Welcome back to those of you tuning in this morning and watching so we're gon na get ready to jump into the market. So first thing: i'm gon na pull up is uh. This chart here quickly. All right, so first thing i want to do - is just hop over here to this chart.

So remember this is an open high, low closed chart, no pre-market data. No after hours, data blue is below the red. So, theoretically, you know the move. Is this way right? Now and what we would be watching right now or into the open today, maybe next few days we'll see is: do we get this blue to cross this red in this kind of short term bottom zone that we're seeing right? And if so, then we can start to be optimistically more bullish, all right.

So as it stands right now, we haven't gotten the cross, we'll see how we open the day, see how things look but ultimately um as it stands right now we haven't gotten across now. Secondly, you can see uh the this morning. The market is up, so we have pressed upwards, therefore, that blue moving average you see should be getting very close to across uh at the open. Today, i would imagine we're getting pretty close with today's movement upwards, so it'll be interesting to see uh, how this day unfolds and where we're at tomorrow.

All right now, yesterday we had talked um about up targets and down targets and things that can happen and both ways hit the the bearish target on the downside, bullish one on the upside, so we kind of had a back and forth day. So now this morning you see we have this big, ghost, wick or mother candle down to here. For the past couple days, we've been getting a lot of these wicks pre-market, as you guys know, and they've been touching almost the same day. Every time we talk about it and, as i said before, whenever we get one of these wix, you know pre-market after hours uh, you usually get a touch very soon, okay, but it doesn't always happen so we've had it happen.

The past couple days, question is: does it happen again today, we'll see, as we said before, you know, the blue is still not over um the red and actually, if we look at where this is priced at so this is priced about 422.86. So if we bring this back up, you can see we're actually running into that. So a lot of times this red moving average is going to be resistance until you get the cross right so right now you can see the price is kind of running into that red level that i just mapped off, so we're kind of hesitating in that area Too so, nonetheless, for right now we haven't gotten that cross. So we could be optimistic that this is a a fake rally that does end up getting sold back into um.

The only way that i guess i could be convinced that it's going to be bullish is to see the cross of this moving average here and then kind of maintaining over some of these deviations all right. So this morning i think you're kind of still optimistically bearish a little bit um until a we get that cross, or we really just see both the spy and the nasdaq really holding uh over some of their support levels. So if you look over here on the nasdaq right, the nasdaq has the ghost wicks too and the mother candles. We have these big moves, big wicks down to the deviations here, all right.

Arguably the 50 retrace level two. Now, if you look at the spy you can see, we have statistical level here bounce and if you look at um the nasdaq you can see. We have a statistical level here that we did bounce and then we broke through and then just held a lower high off of it. So when you think about it, like that, you have this small little window, that the market is in.

Computers are really thinking about, and that's going to be like from here, which is 323.05 on the nasdaq to the price of 421, like 68 on the spy, and that's your short-term price box that can determine direction if you may so below. Here probably could start seeing some weakness again right and obviously above here would probably a pop. At the same time, you would be going against the price action lower highs. So, even if you do break this, you would really want to start seeing some higher lows above that and acceptance above that price of, like say, 323 324 on the nasdaq, so kind of really is paying attention to those two price points a day being mindful of The lower ghost wicks that we've gotten here pre-market also mindful that we have not yet got that ma cross, which a lot of times is going to be a simple way of viewing short-term uptrends down trends in the market.

Um, you know, and then. Secondly, you know just just for fun. If we look, i keep saying, secondly, but it's more like fifthly and sixthly and 27th lee but uh. If you look here at this chart, um the spy.

This is a 20-year weekly chart, so this is kind of showing you all the way back from oa when the spy was 67, and here we are so far topped at 479. Now um. If you look at that 479.88, that's i mean that's a big move from 67, but what i'm really just looking at is, if you look at this long-term weekly chart, i mean you can see. We have entered a downtrend um, just based on trend.

You can see we're going up and then we snap down bounce up and we hold below right, and so now we've created lower high, and so you know if this would do so like if we did like a weekly fib trace. Here too, you could probably - and then this isn't going to probably be perfect, that'd, probably dial in a little more, but we'll just do something from like here to like right there you can see the 161 comes in at 383 and we've been talking about a potential Downside target of 364., so let's try this. This pin bar candle. Where do we get there? So if we do a fib retrace from the low of that candle to here, you come out at 367.

um. So, interestingly enough, we've been talking about a potential downside target of 364, maybe not as much on youtube, but we've definitely mentioned it a couple times on twitter. I guess i'll pull that up just because it's kind of funny the couple past posts i've been doing um one second i'll find her i'll find her here. Maybe i won't find it.

I guess i do post quite a bit. Okay, oh there it is yeah. So this one just bringing it back up for you guys, so this you may not see perfectly, but you know all the mother candles and ghosts which candles are talking about in these pre-market videos. Well, one of those candles happened during um the live trading day, which is usually which is unusual.

It's not usually anything, it's very unusual that you would get a ghostwick candle taking place or a mother candle like that during a trading session i mean it happens, but i mean to that degree. No. So if you look at uh the price point here, it's very blurry but that's 364.. So this happened february 24th right.

So i archived this and i've been pulling this out of my feed on twitter every so often to bring it towards the top of the feed. But this happened on february 24th, and so i keep mentioning that we tagged a price of 364 of the mother candle, so it was my expectation within like maybe a year's time. We might go down to test the 364 price on the s: p, 500, um and now you know. Having said that, when we go back and how do i get out of this? Oh, it's because i'm on this all right, so we go back and look at that fib retracement! When that wick happened.

We did not have this much price action right because again it happened on february 24th. So that's probably like right about here somewhere like right. There. Okay, so we had a bit of it, but we did not have like this down drop.

So you know that being said, if we went from like the low here, pulled it to the top right and we did a fibonacci retracement, the 1618 retracement of this structure would come out at 368, which is four dollars off from the price target that i've garnered Of 364, based on that ghost wick and that mother candle that occurred during the live trading session on february 24th um, so a lot of confluence there right kind of interesting, so anyways, i guess we'll wrap it up there. For today's video you guys have a good day, great session and i'll catch. You guys in the next video everybody take care.