Morning guys appreciate you tuning in with me this morning. So we're going to to get ready to cover the market. The first thing that i'll do is will bring down this chart. And i'm not going to make today's video too long because.

Yesterday is a little longer so we'll make today's uh much quicker and shorter. So we got the bulls cross couple about a week or so week and a half two weeks back go through bullish move gap down day that creates a bearish cross following couple days down sideways. Big sell off push up yesterday rolling over now all right so we're not bullish the market. We haven't been bullish since the day.

We got that crossed okay so until we get a new cross to the upside blue over red. We're not going to be bullish again and everything that you see that looks bullish while those two moving averages are crossed on the bare side is a counter trend bounce not a breakout okay so based on the. Way the market currently. Sits it appears that 36599.

Is the desired down target for now on the s p. 500. Now when we go to a smaller time frame. We'll probably be presented no we're not or yes i think we are yeah we're presented the daily chart level 368 yeah so this is your weekly this is your daily to make it as simple as possible this zone for right now is the desired downside destination target on the s p 500.

Prior to the s p 500. Reaching that zone we just talked about on the downside the nasdaq has levels prior okay so when we look at the nasdaq you will see the nasdaq has a level right at 28103. This is also the level that helped support the market yesterday along with the month trend on the spy. So you see six month trend here spy down two little below bounce right down.

Two negative. One weekly nasdaq just below bounce. Okay. Well before the spy can go to the green zone.

The nasdaq needs to break down 280 103. So 28103 pretty much the previous low from yesterday is a very important level. Not because yesterday is the previous low area right not because it's around the previous low. But because that's the level that helped create the previous low so going into the day it's not the previous low.

We're looking at it's this statistical level. We're looking at to fail once that fails more bearish selling can come in resulting in bearish. Movement resulting in the spy going to 368 67 to 36599. Okay.

So that's pretty much it pretty much watching the markets. Bearish um with the spy right now the six month trend is going to be resistance and it looks like each morning this drops or recalibrates by about a dollar. So we're just gonna say that at the open. The six month trend is going to be at 40 wait three really so there we go so we're going to be right about 374 30.

So right about there all right so that red line 374. 30. Is where you can expect the new statistical. Probability is going to recalibrate going into the open.

So 374. 32. Is going to be one of the levels in the immediate you could you could very well see the spy. Do like a quick pop to going into the open before selling down.

But ultimately. I think the market's going to go down you're to me. It's almost like without a doubt we'll probably end up seeing the spy or sorry. The nasdaq hit this 280 103.

But either way it doesn't doesn't really matter. If it does or doesn't but for now we don't have a bullish cross. We're going to be watching bearish it's my expectation that the market is going to roll over we're going to get 28103 arguably lower than that today it's running out to the 368 67s next. But um.

It is my belief. This is gonna be the move down once we get into this area whether it be today tomorrow uh next week. This is where we're gonna get a new like a little short term tradable bounce uh so on so forth. But yeah.

That's pretty much it so you guys have a good one uh. Oh wait one more thing i want to talk about uh. This chart. Okay.

This is very good this works. Very well on the days. Where we kind of start to change directions. So um.

So like this day. Right you can see where we were trending up for so long and then we gapped down and broke the red line on days like that a lot of times that red line can become the resistance and then the following day you can even retest that level before going down right. So if the trend changes to bearish when the blue crosses. The red.

Then we would assume the red is now resistance that's why you see we pop to that line and pop here. Very closely and sell right down to so um. So with that being said. It is important to notate where those levels are at on the chart.

So for right now they're all the way up that's where the that's where the 10 sma is so that's another area. Where you can already say resistance is that but all right guys you have a good one and i will see you guys on the next video take care.