Good morning, ladies and gentlemen, everybody welcome back to the channel, appreciate you guys tuning in we're going to get ready to run through the spy in the nasdaq. We're also going to talk about oil. Just got back from about a 10-day vacation which was supposed to be shorter than that, but my flight got cancelled so nonetheless we're back home at home base. So that feels good.

We're going to uh need probably a couple days for me to get my feet under me with this market after being on vacation. So this morning, i'm gon na run you guys through a little bit more than we probably would normally do, and that's also in an effort to get me back up to speed on everything that's going on. So i'm not totally aware of all the news. That's been going out these past couple days and and where everything stands on the whole ukraine issue, so not going to shed light on that, just simply going to talk about some price levels and things that would have to happen and what we're currently seeing.

So we're going to run through spy nasdaq do our long-term view, then our granular review and then we're also going to talk about oil because that's playing a big, big role in what's going on, while at the same time we'll take a peek at my twitter page For about a half second, because that will help tie into some of these topics, so this is a long-term chart, well long-term levels. The reason that the spy has bottomed today where it is bottomed, is we have some long-term statistical weekly support there at 4, 23. 62.. So these arrows that i just put on my chart 423.62 spy.

That is helping you identify, sort of where that pre-market, low and bottom's been put in now. If you look at the chart to the left, the nasdaq you will see, there is no statistical level here for the time being when we're looking at this view. So if you were just looking at these two charts, these two time frames with these levels. The way i have them, you will see that we do have some support on the spy that comes in at 423.62 and that's probably, what helps keep the nasdaq bottoming right there around that 330 price.

All right, then, when you look at the spy you will see the spy has topped around say 430 196 sort of in that area, but there's no long-term levels there. But if you look at the nasdaq you will see we have a long-term level there right now on the nasdaq, so the nasdaq is kind of creating that pre-market top for the time being. So today the spy creates a pre-market bottom. The nasdaq is creating the pre-market top as it stands for the time being all right now.

What we're going to do is we're going to jump into some smaller time frames, going to get more granular you're going to see a ton more levels come up. Some of you, like it, some of you, don't you know for what for what it's worth, but that's where we're going to next all right so now that we have kind of shrinked that time frame and added some more levels to the chart, you'll see, obviously we're Presented with more data here, all right so not to make this, you know confusing or anything like that with the way it sits pretty much. The nasdaq has weekly daily and six month resistance, creating a resistant zone from collet 340 to about 336.. So we do have this resistance zone that we would have to get through, whether it be today or tomorrow, but just in general, to see prices of 342 344 on the nasdaq.

So anything higher than 340 is good, but we have some levels to go through along the way. So with the way it sits on the upside today, momentum continues keep pushing up your levels that you're probably going to be looking for on the nasdaq to continue breaking. If not seeing resistance are going to be somewhere around 338 up to 340., i would say: i'd be pretty impressed to see the nasdaq up and through the 340 price today, not that it's not possible, but i just know that we do have a couple resistances to Go up through along that way, so for me right now, i'm only really looking max up to 340 today. If this kind of trend continues on the nasdaq and when we look at the spy, you will see that the spy has cleared this level here.

This is a six month level. We've cleared that so next levels up for the spy would be 434 434 83.. So just call it 434 to 435 would be your next long-term levels up on the spy for the time being. Okay, now you know what does this all mean for you guys well again, if we go back sort of to that longer term chart, it will help get the point across a little more so when you're looking at this longer term, uh level, only whether it be On the nasdaq or the spy you'd think about it, like this, so market pushed up, we've pulled back, we have held support, we have now bounced and unless the market on the spy is up and through say 434 to 435 and sustaining then we'll probably see this Market pop to about here and then try to get pushed back down because that's usually the general ebb and flow is once you hit a support and bounce up to your resistance, you're going to be met with some selling.

Now, how great is that selling? It's always unknown. Does it just create a small pullback and go through that's a question so for now realistically, not really looking much more than 434 435 up on the spy today and if we got through that, i think that would be impressive. But i also think we could be met with some sort of selling activity within those areas when we for first get there. Okay, so for now kind of slightly watching to the upside, maybe into the 434s, but also at the same time expecting.

We can see a little bit of selling activity come into play there, okay, and if we're getting through that today and sustaining above that today, that could be a good sign for the week to follow all right now. What we're going to do is we're going to jump into oil all right now before we get into this oil. I actually want to bring up my twitter page, because this will help get this point across here. So i'm going to pull this back to about here.

All right so, the last time that oil dropped off this big bullish move was when it hit about 116 a barrel. Okay, so we went through this big push on oil. We got up to 116 dollars a barrel and then you'll see it ended up selling off. Now, if you see here we're at plus three plus four and plus three, so in short, we were trading up into a selling zone as identified by some statistics and you'll see the market ends up selling down all right.

So this was a selling area. People went short and they got squeezed okay. So the purpose of me, showing you this picture, is to emphasize that just it was last week you will see that oil hit 116 a barrel and then it sold down, and then we went through this big squeeze. This was sort of a blow off top, so this is something that happens when markets get overbought into known selling areas a lot of times.

The first big top will end up getting squeezed and then the market tends to top. So to me, the market went into a known selling area markets jumped short, and i even talked about the head and shoulders formation that was occurring here all right, and so this was sort of the first big top we had in a while, didn't take us down And then squeezed out anybody that was still short, and so the important part of this is to help. You guys understand that if you look when we change this time frame a little bit, let's do it like this. This is what i wanted to help.

You guys understand is that this is a known selling area. This is a known selling air, known selling area right, obviously higher you go up more likely you're going to get sold into, but the concept is, is markets had been running? They got over a hundred dollars a barrel and then they entered the plus three zone, sell down, entered plus three big sell off right, creating sort of a head and shoulders pattern that didn't work all right, but the concept is is if a lot of people know That this is a selling area. Then they'll probably go short. Okay, and if we get back through that area, then it's going to probably squeeze so.

This was a known selling area and it went short, but we have taken out those shorters and pushed them even higher into more known selling areas. So when you look at the chart now, you will see this morning that oil is coming off of a plus four plus three zone, which is just plus four plus three sigma, which is a known selling area. So we've gone from what was a known selling area to a higher known selling area, first, taking out early shorts, squeezing them up and now markets kind of selling off. So if you're someone who's following oil, just know that oil has ran into a big selling area.

This morning to start - and we have sold down since then so - we're not in as low risk of a selling spot, as we were this morning, but nonetheless, oil again is sort of into that long-term overbought area. So you shouldn't be surprised: if we are selling down in the immediate, doesn't mean it can't go higher. But if you're talking in terms of probabilities in the immediate of what happened today, oil did run into a pretty significant selling area. So, for what it's worth, we are seeing that oil pull back um, i wouldn't recommend chasing into it for the time being, um, but definitely start considering to see if that um, you know, provides any sort of down trending motion over the next couple days could see Some more selling on that.

So with that being said, that's the morning, video for you guys, like i said before, just getting my feet wet back into the groove of things, so definitely stay tuned. We got more videos coming up for you guys appreciate you.