Invite girls and gents, 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 have a look at the S&P 500 and see exactly what’s going on below today.
So for those of you that are brand-spankin’-brand-new, indicating you have actually never ever seen a Trade With Rob video clip prior to (and also as a suggestion for those of who you have been below), we constantly intend to look at the market itself, and also with the Fibonaccis. So there’s our V-bottom, excellent move up, here’s our V-top.
We’ve had great deals of things happened from that V-top to where we are today. But, basically, we have an all-time high as well as an all-time closing high on the same day there. And we have actually got thes 3 lines right here– 4181, 4191, as well as 4200– all essential levels which is why we have this blue area. It’s a location of health and wellness, stamina, a location of compression, and also it resembles we shut simply at that top line today, that 4200. We’re in fact at 4200.88, to make sure that is remarkable. In general, predisposition in the general market. To the upside is what we’re checking out there. So, I such as the S&P, I like exactly how it’s going. That does not indicate you can just trade to the benefit, however you will have a greater possibility [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 discuss the quits as well as targets in simply a min. For now, I simply intend to discuss the candidate itself. We’ve got this great, solid V-bottom in right here, good, solid, thrusting pattern, we had a day down, we had this go up, as well as great deals of sideways ugliness. Big move down, long stretch that day, type of returned into play once again, went laterally a couple of more days, and had this go up that provided us a clear V-top.
We’re looking at a zero-line outbreak, therefore this line is our No line. We have actually obtained the breakout 2 days ago, we obtained the retest the other day. Ideally, today would certainly’ve been the bounce. I captured this earlier right into the [trading] day today, so was unable to take advantage of it.
So here’s what we’re searching for. In an optimal world, tomorrow, I am trying to find a retest of that 106.20 level. So, I intend to see that wick stretch back down there once more from the 107.93 it’s sitting at currently, as well as if it comes down near 106.50 and also jumps, possibly plateaus there and also bounces, that access would be great for me.
The entry would be off of the intraday on the 106.20. If we are wrong as well as the trade breaks us, our stop is set at 104.50 on this profession. As soon as you take that profession, you’re going to have 2 targets to the upside. Once it jumps, we’re checking out our first target at 109.75. You’re going to offer one fifty percent of your setting. If your “uncle” factor was hit, you’re done, you’re out of the profession below. What you’re mosting likely to do if you sell fifty percent of the trade there (if you have two contracts), you’re going to move your stop to at least breakeven, possibly slightly more than that. Your target 2 is mosting likely to be at 113.75. So if you’re entering at 107 and going out at 113, not a negative thing!