Market Outlook for the Week of 7/1/24

Welcome to the Traders Market Intelligence Report, brought to by WealthBuildersHQ.com. This update is from Monday, July 1st. Yes, July 2024. Hope you’re having a great day. 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 before ever taking on the trade, the setup, or the indicator.

Alright, so as usual, we’re gonna start off with economic reports. Alright, so let’s go there. So this is next week. Let’s see, Monday, we’ve got 9:45 AM So after the market is open, PMI 10 o’clock, also PMI and manufacturing prices. So both of those, all three of those, those two time slots though, could affect the overall market. If you’re in a trade, Powell speaks at 9:30. Sure. Just mess up the open of the market on Tuesday, why don’t you? And then 10 o’clock is Jolts, which is job openings. Wednesday the third, we got a lot of reports because Thursday we’re closed. So 8:15 we’ve got a DP unemployment, PMI at 9:45 ISMPMI at 10 o’clock, FOMC minutes 2:00 PM. So all throughout the day there are various timeframes that could mess up a trade. Again, Thursday’s a free day and Friday, all 8:30 reports so nothing to really worry about when you’re in the market, but any one of those could shift direction and if you’re trading futures, they could have a dramatic effect on it.

Alright, so before we jump into the market and look at it, I just wanted to share with you, with all of you, what’s happening, what’s going on withTrade with Rob.

So I’ve started going back to keeping track of the numbers. I mean, we get some of you out there that make mention in Power Hour and the likes, emails and, and comments of, you know, I love what you do in Trade with Rob. I wish there were more days. So we got three days off this week. The most we’ll ever get is four. ’cause I don’t do them on Friday. But the most we’ll ever get is four. We got three of ’em out this week. I’ve got the results of those three days. They were okay. It’s not horrible. I don’t think you’d be too disappointed. This is what your results were. But let’s take a look.

So each day is three trades is what we do. Three trades per day, right? Is what we put out there. If you see the gray bar and it says no trade not taken, that’s exactly what it is. It gives you the ticker symbol, whether we took the trade or not bullish or bearish. And then I just need to color code the numbers here. But we had nine trades overall. Two of them were not taken because they just never set up. 1, 2, 3 of them were trades that went against us and four of them were trades that went in our direction, right? So you can see we lost $145 on Goldman Sachs. We made $802 on TMO, BDX was $141 profit. SPY, we lost $21. Yesterday’s trades. AMAT $240 and I’m sorry, $356 a profit on Biogen. $375 a profit. HCA massive head Fake right on the open. Good move up, retest, bounce, ding ding, ding, went against us. So the overall for the week is we’re up $1,255, right? Not too shabby. Yep. Glasses will help Rob $1,253 for the week. So overall, not too shabby. This is what we’re gonna start doing each and every day inside of TradeWithRob. So if you’re not registered for it, go over to TradingLikeABoss. There’s a link there that you can get a free registration for it. We will notify you when that report is done. Normally it’s at the end of the day, but you’ll get an email so you don’t forget and to let you know, hey, it’s ready now you don’t have to keep going and checking.

Alright, so let’s go look at the chat and see what’s going on. So we’re gonna start with the S&P 500. All time high yet again. Today we ran up to a high of, and we still have about three minutes left, three four minutes left till we close, but we had an all time high at 5523.64. Beat the 5505.53 handsomely, right? Second time we smacked into that 5,500 level and this time broke through nicely, right? But we did come back. We are barely in a bullish bias right now. I don’t know if we’re gonna hold or not. Okay? We’ve gotta see, like I said, we’ve got about three minutes left until the market closes.

But overall, we’re in a bullish bias right now with a rank of one. We’ve got a downside target to this 21 moving average, which is our 5410 level. And on the upside we’re gonna look at that 5,500. Of course we’re gonna look at that recent swing high as well. Let’s go put a new recent swing high up there. So 5523.64 and then 5534 is the next upside target.

From there, if we look at the VIX, not a whole lot to report on the VIX. We’re up 21 cents. Ooh, so what? It doesn’t mean anything. We’re at $12.45 cents. I’m really not too concerned with the VIX at $12.45 . It is low, very low. So what, who cares? Go find something else to think about. We’re only looking to see when it changes from here. At this point, VIX doesn’t concern me. Look at fair pricing of an option. Make sure you’re checking the Black Scholes or the theoretical value price, however you look at it. Same thing. You could check IVs, implied volatilities, but make sure that you’re checking to that your options on the positions you’re looking to trade are not overvalued. That’s much more important to me right now than what the volatility in the overall market is ’cause we ain’t gotten ’em.

So with that, have a great rest of your weekend. There’ll be a link in the description down below that you can go ahead and move right over to register for free trainings on trade with Rob. Alright, have a great one. I’ll see you soon. Bye for now.