Welcome everyone to the Traders Market Intelligence Report, brought to you by WealthBuildersHQ.com. This update is for Monday, May 13th, 2024. I hope you’re having a fantastic day. What a day or week I should say it was. As we do get started, keep in mind everything we look at is for education. Nothing’s meant to be advice or recommendations.

We’re gonna start off looking at economic reports for next week. So we’ve got nothing happening on the 13th on Monday the 14th, and we’re only looking at us at this point, right? But on Monday the 14th, we’ve got two 8:30 reports, and we have one at 10:00 AM which is Fed Chair Powell speaking. Remember what happened the last time Powell spoke, reporters asked questions, and the market tanked on that conversation. It had gone up on the announcement, but down on the report. Then on Wednesday, we’ve got a lot of red. You got CPI all of the C-P-I-C-P-I, it’s all the same. Empire State Manufacturing, retail sales. So a lot of reports there. On Thursday, we’ve got unemployment building permits, fully fed and industrial production. I’m not too concerned with that. Waller speaks at 10:15 on Friday the 17th. That’s okay. I’m not really too concerned with Waller, open mouth and insert foot form. If we go in here and look at other countries, we’re only looking red and green red and orange in there, right? So now let’s see if anything jumps in. That is our timeframe. So 12:45 PM right? We’ve got SMB Chairman Jordan speaks. It’s orange. May not really be that much of a big deal. Australia, that’s 9:00 PM that’s late at night. 4:00 AM, 8:30 AM, 9:15, 10:00 PM. Yeah, so nothing from overseas that’s really gonna affect us very much during this upcoming week.

With that, let’s go look at what’s going on in the market. The orange bar that I have on there represents last Friday. So what happened, right? And you, you really need to look at this. You know, if you break it down step by step, the way that I talk about it, particularly on or in the traders market intelligence report where I do the entire week, right? So what’s actually happening here? Well, we got a quick little breakout. We, well, all right, let’s back up. Friday, we got the gap up and we hit in that zone, which was the recent swing high at 51, 23, 49, and 51, 32 18. We had a blue zone in there. We pierced through a little bit and that was good, right? On Monday we gapped up. We had, you know, just a buzo type, candle shaped, bottom shaped top man. We just rocked open at the low close at the high bullish day.

The next day, people were freaking out a little bit. We couldn’t get higher. And then the resistance level we pull back. There was a little bit of concern the day after I heard it on the gap down from other traders going, oh my God, the world’s coming to an end on Wednesday. Like, calm down. We’re still in a bullish bias. Nothing’s changed. But we had Tuesday broken through. We chipped away at the ice. Now, yes, you were laying on your back, chipping away at it, but you broke through the resistance a little bit. The S&P did. And then Thursday, we just exploded right up through there. Yes, the setup came in on Tuesday, a little bit of rest on Wednesday and Thursday we explode. Today we’re up $8.50. Market is closed now about five minutes, we’re up about $8.50 on today, on Friday.

Bearish candle on the open compared to the close, but bullish on where we were for close period from yesterday’s close. So we had a $8.50 move to the upside today. Very good. I’m not surprised after, you know, having a great week as we did, moving from 5132 all the way up to 52, almost a hundred points, almost a hundred point move for this week to the upside. So not surprising to see a little bit of rest and relaxation take place. If we look at the VIX man, woo, this is a wonderful bearish thrusting pattern. Just which, it’s a bearish looking pattern, which is very bullish for the overall market, right? So let’s go ahead and set some targets up for the s and p for this week. So, and again, Monday comes, and I’m not doing this update again until Friday.

Monday comes, you need to look at everything that I just said and you need to analyze in detail, in great depth what just happened on Monday comparative to every other day. And you need to look left and do the calculations, the math, the figuring of this is what I see coming next. So when we look at the S&P on Monday or this coming week, we’re looking at that 5196 and a half level of support. And then we’ve got the eight moving average, 5167. So about 30 points down below that. On the upside, we’re looking at 5261 and 5264.85. That is the all time high, and that’s what we’re looking for. Now, I do not expect a hard burst through that resistance. It could happen. I’m not saying it won’t, but what I’m saying is that’s not what I’m looking for. I’m not going, yes, this is gonna happen.

Nope, I’m expecting a move up, a pullback and then a break, right? Kind of like we had right here. Monday. We pulled up, we ran up Tuesday, we moved up and pulled back. Wednesday, we gap down, recovered Thursday we gapped and we took off, right? I’m looking more of a pattern like that couldn’t break out without a doubt it could break out. It’s just not the common pattern. And let me rephrase it even or re-state it even for another reason. If that happens, I’m not as excited about the pullback. I’d rather see the breakout and a pullback first, right? But the chipping away at the ice is critical. Friday we chipped away at the ice and then we broke out on Monday. Okay? So to the upside, we’re looking at 5261, and then we have 5335 is our next upside target. 5335, which is the -0.136 So overall life is looking good, man. I mean really, really, really good on the S&P right now. We’ve got a couple of swing lows and we’ve got that swing high in there for the recent one. We certainly have the all time swing high. Above that, there ain’t no swing high to put because we ain’t got nothing else up there, .

So that’s it. All right, ladies and gentlemen, have a great rest of your day. Listen, make sure that you follow along, subscribe. It may be surprising to know that only about 40% of you that watch this video or subscribe. So make sure you subscribe, bring that bell, share it with others so we can continue to grow this channel. Let us know how much you appreciated if you do, and we appreciate that very much so. Have a great day. See you the next one. Bye for now.

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