one of those have an importance level to them, to what’s going on in the market right now.
So let’s go ahead, bring up the S&P 500, and I want to see what the heck is going on. So right now, we want, I wanna go ahead and talk about the last few days, right? So you can see where the Fibonacci is drawn. For those of you that are new, we’re gonna walk through the entire fib. You know, first time watching this before, for those of you that have been here, we just go over it. The goal is to make sure that you get why we’re doing what we do. We gotta swing low down here at the bottom. We’ve got a swing high up here at the top. This is where we drew our Fib off of that wick. This black line is the 4181. Don’t ask, don’t question it. Snap it on your S&P 500 chart. It is a critical, critical, critical Fibonacci level. So make sure it’s on that chart. So what happened? We made this nice move up. We pulled back, we put in a swing low. I had a higher swing, low drawn in here. We’re gonna delete that line out of there now. We don’t really need that one any longer. And then we started to put in higher lows, higher swing lows, higher swing lows, all the way higher swing highs. Higher swing highs. And we pulled back. Now, we did not make a higher high up through the previous high, but we are breaking the highs on this upward pattern, particularly that we broke this one, that 4094 level was the first critical level I wanted to see us get through. Once getting beyond that swing high right off of this candle there. And we did. We pierce through that with a vengeance one day. Wham bam, thank you ma’am, right through the 4093 and that topping pattern, all of them all within the same day. We pushed up one more day. Now, this right here was Friday of last week. We pushed up one more day on Monday. Tuesday is where we failed. And we pulled back off of that. Wednesday, we gapped down just to that 4094. We stretched down, came back up, but we chipped away at the ice.
Today, we broke back. So we kind of chipped upward at the ice, right? But we broke back up through the top of that level and came as a bounce off of what else? The eight moving average. We took a bounce. Awesome, wonderful, fantastical, whatever you want to use, right? We got back up into that level again. We are still at a point now that that 4133.13 is more critical today than it was last week. Why? Well, because now it is a new swing high. What is a swing high, right? Important to understand what makes a swing high. You have a candle. Doesn’t matter how big or small the wick was, but it had a high, it doesn’t even need a wick. You got another candle, right? Kind of a really big wick. It doesn’t matter. That was their high off the top of that wick. And then you have another candle, and let’s say this was, its high right there. So you had a high, a higher high and a lower high that makes the middle candle a swing high candle. And just like down here is a swing low. We had a low, a lower low and a higher low right in there. Ooh, little hook curve to get back into that one. All right, so that’s what we’ve got going on right now. We’ve gotta break the 4133. If for any reason we fail or hesitate off of this 4094 level, that eight moving average level will be the next level of importance for the downside. If we pierce even on a width break through that 20.72, I will go from position one in the chair to position number two in the chair. I’ll be very hyper focused on what happens even if we just break through it for the day.
Today doesn’t really count, right? Because it was moving today. So it doesn’t ha it counts on yesterday’s closing price, which we didn’t break throughy esterday’s closing price, right? So overall, I like what we’re setting up. I like what we’re looking at right now. We’ve got these higher highs. As long as we keep pushing, life is going good. Realistically for me, that next leg into the bullish market is above that 4195.44 level. Close above, retest and balance, right?
If we go and look little longer term, we look at a weekly chart. How weekly, very weekly, right? We look at a weekly chart and we’re kind of in a sideways pattern. That channel, there’s that 4181 line. Again, we’re kind of in a channel and look at how important that line is on a weekly chart, man-o-man. And then we’ve got monthly, let’s go look there. All right, so the monthly chart overall, we had had this bearish pattern. And then look what’s happened. 1, 2, 3, 4, 5, and right now we don’t know, but five plus months. Everything from March back, five months back this month is just too young to really have any pattern yet. Very small doji. Not a allow of move yet. Over these what do we have? Four days, I guess, right? Because tomorrow’s the holiday, the seventh, today’s the sixth. So we’ve got four trading days in there. So very small candle, four days into the month, not a big deal, right? The daily chart is really where it’s at. The bigger picture tells us what’s what’s happening longer term. And you definitely want to check those at least on weekend. Make sure you’re looking at those numbers. All right?
So make sure you go over and check out TradingLikeABoss.Com. Do not pass, go, you will not collect you $200 unless you go by and check out TradingLikeABoss.com. We’ve got a ton of great stuff on there. There’s a replay play of Brandon’s Top Three Strategies just in case you missed it. Replay of Key To Be Free, which we’ve got some more of those coming out. Replay of Crushing It with Volatility, right? There’s just a ton of great resources up here. And Mr. Dale Zamzow has his training coming out,very shortly as well, that he’s gonna be doing. You’ll see us publish that up here as well. So with that, ladies and gentlemen, make it a profitable day. Stay focused on the quest to becoming a great trader. Keep crushing it. And remember, you just one trade away. Take care everybody. I will see you at the next update. Bye for now.
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