Good morning, ladies and gentlemen, uh back again today we have another market rundown on the spy in on the qqqs. So we'll start off by briefly talking about yesterday. So yesterday the market got absolutely smacked. I wanted to see things go long, it's okay, that they didn't, but the problem is, i don't think i really emphasize on the downside possibilities if the long did not work, so that's sometimes something i do poorly is kind of create this narrative and bias in my Head which then influences the way that i make a video and then sometimes i don't give equal representation to the opposing side, which could very well be correct as well.

And if i don't do that, then you guys will not have as much confidence going into each day. In the event the opposite happens, so i'm going to try my best going forward to give kind of you know enough attention to both sides of the playing field. So that, in the event, the original thought is wrong, you still know what can happen on the the flip side. So the first thing we're going to do is we're going to run through the s, no we're going to run to the q's, because the queues are predominantly like what you're following right now, uh your semiconductors are getting smoked, tesla's getting smoked.

So a lot of. What's going on right now is technology qqq related, i believe so that's going to make some sense to follow. I want to try to make this as quick and as simple as possible. So the first thing that i need to do is i got to make sure that all of the levels are correct, which they seem to be all right.

To put it simply, this is a target that lines a target that lines a target that line's a target. The one down there that we can barely see those they're all targets, the the best way of thinking of thinking of it, is they're all magnets right. You can see the other day we traded down to it and bounced traded down bounce traded up. We did not break the resistances like i hoped for and run to this one.

We ended up just reversing back into range and targeting to the downside you can see we broke that one. Then we just go to the next one and then, when we bounce this one, we just go up to that one and then once we cross through this guy, we retest that one and now we're selling down. So the way that i kind of visualize this market was this was a key level we had to get over. We got over, we held it, we moved off.

This should have or would have been, the break of that resistance to kick start us towards those market. Didn't work that way we went back down and then below and then rejected off and broke down again, so, instead of holding all of the significant or significant significant statistical levels which are kind of grouped in between those yellow arrows now so, instead of holding the statistical Zone which is grouped in between the yellow arrows like we did here, we're now below, so we have, in my opinion, broken down, and that was a retest of a breakdown. So now we should be betting bearish this this, in my opinion, down towards 386. That would be the first bearish target on the day, so i think i'm gon na be watching things a little more bearish and the funny thing is.

I was watching them long bias the other day but flipping bias, and so i'm going to be watching them bearish. So if the markets move extremely kind of on the downside, the first target for the qs will be right around 386.. You could expect to maybe see a bounce like this right. You see how you kind of bounced - or maybe even you did like this bounce there.

That is totally possible to see if the market falls all the way to there, it's totally possible to see a little bounce and then like roll over and break this and go even lower. It's totally possible to see this this this this and maintain see a bounce and a reversal. The the concept is is we are bearish moving towards that, depending on how bearish we are we'll dictate what the bulls can manage to do there? Okay or if it's you know a lot of short sellers covering there and so on so nonetheless, first target down today, 386 qs after that, if you get a successful break which we can talk about, which you, which could happen if you get a successful break queues Down to 380 122., if you break 3122, then down to 379.51 there, okay, getting into this, actually forget that. So you see yesterday how the cues came down to the white and then they actually broke and went down to this one.

So, just yesterday you saw an example where the market slides out breaks, a big support, falls to the next one and stops so it kind of trades in that zone. That could very well happen here. We drop bounce and slide even further by the end of the day. Now what we have to do is we have to look at the qqq, so you can understand why this formation is currently taking place on the qs.

You would not be able to understand it in my opinion, without looking at the spy. So now, let's look at the spy. So when you look at the spy all right, the reason that the qq all right. So when we look at the spy, the reason that the cues are kind of doing that, little in my opinion, sort of like a bear flag, move right now and why they're stopping where they're stopping so again.

Looking at the cues, you notice that there's really like no statistical trend there. I put these ones there just for like pattern, but you can see there's kind of like nothing there right when you're looking um, we look at the cues, there's really nothing there right, but if we go back to the spy you can see there's nothing there either, But that's only because i have yet to actually add the level, so let me bring over this chart, i'm just going to kind of change this time frame and you'll see it's right there, which was also the support from another day. So i'm going to add it. Okay, now you will see exactly why the spy stopped here yesterday and why these random, ghost wicks came to about right there.

So this is currently the over under trigger level on the market, so this was kind of how i posted it to twitter, which was like um. In my opinion, the first target is an over under trigger on spy picks direction off over under trigger, which basically means that this is the first level i have for the spy, and you can't consider your uptrending until your minimum back over this and holding. In my opinion, and otherwise you're bearish, so as long as we're below this mark, it, in my opinion, is on a downtrend and even if we come back up - and we can't clear market is still kind of trending down and you play down and if you can Get above and you start holding above then we can consider trigger longs to re-test back to highs right and a lot of people um, you know, would never mind so that that's about that um hold on okay. So with that being said, your uh bearish sell-off rejection level.

In my opinion, right now, via the spy is right there, and only if we're getting back up and over and reclaiming will we kind of consider. Maybe the market is sustaining itself or something like that. Now, on top of that, you can look to the downside and see wow so you're saying we're going to go all the way down to 457 on the spy. No okay: let's go back! Look at the cues! You remember how the cues started stopping right around here, but there's no statistical level for them to do that off of that's, because the spy is doing it for them.

The spy has a statistical level right around here that it's stopping at right, which is helping bring down. You know it's not helping bring down the cues, but it's helping bring. It doesn't matter. So you can see why they're stopping there all right and if you look at the the spy, the target's really far away, so it's hard to recommend that.

But it's not that hard to recommend this right. So you can see the q's first down target is nowhere near as far as that of the spy and nowhere near as far as that of the second down target on the qs, which is 381. So if we're going to have a bearish move and the market really is going to slide out, in my opinion, it would be easiest to go to this level first, as opposed to this level. So if the queues are going to fall down to here and they're going to have support at 386, then i would imagine spy will end up bouncing somewhere in here before going to that target so again, using the first target on the q's downside as a potential Level where buyers might come in and if they do, that would probably be a price point at which you would see the spy start to stop or so on so forth.

Now, um, aside from that, you know. The next thing you do is just kind of draw a trend line. You know like that. I mean that's kind of your trend right now.

That's how the market is. You could even draw some trends like that you say you're in sort of a falling wedge and if it does like this all the way down, maybe even go further. Something like that. So i do believe this is sort of a downtrending move currently and and that's the direction that the markets kind of want it to go for now, and that is your video for the day.

Alright, guys take care.