Hey, welcome ladies and gentlemen. It’s Rob. Welcome to the very first ever market update that we’re doing for our new Sunday newsletter layout. You’re no longer gonna receive all of the information in an email. You’ll receive the email, but the email is gonna actually be a link to the page here, which you can bookmark, which will change every weekend, and kind of give an update of what’s going on as you’ll see below with earnings and, economic reports and so forth. Other news that’s out there, you’ll see down below. But this section here is meant to be an update of what’s going on in the marketplace. So the market’s closed. My Omega Chartz is a few minutes behind because I don’t have real time data on the SPX, but we’re in the right place. And I want to talk about exactly what’s happening here.

So if we look at what’s transpired over the last couple of days in the market, you could see in the last week. So 1, 2, 3, 4, 5. So on Monday, right here, we had this gap up. We ran right into that 3,900 level, stretched up a little bit and we failed massively. The very next day Tuesday, we got a gap up and we broke through with a vengeance at 3,900 and finally got a close above. This was the only real one that was a close above. And it wasn’t a very big close above it was above, but man, we barely got up there. We gapped up, it was all fake breakout, and a fail. This was just a couple of weeks stretching above and nothing. This was our first real breakout.

We opened up about where we closed on Wednesday. We ran up into the .618. I was waiting to see if we would get the rollover there. And then yesterday, Thursday, we get this gap up and go small gap up. And we pulled down a little bit, looked like we were gonna head to the downside yesterday, and we got a pop and closed right at that 4,000 level. And then what happens? Today, we open up there and we stretch our head above the top of the trees, which is that 4,000. And once the market got up there said, “yeah, it’s pretty cool up here, but I’m going back down.” And it literally gave every penny back that it gained yesterday, almost mirror candles, white and black Thursday and Friday, almost a mirror to each other. Right. Just fantastic. So as we jump into the real time charts, you could see I’ve got some lines transferred here from the previous screen. So from Omega Chartz. Here’s my 4,000 and the 3970.99. So if we go back to omega charts, 4,000 3970.99, you could see exactly where that is. So now to bring back that point of reference, we ran up today, got up above, popped our head above the trees, failed, came back, retested and failed. Gave you another test and a drop in there. Right? But it was clear right here, this breakout was tough to try to say, let’s take trades on, but we did break that 4,000 level, break off it. This closed right at it and failed. If we flip this over to a one minute chart and just back up to earlier today, you could see here’s the start of the day 9:31, so in TradeStation, the candle works where the time, if this candle right here shows 9:51, that means it closed at 9:50. One means 9:50 to 9:51 was the candle we pushed up above. We came back down right here. We dropped below, came back up in there. We failed, came back up and this puts us right in that 10:20 timeframe, right where we fell off of there. Right. That’s that second test above. And then that overall push to the downside has been just that.

So the S and P 500 on the week, when you look at it, you know, we went from roughly here to here on the S & P, so we’re up about 93 points on the S & P. What we move on the S and P 500, we move on average $78 a day. So, today’s pullback has only given us a one day gain a little over a day’s gain in the market for the last five days. So it has not been a tremendous move. 1, 2, 3, 4, 5, right? So we closed here that big move down, and then that move up five days in the market. So it hasn’t been a tremendous move, but it’s been there. So now, where do I see us going come next week? All right. This is what we wanna look at, right? If I switch back over to my moving averages, which are very important in the analysis, let’s look at a daily chart, not a crazy weekly chart. All right, here we go. And let’s kind of bring it in. Perfect.

All right. So what’s happened? We pushed into the 4,000. We got back down below the 3971 level-ish level in there. And what are we looking at now? If we continue to press down, we’re looking at that 3907 as our first stopping point. If we move back up that, 4,000 is the first target guys. That’s really where it’s all about. It’s 4,000. If we can break that 4049, actually we’ll call it 4050 is our .764 fib level, that is our next stopping point. And if you don’t believe Fib’s work, look at this candle here. Look at these candles here and here. Oh, by the way, here and here, here. Oh, okay. That one candle didn’t do anything. Got it. But look at what’s happened three days. We’re right in that range there. Right? So there you have it, ladies and gentlemen have a great trading week and I will see all of you at our next update. Alright, bye for now.