Welcome to the Traders Market Intelligence Report, brought to you by WealthBuildersHQ.com. This update is for Monday, June 10th, 2024. Hope you’re having a fantastic day. I hope it was a good trading day for you. As we get started, keep in mind that everything we look at is for education. Nothing’s meant to be advice or recommendations.

All right, so let’s go and look at the S&P 500 and we’ll start off there. So we’ve got about four or five minutes left until the market closes. I’m gonna bring this in. We’re on a daily chart here. We are not at all time highs today, but, but we did hit ’em, right? Meaning we’re not closing near them right now. We had some pullback, not surprising whatsoever. Okay? We had a good start to the morning, nice run up, profit taking, pullback in there, great opportunities through the day. Hopefully you got to take advantage of some of those. And the key is we’ve now broken above this recent swing high. I like it. I love it. I want some more of it, right? We got through this high previous swing high, we got through this previous one and now we’re setting new records on our highs.

We’re looking at 5335 as the first downside target for us, which is our Fitbit. And I’m not worried about the old swing high because that’s at play at this point. And then there is the eight moving average right below that, which right now is sitting at 5317.50 or so. Those are our two downside targets. On the upside, we’ve got a lot of room up here, 5410 and then 5470, which I have been touting at the top of my lungs. 5470 to 5,500. If we scrunch this just a little bit more, there’s my C and my A, BC fib pattern up there. That gives us a 100% stacking or extension of our original Fibonacci. So that’s the green line. The first one was the red line, not this brown line. The red line that is this color red right here. It’s kind of hidden in there. You’ll see there’s two different lines there. The first one, that 5470, 5499.84, 5500. And this right here is 5473. That is a midpoint of two major fib lines. The 50, the 4181 and whatever. The 60 something is up above head. I don’t remember what that number is ’cause we’ve never been there before on the S&P chart, so I’ve not really paid much attention to it, right?

We look at the VIX, which is fear, are we fearful today? Well, we’re down 12.20, you know, so we’re down 38 cents today. Nothing. I mean, again, we’re so low right now. Fear is not even a question, not an issue, not a concern, not a nothing. All right?

So let’s go back and take a look at economic reports. So we’ve got ’em here. This is for this week. Let’s go ahead and advance to next week. All right, so I’ve got this set up, we’ve got nothing coming up on June 10th, not a fricken thing-sky at all in there. You’ll notice a lot of red coming up. So we’ve got a 1:01 PM on Tuesday. We’ve got the bond auction, which is at 1:01. It’s orange. So it’s a moderate impact. I don’t think we’re gonna have any impact at all, right? CPI coming up on Monday Wednesday rather. That’s at 8:30, 2 o’clock. Fed big report. If you are trading that day before the market announces the report at two o’clock and the press conference at two 30, caution grasshopper, it could be a dramatic effect on the overall move in the market from that. CPI is coming up on Thursday along with unemployment claims. That’s all. So 8:30 Yellen speaks. No big deal. I don’t think she’s gonna open her mouth too bad. More bond auction. I’m not worried about it. 10:00 AM on Friday. We’ve got the consumer sentiment. That’s a big report. The inflation expectations is part of it. It’s all part of the same report. Nothing really in there that, that concerns me.

On the second one, the sentiment, yes, that could have a dramatic effect on the market. Why do we look at this? If you are placing a trade or in a trade, and one of these things that are being announced while the market’s open and you don’t know it’s coming out, you know, the Fed announcement. What if the Fed decides to cut rates out of nowhere? They cut rates on, on this upcoming event at 2:30, 2 o’clock. It happens 2:30, they talk about it and you’re in a bearish position that day. I think the market’s gonna skyrocket if they cut rates, right? So if that’s the case, you could be on the wrong side or you were bullish, you thought it was gonna move bullish and it move bearish, whatever it was, you could be on the wrong side. So you wanna know when those economic reports are coming out around the trades that you’re doing, right?

Hey folks, listen, one of the biggest things that you need to do as a trader is make sure you’re tracking each and every trade that you do and track ’em properly. If you’d like to get a copy of the tracking sheet, the same tracking sheet that I use for myself, go ahead, down in the description below, you can download, click the link and you can download that right then and there for yourself. All right, everybody. Have a great rest of your day. I will see you at the next one. Bye for now.

Company

About
Contact Us
Legal

Stay In Touch

We hate spam as much as you do. We promise never to spam you and only send you emails filled with tons of value. Jump on our mailing list to stay up to date with our newest content, receive special offers, and stay connected!

Company

About
Contact Us
Legal

Stay In Touch

We hate spam as much as you do. We promise never to spam you and only send you emails filled with tons of value. Jump on our mailing list to stay up to date with our newest content, receive special offers, and stay connected!

WealthBuilders Logo
WealthBuilders Logo

28 Lincoln Ave, Suite C, Rockville Centre, NY 11570