Welcome ladies and gentlemen, this is Rob, founder of WealthBuildersHQ.com, and welcome to this edition of Trade With Rob, which is for May 28, 2021. Markets have just closed up, so let’s go take a look at the S&P 500 and see exactly what’s going on here today.

So for those of you who are brand-spankin’-new, meaning you’ve never seen a Trade With Rob video before (and as a reminder for those of who you have been here), we always want to look at the market itself, and with the Fibonaccis. So there’s our V-bottom, great move up, here’s our V-top.

We’ve had lots of things happened from that V-top to where we are today. But, basically, we have an all-time high and an all-time closing high on the same day there. And we’ve got thes 3 lines here – 4181, 4191, and 4200 – all key levels which is why we have this blue zone. It’s an area of health, strength, an area of compression, and it looks like we closed just at that upper line today, that 4200. We’re actually at 4200.88, so that is wonderful. Overall, bias in the overall market. To the upside is what we’re looking at there. So, I like the S&P, I like how it’s going. That doesn’t mean you can only trade to the upside, but you will have a higher probability [of being profitable] if you are trading the to the upside, than if you were trading inverse to the market.

So, the candidate for today is CZR. We’ll talk about the stops and targets in just a minute. For now, I just want to talk about the candidate itself. We’ve got this good, strong V-bottom in here, good, strong, thrusting pattern, we had a day down, we had this move up, and lots of sideways ugliness. Big move down, long stretch that day, kind of moved back into play again, went sideways a few more days, and had this move up that gave us a clear V-top.

We’re looking at a zero-line breakout, hence this line is our Zero line. We’ve got the breakout  two days ago, we got the retest yesterday. Ideally, today would’ve been the bounce. I caught this earlier into the [trading] day today, so was not able to take advantage of it.

So here’s what we’re looking for. In an ideal world, tomorrow, I am looking for a retest of that 106.20 level. So, I want to see that wick stretch back down there again from the 107.93 it’s sitting at now, and if it gets down near 106.50 and bounces, maybe plateaus there and bounces, that entry would be fine for me.

The entry would be off of the intraday on the 106.20. If we are wrong and the trade goes against us, our stop is set at 104.50 on this trade. Once you take that trade, you’re going to have two targets to the upside. Once it bounces, we’re looking at our first target at 109.75. You’re going to sell one half of your position. If your “uncle” factor was hit, you’re done, you’re out of the trade here. What you’re going to do if you sell half of the trade there (if you have two contracts), you’re going to move your stop to at least breakeven, potentially slightly higher than that. Your target 2 is going to be at 113.75. So if you’re getting in at 107 and getting out at 113, not a bad thing!

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