What's going on guys welcome back to the channel thanks again for tuning in so let's talk about the way this market uh is positioned, so yesterday, um, the gut instinct i originally had - was watching the spy down to pretty much these levels. Okay, but we eventually got this ghostwick pre-market or this mother candle pre-market on the nasdaq. So i started to change my bias a bit because we started to move a little bullish into the open and we got this ghost wick. So i'm like you know what we may go for a one day, rally back to this 309 price on the nasdaq before continuing to sell off.

Well, we attempted it into pre-market into the open and then ultimately went down towards some of the spy targets. Now, today or sorry, uh, yesterday after hours, the spy puts in a mother candle all the way to 409 411.. So it's kind of interesting because we have the spy and the nasdaq with two mother candle slash ghostwick locations that have yet to be tagged. Now, as many of you guys know, i always pay attention to these long wick candles when they happen pre-market or after hours, because many times it can be a signal as to where the markets are going to try to go to now.

The thing is, is they don't always go there the same day, sometimes many times it's the same day, sometimes it's two days later or three days later, but generally speaking, those wicks are always something you want to mark off and um and keep on watch as an Expected price target for to spire the nasdaq when those wicks happen. Okay, so again, i'm looking at the way we're situated the market. The spy is in low risk dip by locations right now we held up yesterday a bit. Then we broke down this morning.

We're kind of trying to get over it, so basically, what i'm looking at for the market today is. Does the market sustain above i? Ideally, you want to see the spice stain over or get acceptance over this 401 46 price, which is right there all right, and if we can do that, you know. Arguably, we might start trending out this way to tag that that mother candle location, so the simplest way i can put. It - is kind of being optimistic that we want to see some sort of relief.

Bounce move before continuing lower might be something we see, and if we're going to do that, then to me i think we would just be targeting upwards towards the ghost wick and mother candle locations all right now, if you look at the nasdaq, you can see the Nasdaq has resistance on this negative two weekly now going back to yesterday pre-market negative two weekly bounce go towards the ghost wick fail, move down fail to hold a double bottom support on the negative two weekly break, the negative two weekly do an intraday relief bounce back To the negative two weekly to re-test, the previous breakdown re-test previous breakdown move downwards. From this point, we move down eventually find some footing after hours and run right back to the negative two weekly pull back off the negative two weekly. So, in the event we can get up and cross through the negative two weekly. That's where i'm thinking we can see a pop today, arguably.

Secondly, the low at 399, the pre-market low on the spy is pretty much our support and the reason i say that is because if you look at the way the spy is positioned right. So this is the way the market moved. Yesterday, nasdaq breaks negative two weekly spy sells off to negative three. We find a bounce off the negative three spy, so we bounce the bounce on the spy goes up as high as the negative two weekly from the nasdaq.

So the nasdaq is the breakdown. Yesterday the spy was the low of day bounce and the negative two weekly on the nasdaq was the counter trend re-short target there anyways, so we break down and eventually the spy gets back over and back over and blah blah blah blah. So right now the pre-market support is being made by the the spy and the pre-market resistance is being made by the nasdaq. So in the event we can surpass the 302 negative two weekly levels on the nasdaq.

Then that opens the door for more of a bullish. Move and then for that bullish, move or maybe today and into tomorrow, where we would be where would we be targeting, would be that 309 wick candle and um the 411 wick candle on the spy. More specifically back up to the negative two weekly on the spy and probably the negative one weekly on oh no, never mind it would just be yeah 309s and the negative two weekly on the spy, okay, so um yesterday, you know i was kind of thinking. Maybe we would go up and do it that day um didn't happen so nonetheless, um kind of still looking to see that market bounce up there and it's not that i don't think the market can fall further.

It's just. We know that these blue levels tend to be a low risk bounce right. So in the event we bounce off these go up, and then we start to roll over and sell down. These blue lines will then probably be lower than allowing the market to go a little lower.

So i think we'll see maybe a little counter trend, long bounce over the next day or two that ends up getting sold back into. And if it's going to work, then, as i said before, we got to get through these greens stay above the greens stay above the blues. But if you start to get back down below the blue, which is 399.77, then that's where this could very well continue to fall apart. So in the immediate you want to get over the green all said and done you want to maintain over the 399.77 price, or else again this could get a little a little worse, so um.

Nonetheless, just looking at the short terms, kind of feeling, the long vibes got, ta say kind of feeling long vibes. I feel, like we've been on this downturn for a while and a relief day, wouldn't be uh, so bad, but either way. If we don't go up, then you know it's, it's just you paying attention to the statistical levels. You know as you're as you're.

Moving on the downside, okay i'll have an update coming out on bitcoin here shortly. So if you guys want to watch that it will be posted here in just a bit, so stay tuned.