Welcome to the Traders Market Intelligence Report, brought to you by WealthBuildersHQ.com. This update is for Monday, the 6th of May, 2024. Hope you’re having a fantastic day. I hope you were trading today, and I hope it was a good one for you. Keep in mind as we get started that everything we look at is for education. Nothing’s meant to be advice or recommendations.

We’re gonna start off with economic reports for next week. We ain’t got a whole lot Monday, nothing Tuesday, nada. We’re only looking at orange and red, medium and high impact reports. Wednesday 10 year bond. It comes out at 1:01 PM so it could, but I’m not really expecting the 10 year to do much. Fed’s not doing much. I don’t think they’re gonna do much there. So unemployment rates on Thursday, that’s 8:30 AM one o’clock. Again, the bond auction for 30 of this time, that’s red. Once again, I don’t really think we’re gonna see a lot happening from it. Then on Friday we’ve got consumer sentiment, and that is at 10:00 AM. That one could bite you in the butt if you are in a trade before that happens. Know about this and be prepared that if the market does take a drastic move up or down, you’re ready for it.

All right, so let’s put this down. And I remember in my much younger days going out on a Friday night dancing with friends and there was a song that would go, the roof, the roof, the roof is on fire, right? That’s what happened today. We pushed right through the top, right through the roof, the fricking line I drew yesterday in one of the trainings that we did, I drew this line and said, this is what we’ve gotta be concerned with. And what happens, we gap right up above it. We pull back a little bit, intraday, and then we wind up settling just above the line. So what does that mean? What just happened? We just took out the recent swing high, right? If you look, we had a swing low, a higher low. This turned into a higher low. I don’t know where that line went. I had it in there yesterday, right? We had a higher low, and then I had that swing high in there. Not for here for obvious reasons. I had it for here today. We just exploded right through the flipping line, okay? Just what we were looking for. And not only did that line, that horizontal, that recent high we had there, which was 5123.49, we’ve got a confluence or we’ll make it a blue zone just for an example purpose. We’ve got a blue zone or an area of strength in here, right inside of there. What happened? We gapped up above it. We pulled back, we went up above that upper line, 5132.18, and we pulled back and closed inside of that blue zone. It’s just an area of strength. That’s all. It’s instead of a definitive, singular point, it is a definitive zone that we’re targeting after. So great move today. We are still, we’re in a bullish bias, but we are not in a true bullish bias. So this is what it means to me. A true bullish bias says, by all means, go ahead and, and trade a full allotment. If you are trading 10 contracts, that’s a full allotment. If you’re trading equal dollar trades and it’s $2,000 per trade, I’m okay putting $2,000 or $5,000, whatever the number is, $200 into the trade. We’re not in a true bullish bias. We’re bullish, but we’re not true bull. The moving averages are not in the right order. I need the pink, the eight moving averages on top of the green, which is the 21. If you’re ever confused about those, they’re written right up in here, 55, 5, 8, and 21. So I need that to crossover. We’re not there yet. It’s another two or three days at this rate to see it move back up above. So until it does, I’m okay taking bullish trades, but I’m still taking them aggressively, which means you’re gonna take a smaller position size instead of entering that large or full trade. We’re gonna take a much smaller position as we take the entry into the trade.

All right, so let’s go look at the VIX and see what happened there. Big move to the downside. Today we’re down a $1.19. We’re at 13.49. We have not been here now since, woo, what we got there, March 28th, I think it says yes, March 28th was the last time we’re at that level, so life’s good. We got a month and a jingle that we’ve had higher than that, and really, really nice pullback on that. Really, really nice gap up on the S&P. So where do we go to next? If we pull back, look for the pullbacks to the eight and 21, then the first fib line on the upside, it’s 5196.50 and then 5261 is the next upside target. And there you have it. Ladies and gentlemen, have a great rest of your week and I will see all of you at our next update I have for now.

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