What's going on guys welcome back to your morning, video we're just pretty much going to jump into it. This time try to make it a couple times, but uh yeah. It didn't work so well, so anyways nasdaq resistance resistance. This has been the support.

So once you go through there, that's where bigger panic could no, it would set and not could it would and the reason why is that is where the market took off, so that's kind of where the most peak visual demand spot is at so going through. That price point and holding below it with a lower high can cause sheer panic down to this level. Okay, it's not that you should be scared, it's just in terms of supply and demand factors in the market. Everyone bought this for a bottom, okay and if all of this volume gets convinced, it's not a bottom, then down till the next logical place that could bottom, which would probably be, in this case 3.

14, 58. Okay. So taking a step back, let's look at this chart just kind of want to walk through it with you. Okay, so if you can think about it like this, and if we go back further you'll see the price came from this yellow.

But the price point is from yellow to yellow. We go from the white, try to get to this upper yellow. Eventually we pull back and we get under it right and then what happens you chop and you trade and you trade, but eventually you go from white, to yellow through yellow to green, green, to yellow, yellow back to green okay. So, generally speaking, markets, just trade back and forth to areas in a chart based a lot of times around statistics, and so we know that the last time the market was here, it was accumulated.

Therefore, if we go through that those that volume will sell or they've already been selling and most of that volume is not even there, and maybe it's just the hopeful traders hanging on you - you never know, but that's the bottom line is we know that through 340 On the nasdaq, we're probably gon na start trying to push down to negative 3, which would be very impressive. I have not actually seen the stock market take out. One of these bottoms once it's been set in for like well since covid, but before that it struggled to do it too, but anyways. So we know going through this area is not good for the market.

So when we get there probably going to be some sort of defensive play, maybe a bounce or something like that. But i did not expect the market would just sell straight down in through 340 right away. So for now we're not going to suggest that. Oh, the world's going to end and everything's going to go down just yet because it's pretty straightforward, it's not going to happen until it goes through that all right.

So there's no point in me coming today and going oh, my god, the world is in, but you know yeah. I could sell down to 340. That's totally totally cool. You know it makes perfect sense.

Okay, now going to the spy all right when we go look at the spy, um kind of the same same story right if you kind of look at the way it trades, you know from big, yellow to white, from white, to yellow, yellow to green, and now We've kind of traded around the yellow and now we're back below the yellow with a lower high. Remember when i said if the nasdaq goes below the green, with a lower high okay, so break yellow, hit green bounds, try to get back over, yellow, couldn't sustain back under lower high okay. If, for whatever reason, this price action does not reverse and we start kind of creating a new uptrend here, trying to get back over 446, then the most logical downside destination could very well be back to that 423, which would be that same kind of story. Regarding the nasdaq okay, now this chart is only looking at some of the weekly levels trying to simplify that process down now, if we were to look at, you know a more detailed chart, you can see that the spy has support right here right.

This is kind of probably why it's starting to bounce around these levels. Right, if you look like there's literally a support right at 4, 35 12 we've dipped below 436 didn't quite get there, but there are levels already here for support. Okay. So if you want to get more finite, it would say we can't go to 423 until minimum going below 435 right.

So now, you're looking at more intra intraday analysis in terms of trading as opposed to a longer term, you know analysis swing, move. Maybe if you want to you know, say like that, so back to uh back to the spy really quickly, all right, so for me i mean you couldn't really convince me or swing long much until the market's over that, okay and realistically, i don't think we're like That's hard to say, but this is the line in the sand for me right now, 435, that that needs to maintain, or else i think we go into another little panic sell off. Okay, so i think arguably not even bullish, there's just a lot of terrible news in the market um market's not even going to be open, monday, um, so anyways, i'm kind of just neutral to maybe even bearish today, but um anyways. So we've gone through this five we've gone to the nasdaq um.

I hope that helps you. I mean we're not really suggesting price targets. I mean, i guess we did right. Those every level on the chart is always the price target right.

So it's just a matter of being on the right side of the trend and the market's going to go to one of those lines right. So i've kind of revamped the videos and trying to tell you hey, look for this price and look because there's no point it should the market will go to any one of those lines on the chart. It's just a matter of trading the trend at hand which in this case is down you can see. 50 is below the 100 so realistically, until those crossing you're not even up trending on the intraday, so you're into a short term downtrend into support currently on the market.

All right now i wanted to pop on over to roku and touch on roku a little bit because roku had such a uh such a negative, sell-off there okay. So this thing is on ssr, today, big selloff from yesterday, starting to bounce a little bit pre-market. Nonetheless, let's say this thing has a really good move today to the long side i mean right now, you don't look anything more than 121 right. If this bounces it would go.

You know great balance to take it back to 121 and then it would probably be met with some selling action there to try to pull it back off that level. So, in the event you see, roku goes all the way up to here. You should probably look very short right there, okay or right around that 120 to 120, whatever two or three or whatever it may end up being when the market adjusts a little bit okay, um yeah, i mean that that's pretty much pretty much it for roku um. Doesn't look very good sliding down um? You know people have had price targets of like a hundred on this um, arguably but anyways so roku, not looking so hot here this morning, alright um and really that's all we're going to touch on for the day.

Hope you guys enjoy and i'll see you in the next one.