Welcome to the Traders Market Intelligence Report, brought to you by WealthBuildersHQ.com. My name is Robert Roy. This update is for Monday June 3rd. Yes, June 3rd, 2024. Hope you’re having a fantastic day. It has been an interesting week in the market. Let’s go ahead and review before we do. Keep in mind that everything we look at is for education. Nothing’s meant to be advice or recommendations.

Alright, so we’ll start off with the economic reports, as we always should. We even got reports on Sunday this week. You got OPEC meetings all day on Sunday, and then Monday we’ve got PMI comes out at 9:45 and then ISM comes out at 10 o’clock. Two different ones. Same report though. So you have two reports coming out on Monday. Different times that could affect the market. If you’re in a trade in the morning, know that these are coming up. Jolts is coming up Tuesday at 10:00 AM once again, another report there. We’ve got ADP final PMI, so PMI and ISM again on Wednesday, and those are 9:45 and 10 on Thursday. We’ve got unemployment that’s at 8:30 and then we’ve got a couple of ’em on Friday. They’re also pre-market all of ’em relating back to unemployment rates. So there’s the economics reports.

Let’s go take a look at the market and see what’s happening. So, big picture, big picture, what we’re looking at here, right? So I’ve got a new set of lines drawn on here, which gives us, it’s this ABC pattern that I drew. I don’t remember if I showed it last week, but we start where the fib started, we, that’s a B goes up to where the fib ended and c comes to the lowest low of the pullback in the entire thing. It doesn’t matter that it bounced at the lowest low, we take it down to, so we did, we took it down there and then it draws two, three lines, .236, .618 and a 1. The one’s a little bit higher up right here. Gives us more of that longer range. What we’re looking at? So right now, this tells us why we’ve been hesitating around that 5291, 5300ish level is we’ve got a line sitting right there that without this A, B, C would’ve never been visible over the last five days. 1, 2, 3, 4, 5. You know, we had this big pullback last week on Thursday. Here we are Friday, remember we had holiday on Monday. So our first day is Tuesday. So Tuesday, Wednesday, Thursday, Friday. So over this week, down, down, down all three days. Today we stretched down, got down. Well, we closed a neutral bias yesterday. We got back above the 21, but that still leaves us in neutral. Gotta close above the eight to get outta that neutral. Can’t be bullish neutral without being bullish first. So, but we’re not that far away.

Pullback is not a bad thing. I’m really not too concerned with it. I’d love to see a bounce of course, but hey ideally I want to get above that 5261 level and then the 5271, which is the eight. And then from there, the 5291, which is our .618 says, this is a very, very messy road. There’s a lot of obstacles in the road. You know, there’s a down tree, there’s some broken glass, there’s some garbage cans, blue in the road, and you gotta kind of drive around everything. Oh, electrical wire, right? There’s a lot happening over there right now. Electrical wire is up here, so we gotta be cautious and be aware of all these various levels to the downside. You’ve got that 5197 level, call it just 5,200 is close enough and 5132, right?
We look at fear, which is the vix. So we’re down a little bit today. Nothing crazy. I think the…There was a big overreaction came in over the last couple of days. This pullback, it’s a Friday. We’re seeing settling take place. We’re seeing a profit taking take place, closing positions out before the weekend. I think that’s all part of it. I wouldn’t build too much into it. We’re still sitting at 13 and a quarter right now, so there’s nothing to be worried about at all. Right? So remember on the upside targets, we’ve got a couple of them. 5291 is the first one. 5335, which has a confluence of 5342. And then from there we’re looking at 5 10. All right?

Have a great rest of your week or weekend and I will see all of our next update. Take care folks. Bye for now.

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