Welcome to the Traders Market Intelligence Report, brought to you by WealthBuildersHQ.com. My name is Robert Roy. This update is for Tuesday. Yes, Monday is a holiday Tuesday, the 28th of May, 2024. I hope you’re having a fantastic day, and I hope it was a great trading week for you. As we get started here, keep in mind that everything we look at is for education. Nothing’s meant to be advice or recommendations. Alright, dive in time.

The orange bar that you see on the screen, that vertical bar, that’s the last update we did from last Friday, right? So let’s go and take a look at what’s happened throughout the course of the week first. So on Monday we had a small little gap up Tuesday, we gap down and ran up, closed to right near, the all time high. We had had at that point that 5325.49, we pulled back on Wednesday, Thursday, gap up. Yes, all time high, and then we failed on fear of the Fed. Today we gapped up. We had a little bit of a recovery from what we gave back yesterday. So overall, not too shabby. I’m not overall concerned yet at this point we are back in a bullish bias. So that’s kind of the, the comfort level. Even with that, yesterday Thursday we were in a bullish neutral bias. Wasn’t that big a deal yet, that small move down, I think some profit taking in there. One idiot said something to another idiot. Just, you know, I don’t really see anything that we talked about this with my inner circle, our highest coaching level we have in wealth builders last evening in our training. And every one of them said the same thing. I saw nothing today that gave me any indication that this was warranted, you know, for that 55 point move to the downside or something like that yesterday.

So overall, if we go back and look at this on a weekly basis, uh, let’s grab the weekly chart. We go back and look at a weekly chart and we’re rocking. I mean, baby, baby, baby. We are rocking, rocking and rolling, right? Nice pull, pullback, good bounce, strong move. We’re bullish last couple of weeks. Very bullish, but we go look at it from a monthly standpoint, same thing, right? Really strong on the monthly calendar right now or chart right now. So I see no reason here to say, Ooh, I need to be concerned or right now.

Alright, next we’re gonna go and look at the vix, which is fear. Ah, so we go, okay, so again, big move up yesterday. Te a really nice move to the downside. We’re down 87 cents. We’re just closed now about two or three minutes. So we’re sitting at 11.90, call it 12. So we’re back under that blue line, which is that 12.20 line. So overall very happy to see that. That’s a good, good strong low level, meaning we’re keeping prices down on cost, uh, for our options, right? For overall cost.

Normally I wanna start off with economic reports. I forgot to show them at first. I’ve got ’em sitting right here. So we’re gonna go ahead and Monday, that’s the 20th. So we’re gonna look at next week. All right, so 26th, we’re looking for Monday. Is holiday nothing on there? Tuesday, 9:00 AM Yeah. Okay. S&P composite. 10:00 AM market’s open. We’ve got consumer confidence. Important report. It’s red, you know, red get in your head, you gotta pay attention. Richmond Manufacturing coming up on Wednesday at 10:00 AM I don’t think it’s gonna be that big a deal. A couple of eight 30 reports on Thursday, which are all related to either unemployment or GDP. 10:00 AM is housing. So we’ve got Tuesday, Wednesday, Thursday, 10:00 AM reports. And then Friday we got PMI purchasing manager index at 9:45. So every day this week, by the 10:00 AM timeframe, you have a potential report that could shift the direction of the overall market. So if you’re entering a trade, be smart, grasshopper, make sure you know these things are coming up. Don’t trade without checking this out first.

Alright, so what do I see for this upcoming week then on the market? Let’s go take a look-see., Alright, so we’ve got the all time high of 5341.88, right? We’ve got an uptrend line that’s in there, which is our zone two. Move to the upside I think. And we’ve got a good confluence there. So we’re looking at a blue zone between that 5335 and 5341.42 level in there. So 40 points, 35 points away from where we are right now. If we scrunch down a little bit more, the next upside target would be the 5409, 5410 level. If we break that 5261, we’re looking at the 21 moving average to hold. If the 21 doesn’t hold, it puts us in a neutral bias and then we have to start going back and looking historically at what’s happening with the charts and where are we now.

And there you have ladies and gentlemen, have a great rest of your day and I’ll see you all at the next update. Oh, enjoy the holiday weekend. Take care. Bye for now.

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