What's going on guys welcome back to the channel? What we're going to do here is pretty much take a look at the nasdaq and a bunch of other random stuff here today to hopefully make sense of the market which we're never really going to be able to do fully. So, as you can see, we didn't go all the way down to 312.. 312 was a recommendation that i had from yesterday in the past couple days. If, in the event, we successfully broke down this price point of 318., so i said, if we successfully break 318, then we could see prices all the way down to 312..

Well, we broke 318 yesterday, but the market wasn't strong enough to sell down and we've gotten sucked up just below the 318 and now we're back over 318., so that's kind of bullish um. So nonetheless, we did recommend that the prices of 318 to 312 was going to be the dip by zone in this market. So, ideally, you should just basically be looking at starting to be more long by us, the market. So since we got down to 318, this whole zone is kind of a dip buy area um.

So for right now i really do see that the markets are probably right around the corner from trying to balance we've sold off. For you know pretty much two weeks now and we're very close to the daily chart, long term support we're already on flirting around the four hour chart. Support so realistically probably makes the most sense to start watching the market long bias since we've come into the trend. Support and if you just look left at the chart, you know and put a couple horizontal price levels: you're gon na see that, ideally, you know you're right back into the whole breakout zone, the bull flag and this rip from the last time.

So you can see all this previous buying that happened and where the market got supported. Last time is now all the same price points as these current standard deviation trends. So the best way i can explain it is back when the market bounced here. It's because it was bouncing on trend, deviation, support, okay and then this price action that ends up occurring creates the new statistical trend, which then puts it here and then that's why we support it here.

So it's not necessarily people bought it back here and these candles look this way and that's why it bounces here it's more or less because a bunch of people started buying it off the trends that used to be here. There is now accumulated a statistical. You know probability that these trends should bounce about here. So it's really the trend lines doing the work for the most part, so uh we're gon na stay more or less long bias on today's market and going into the next couple days as we either drop closer to 312 or continue to move higher off this 318..

We know inflation's here, that's not good uh things are just not good in that regard. There is one stock we got to point out here this morning, which is hrtx. Hrtx was a big jumper jump to the upside. I did a little short trade on it only made like 20 bucks, which i think puts me up like two dollars on the day.

Hell yeah up three dollars today, lego baby, you could buy like a twix - maybe maybe and after biden's out probably can't even buy a twix with two bucks. Let's keep printing that money, mr powell, so we do have inflation uh. That is happening, so prices are going to continue getting higher in recent news. Recent recent news, good old elon musk, said that he is not going to be accepting uh bitcoin payments anymore and bitcoin dropped again, so we'll take a look at that chart.

Give you guys an update on bitcoin uh, so hr tx was one stock that we did a little small trade on earlier today. It was a small short trade on this top. I think this is just going to continue fading out and really not be that great of a long bias trading day for uh for the stock. I feel like it's just going to kind of trade like kind of garbage and more or less down.

I think we're going to see this move retrace a little bit, so this is a stock that we're probably going to watch for maybe some shorting activity and i realistically the prices for it aren't even that great and we're kind of already on support. I think or close to um so yeah for now on the short we should only really be looking down to like 1943 and then for a new short we'd have to successfully uh decide that there is still weakness on hrtx when it gets down to 1946.. So for right now, just kind of on like standby with that one, there wasn't really any penny stocks that jumped this morning, oh other than p-a-l-i, wasn't that one p-a-l-i yeah. So this was a penny stock that jumped this morning.

I actually wanted to short it at 7 55.. You can see that red line there, i put it 755 - that was my short target 755 to like 762, and then it stopped at 742, which to me was kind of a surprise, because i couldn't make sense of it, but sometimes that happens. So this stock was one i was gon na be bearish on, but couldn't be because we didn't hit the target i wanted. So maybe this gives you some decent trading activity today.

The only thing that i had planned to do was a short trade on it. So i haven't built a long thesis, so the long thesis on this would be maybe a dip down to 604 and then it jumps up or um. I mean maybe but probably not come on kevin. Let's go.

Let's go come on baby there we go all right. So yeah i mean i don't think it's going to be the long play. Maybe it is. But if it's going to happen you know maybe it happens in like 5 80 to 5.98.

There is a little support level here at 6. 29, that so far it's kind of holding. So wherever there's some buying, you know track that one, but i think we might even get a little bounce off 628 um, but for now i'm i'm probably not going to do too much on p-a-l-p-a-l-i all right um. Now, let's go take a peek at bitcoin, because if you are any sort of a trader on mara or riot, you know that you're not having the greatest morning, because those stocks tanked all right so bitcoin rolls over breaks down.

Elon musk says that he's no longer going to be accepting bitcoin as a form of payment, so that just because of that, and not not only that i mean this - has been getting ever more bearish for some time. Um. If you looked at like a 20-year chart, you'll see that we came up to three deviations, so in the 20-year chart this thing was overbought um. We had pretty much been recommending that bitcoin would start seeing selling pressure back when it hit 56.

Here, for the first time, that's when we said we'd start seeing selling pressure and it took you know one two, three, four: five, six, seven, eight nine ten eleven weeks to really start to roll over, so bitcoin held that top in that area. For a long time um, you know even confused me to think it might have been going higher at one point, but overall the selling pressure did come in and it did get stopped and if you were to look at the volume look at the volume on bitcoin. You know on this 20-year weekly chart. You know we had the high here or not the high but volume high here and then ever since it turned into selling and then buyers gon na beat those sellers, and then we had new buyer beats here that beat all the green buying here and then these Buyers came in and these sellers beat them.

So if you look, the waves of selling volume have been higher than the preceding green volume for some time now, which signals bearishness too. So i it's not really just elon musk. It's causing the move down just in general bitcoin had been at some high prices uh. So for the time being, um bitcoin probably should continue man, i wan na say continue down because people are going to buy this little dip here because of previous price action support.

But in reality i mean i kind of well, we already kind of dropped close, but i wanted to get it down to here, so that's kind of where i would like to dip by because it's a little more low risk. But you know people are already dip buying bitcoin to try to push this back up off this bounce. So you know with this bounce here if you're long, biased, bitcoin really only expect to retrace 50 of this drop. So if you take a look with just do a simple fibonacci, which is really isn't even that crazy, you know really only expect this bounce to probably come up to about 52 267 um to you know 53 644 in that area, so not really expecting a gigantic Bounce out of it, but about a 50 retracement of the drop that you just got: okay, um really other than that and baba.

I haven't really thought of too much more today, um so baba reported earnings. They went down pretty heavy. We were pretty much going to be watching bob along to support the previous dip from a couple days ago. You can see this drop, we've already been supporting it and balancing it.

If we're going to go lower, we're only really going to look to see if it went down to about 210 to 209, and then you know more or less for a bounce. So today's watch list really isn't that great um, not a ton of things that i really thought about this morning. The last thing that i'll leave you with is, if in the market or sorry if, in the event, the market has a really good trading day and very bullish, then, ideally all the other stocks in the market are going to trade really well so far, the markets Look good here, it looks like things are going well but again if, in the event, markets continue to have a roaring bullish day, we should we should see that continue over in things like tesla and facebook and so on and so forth, neo et cetera, et cetera. So we'll be long by his stocks for now, as long as the markets are bullish, if, in the event the markets are embarrassed, then of course we're going to have to be more bearish on stock.

So that's all we have for you today. I hope you guys learned something new, not the craziest watch. Let's do appreciate you guys, tuning in and under that i'll see you guys on the next video.