Good morning guys! Welcome back to the channel! Appreciate you guys tuning in. Figure we'd do another rundown on the market this morning here pretty early. Uh, so first things we'll talk about is yesterday. Obviously, looking here at this chart, you can see we had, uh, a bearish day down day in the market, so pretty much wanted to show this first.

Uh, because it will show the V web. So right now we do have a bearish top down view app. It's for the most part creating, uh, much of yesterday's down trending resistance. You can see that later in the afternoon Market pushes do about 4 27.40 back down.

Then this morning pre-market we get up to about a high of 427.20 and back down. Right Now that Bearish View app is 427.25 So in short, resistance pretty much is your pre-market high today, in which many cases it could look like that. So right now, pre-market uh, the resistance and going into the open is going to be right around the pre-market High Meaning this Market is going to maintain bearish trading unless the market reclaims 427.36 Okay, now going into, uh, or looking back at yesterday yesterday, we had a volume weighted average continuation support right here. So view app support coming in at 426.50 Which is another reason why you saw, uh, the bounds two days ago down around 426.22 Because that's where the V web was.

So this morning, pretty much this yellow line is going to be your support. the top line is going to be your resistance. Okay, if we were to break down this yellow and go into some sort of one day sell-off if you may, the downside destination is going to be somewhere around 425.70 to 425 90. Somewhere in that area, you can see how it adjusts slightly upwards every day.

If we open up, we could very well see this adjust upwards just a little bit. so we'll call like 425.80 somewhere in that that area. Okay So essentially breaking down Market goes from 426.50 down to about 425. Uh, 67.

That's kind of the expected drop right now, and that Bearish trend is legitimate. as long as this green V-wap is not broken down. So you know this could even lead into say something like uh, tomorrow where the market looks like this, right? so the market does not get over the screen V-wap and going into tomorrow, it could look something like that, right? And now the price is all the way down here. All right.

So it's possible we could have a down day, right? and then by tomorrow, the View app is now somewhere in that price. Meaning, once the market gets over 426.20 then the market can flip polish again. So it's only because today, the volume weighted average price is. here is why we're recommending that today's pre-market high would be the area which the Bearish trend can flip up because the Bearish move only started yesterday and I'll show you what I mean.

So if we zoom into this chart, all right, you can see that this green V-wap is anchored right here to this candle. And that's because that candle broke down the 10 moving average, which is that little blue line in there. It's actually it's right there, right? So this blue line but I just drew over it. So the reason we're anchoring this view app is because it broke down the 10 right.

And so we know that the bearish trend is really only starting from that point on yesterday. We're not talking about this top necessarily, or this or this et cetera et cetera et cetera, but more or less when the moving average broke okay, and then also yesterday, you can see this is the 50 SMA the 50 SMA broke down. So yesterday, somewhere like right here, the 50 SMA breaks down all right. So we know that we're bearish since we're below the 50 SMA and since we're below the 50 SMA, we're going to Anchor The View up here.

And that gives the short-term Trend and Etc et cetera. So pretty much all we're getting at is this is the bearish trend for now. Looking at it from a volume perspective, this is the current support and if we break this down, we should expect to go here for right now and then probably look at some sort of Bounce 425.80 for now. Okay, and then only if 425.80 starts to break will we start to consider a bigger correction is taking place.

Okay, so for right now, it's kind of looking like today we might see a downward break and go to look for somewhere around 425. Uh, 68 Something like that. Okay, um, and that is pretty much it. I mean I'll take a look at this chart real quick at you guys so you can see we also have a bearish cross yesterday.

Now again, um, when we have this, that means there's no point of being long bias to Market until the market comes back up and breaks the 50 SMA because at that point we'll see bullish movement again. So just because there's a bearish crosses I mean you have to go short. but at least it would suggest that you shouldn't really be buying this dip or you'd be very skeptical of buying in the debt because you have a bearer signal and you're probably just better off waiting for the market to come back up. Start re-breaking the 50 SMA to start buying along again.

Okay, so that's pretty much we're waiting on reading one. either the 50 SMA to catch up um and break over, go long or we're just going to be watching the market sell off until it concludes. Alright guys, take care.