Welcome to the Traders Market Intelligence Report, brought to you by WealthBuildersHQ.com. This update is for Monday, June 17th, 2024. Hope you’re having a great day. And as we do get started, keep 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 for ever taking on that trade, that setup or adding an indicator.

Alright, so we’re gonna start off with economic reports for next week. What do we got here? So on Monday 8:30 we’ve got the Empire State Manufacturing Index. It is red, high impact expected Tuesday. We’ve got retail sales and that’s 8:30. 9:15 industrial production. I don’t expect too much from that. Wednesday there’s nothing. Thursday we’ve got unemployment claims, which is at eight 30, also building permits. And Philly Fed either one of those. I don’t expect a lot from Friday. Flash Manufacturing, P-M-I. P-M-I is always a big one for the Fed. That’s at 9:45. Market is open. Existing home sales is at 10 o’clock. Do I expect a lot from it? I don’t. But the market’s open. So you have to be aware of that. You’re in a housing stock in particular, or a stock that could be predicated on the overall market and housing market. You know, being down, being up, you know, banks, whatever interest rates. There could be some effect there. All right, so that’s number one.

Let’s go take a look at the charts and we’re gonna zoom in on this puppy. All right, there we go. Okay, so 1, 2, 3, 4, 5 takes us back to Monday right there. So there’s our first candle of the week. We had that nice bounce off to 5335. That all time high seemed like so long ago. Nice bounce, retest, boom, right?
Good gap up there on Wednesday. Thursday we kind of meandered a little bit today we’re giving some back. It shows right now we’ve got about five minutes left until the market closes, but it shows we’re down, upper right corner about 5.25 right now on the S&P. So nothing great. It’s not like we’re really down a whole lot of dollars there. But overall, move to the downside.

If you just check on the VIX, we’re up a little bit by 60 cents. It was still at 12.50. I mean it’s nothing. Our VIX is super low.

So do we looking at for this week? So if I’m a gambling man I’m looking at a retest, like we’ve seen 1, 2, 3 days in a row of this 5409, 5410 and a bounce, right? So I’d like to get it closer. Bounce. We’ve got 5470, which is that red line that’s in there. So you see 5470 and there’s a 5473. That level right there is the midpoint of the fibs of two of our major fib lines. If you take the Fibonacci number series, this 5473 is a midpoint between the 4181 and the 60…whatever that number is up there, too far away for me to worry about it at all. Right? So I’m looking at that as our next target. And then from there, 5,500 would conclude the prophecy that I said we were gonna get a doubling out of this market, out of the move we took in there, the initial move. And that would be my expected on the upside. If we do break to the downside, we’re still in the bullish bias, but we’re nowhere near moving average. Getting down to this moving average doesn’t make us, “ooh, let’s take an entry.” You can, but that’s too aggressive for me. I’d rather get it off of a fib line. If I can get a moving average with it, it’s great. If not, I’ll take less contracts, but I don’t use the moving average as a trigger point for taking off. Okay?

So, but I do look at it as a potential slowing or hesitation point. Will it bounce in there? I don’t know. But if it does, I want to back above this fib line before I’m interested at all in taking a trade on this, right? If we do make the continuation to the downside, then we’re gonna look at that 5335. We’ve now broken the eight we get down into the next fib line. And then the same thing. If we get a bounce off of there, I need it back above the 8EMA for me to want to take anything. And I mean anything that’s got a bullish connotation. So the upside is pretty straightforward. 4470 and and 5470 and 5,500. Easy numbers to worry about or think about. Bottom downside is about 5385.86 and then 5335.

There you have it. Ladies and gentlemen, have a great rest of your day and I’ll see you all at our next update. Bye for now.

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