Welcome to the Traders Market Intelligence Report, brought to you by WealthBuildersHQ.com. My name is Robert Roy. This update is for Monday, May 20th, 2024. I hope you’re having a fantastic day, man. It has been a great day again today in the market. Let’s go ahead and dive right in. Keeping in mind that everything we look at is for education. Nothing’s meant to be advice or recommendations. If you find something you like anything, make sure it fits your own personal risk profile and risk tolerance before ever taking on that trade that’s set up or adding an indicator to the mix.

Alright, so, let’s jump into the S&P 500. What a week? It has been a yowser! And let’s see, Friday, Thursday, Wednesday, Tuesday, Monday. So Monday was kind of a flattish day. We gapped up, closed down about where we opened the, or closed the previous day. Tuesday was a rocking day. We had a small gap and run to the downside. Took off, closed on the high there. We gapped up, broke the all time high on Wednesday. Yes, I mean, we shattered it, destroyed, it just burst right through. Yesterday was a great day. Pushing up near this next Fitbot line on the top before backing off. Today, it’s Friday. It’s not surprising, but here’s the best part about today. We’re up four and a half points, 4.86 right now. We got seven or eight minutes left for the market to close. Look where we are. We opened up near the top of the candle. We shot down, we broke that downward, bearish trend line there. We broke through it pierced through, and we’re closing back up near the highs of the day.

So, who’s in control? Think of the day. What happened? Opened up with a small gap to the upside. Bulls are in control. It pulled back, the bears tried to take over and the bulls went nope!” Brought it right back up again and wham in your face, like I said, about $4.80 so far to the upside on the S&P.

If we look at the VIX now, look at how little that candle is on the S&P right now. We look at the VI,. Today we are down 45 cents on the vix. We are down at 11 and jingle, 11.97. We’re under that $12 range. Here’s the greatest part of this. I’m gonna go look for where we broke through. Where do we do it? Where do we break that blue line? Oh, there we go. I gotta go all the way back here to December 15th of last year for us to have been down below that $12 level. That’s how long it’s been, right? And we just again, shattered right through it today. “You Know, it’s only 45 cents, Rob.” No, no, no, no, no. That’s a decent sized candle, right? Yes, it’s 45 cents, but it’s a decent sized candle. Considering it can only go down another 12 bucks, that’s all we got left.

So let’s go look at the S&P and figure out what’s happening now. So my next downside target would be 5261. Love to see it come back there. If you had the breakout in there, fantastic. If you did not wait for the pullback and the bounce, look at that 5261. We have a confluence with the eight, so I love that a lot. Double thumbs up. And then we’ve got this 5335 and jingle on the upside there, right? That’s our first upside target. And then 5409 is our next upside. No a hundred point levels any longer. We’re just sticking with 1000 point levels at this point. So lots of opportunity, lots of room, lots of potential for the market there. Is it going up next week? Well, I can make you one guarantee. It’s either gonna go up, down, or sideways, but no matter which way it goes, I’ve got a plan on how to trade it. And you should too.

Have a great rest of your day. See you on the next one. Bye for now.

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