Welcome to the Traders Market Intelligence Report, brought to you by WealthBuildersHQ.com. And this update is from Monday the 12th of June, 2023. Man, the month is flying by. Hope you’re having a great day. Hope it was a good trade-in week for you in the markets just wrapped up. So let’s go ahead, jump on in and see what the heck is going on.
So this chart is only showing us something through yesterday’s closing price. And you can see over the last week we pushed up hard, right? That was on Friday of last week. When we could go today, and then we got into this rectangle. I’ve talked a lot about this in the last week, and today we finally got a little bit of a break outta there. We’re gonna go take a look and see just what the heck is going on with it, but we wanna look first at the VIX action. You know what? No, let’s go right over to TradeStation and we’ll come back to VIX in a moment. So we look at the S&P, you can see the entire fib before I move off. And here’s our v-bottom up to our v-top. There is our 4181 level. That white line is the top of the fib line, and here is the rectangle that we had been in, right? So now if we get rid of that and kind of bring it on in, bring it in, bring it in, bring it in, in, in. All right, here we go. Okay, so you can see we had this little bit of a rectangle thingy going on there. Let me grab a rectangle thingy. And we broke out of it today. We pushed up into the -.272, which is 4312, right? We stretched through it a little bit. We came back into the rectangle and then bounced and closed higher than our rectangle. Barely. But we’re on the outside of that rectangle now. So there is some bullishness about it. I did announce a week ago in POP that we are looking to start adding swing trades back to the mix. We’ve gotta have the right set up and the right structure and all of that to take it. But I like the condition of the market right now.
We’ll see what happens comes the 14th of June and what comes out of Powell’s mouth as far as coming up in the future. You know, future notices of what’s gonna take place with the Fed rate. Are we hiking? Are we done? Do we hear a clear signal that we’re done? Do we hear a clear signal that we think we the worst is behind us? We haven’t heard that yet. And in the last couple of weeks, we’ve actually ticked up the chance of having a rate hike again, which were almost nothing originally. And that’s a lot of the Fed members talking about. Well, and maybe even if we didn’t do one, that doesn’t mean we’re halting. Don’t take it that way. And Powell said the same thing, so we really have to see where it all lands.
Okay, so overall S&P 500, very bullish with the overall move that we’ve made. Again, if we go back here and look at the S&P 500. Yeah, one more time. Just, I like the white background. I like the crispness stmas of this chart. Good, strong moves up, you know, little jagged on the way up here. But overall very nice. And of course, Thursday, Friday of last week, well, magnifique, they worked wonderful.
Okay, now, if we go over and look at the VIX, the VIX, you know, and, and the song is, and the rain, rain, rain went down, down, down, right? And that’s what the heck is going on with the VIX. I mean, as of yesterday, we’re at 13.65 on the VIX. Today we have a whopping 13.90 on VIX. Let’s go bring it out a little bit. It’s a daily chart. Yeah, yeah, that’s what I want, daily. Okay, there you go. Now you can get a little better view of overall, of how we’ve been. So, you know, we, we hovered for a while here around this 16 ish level. We broke down and we’re sitting right, you know, just shy of that 14. We’re at such a phenomenal level as far as cost. As for buyers for what we’re doing right now, we’re talking about buying positions. Phenomenal sellers. You’ve gotta work a little bit harder to find good premium, but they’re still out there. And with that, ladies and gentlemen, make it a profitable day. Stay focus on the quest of becoming a great trader. Keep crushing it. And remember, you just one trade away. Take care, and I’ll see you all in our next update. Bye for now.
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