Good morning, ladies and gentlemen, welcome back to your morning, video we're gon na get ready to uh, kick start things off with the spy and the nasdaq okay. So obviously we know the whole russia thing. We don't need to talk about that. We know the market has gone down and what we have is potentially a inverse like head and shoulders formation.

That's taking place right here, okay, arguably someone might look at this chart and go really is that i mean remember that things sell off faster than they go up. So when you consider how long the market did this little hiccup before going down and then when you look over here, it's taking like three days four days or whatnot, remember things fall faster than they go okay. So when i look at this, i can see you know, sort of an inverse head and shoulders formation all right from that point forward. It's pretty clear where the resistance is at this moment in time right there.

So today, with the way the market is set up, it is legitimately uh sort of a pre-market high break scenario that could kick-start some momentum. Okay, so for me um just looking at this perspective, we would say: 433.86 is probably a good area to see if there's a momentum shift um on the spot, all right and then, of course, in the event, weird things happen and the market went down this 423 43 price is also a potential destination. Then again the volatility is slowing a little bit in the market. So i'm really not considering we're gon na get a thousand point drop today, but obviously anything can really happen.

But for the time being, we are sort of going up all right and we do have that inverse head and shoulders formation here and that's your resistance. Okay, now, let's pop over to the nasdaq all right. So when we look at the nasdaq sort of a similar story, you kind of have that like inverse head shoulder formation, the only thing is, you can see exactly where the nasdaq has stopped the past couple days. Okay, so the nasdaq has been finding some resistance.

Around 348.82, not not somewhere, it is, it's found resistance at 348.82, so we already know that that is a level that would be interesting to break on the upside all right and obviously, if you look at you know, the nasdaq here you will see. 336.88 is a weekly support level, so currently the market on the nasdaq is between, or you could maybe say, trapped in between 348 82 and 336, 88. Okay. So now what we're going to do is we're going to start looking at the market on a more granular perspective.

So let's do um sorry we're going to do a 30 day five minute here. So we're going to look in the 30 day, five minute we're now going to be presented with a lot more levels. Some people like this, some people - don't i always encourage you - know anybody to do what they're most comfortable with. But when we look at this sort of setup in this market structure, you will see exactly why the market bottomed on the nasdaq here yesterday here is your weekly.

Here's your daily level. Your daily level yesterday was priced at 3, 30, 9, 29 and you'll see that's pretty much the low of day on the nasdaq yesterday. So what i'm going to do is just draw like a yellow line across and you can see that's the pre-market low today. Okay and then, if we go just above that, we have our six month six month, level is priced at 342.

Wait! What is that price that? Actually, i don't know one second, let's price it about three: forty, two seventies, three, forty two sixties, so i'm just going to take a yellow arrow and i'm gon na draw across that green line. You'll see that's pretty much where the market is pulled back to so really quickly. We're gon na do a little study here. You think about it.

Market went up to the sixth month this morning we broke above. We are now pulling back to it, trying to hold it so right now. The 340 260 340 270 price is a very important price for the markets to maintain above on the nasdaq okay, if they can't that's where we start to open the discussion of. Maybe this is going to sell back down today towards 339.29, possibly further towards 336.88.

All right again, that's a very granular view. Now we're going to go look at the spy when we get to the spine. You know you're going to get a lot more detail here. When we look at the spine, you will see that we have some statistical levels that create the pre-market top.

Well wait. We already have that where we show you that one sorry, so you know why the pre-market top has been set in on the spot. That's because we have our weekly half deviation level there at 433.86. So, just below that you have your six month level, your six month level comes in at about a price of.

Let's call it probably three or wait. Wasn't that yeah sorry, the six month level on the spy comes in at 431 40ish. We can say, probably so what i'm going to do is just draw a little yellow arrow across the sixth month, when i do that you're going to see that's where the market needs to maintain, above or else you're, probably going to see a little bit of selling Pressure, which again, would then take the markets to the downside all right, so i always kind of play things by year a little bit. I try not to make too many guesstimates on how the market is going to move, because i've been wrong so many times about that that, for me it's generally easier to build a small bias and then be open-minded going into the day and then just watch the Market as it trades through some of these key areas with volume and so on so forth and from there just play the trend at him.

So for now, right as we uh sit with the spy and the nasdaq, we kind of have little supports that are in their pre-market. We have some resistance levels have been put in pre-market so on the spy. You are almost trapped in a little zone from 433.86 to 431.54, and really it's above or below those price points that could kick-start. You know the next move, if you may so right now, i mean that's pretty much.

What i'm watching, i'm watching all those levels that we've described on the chart really quickly. I want to go back to a longer term chart which just shows the weekly levels. So when we look at it like this okay market held this weekly went to this weekly, then we bounced this weekly and we broke below look at where the snap happens, bam and where does it go? It goes to this weekly double bottom, which also becomes an inverse head and shoulders sort of, and where does that break up to the weekly once we're in unable to break over the weekly again, we faded back down for the next week and once you break that You break below bounce back up re-test. The breakdown can't get back above you settle down to the next one and aggressive selling through hits.

This weekly finally finds a little support. Bounces up breaks up and over pulls back re-test breakout, that's a flag and you push up to the next weekly which doesn't sustain. We gap down, try to get over can't. Then we just broke down again and we're saying below so as it sits the most recent sort of development in the market.

Let's say over the past couple days was market broke over the negative two flag pattern: pull back re-test breakout, go gap down fill gap unable to sustain the breakout over this weekly. So we fall back under and market bounces back to it and that's a re-test of a breakdown. So this was a breakdown and that's a retest of the breakdown. So, whether or not there's more aggressive selling that ends up rolling, this that's always sort of the unknown.

But we know where the key level is this morning and that's 4 33 86 on the spot and unless you're above that in holding and sustaining or getting acceptance. And what is acceptance. This is acceptance where you break out, you pull back and you maintain, and then you continue. What does it look like when the market does not accept something like this? Where you break up and then you pull back, don't sustain, break back under then break over again.

Pull back break below pop up and do not sustain now, arguably, you could have been. You know trading this dip and thinking it's going to sustain and it doesn't and then it goes down, and it goes up in those are all things that you're just going to have to learn as you go on as a trader as to when something is holding Or accepting and when something is being a little fake, so don't want to make this video too long key level, this morning's five, four thirty three eighty six over that is key for the bullish market, bullish traders all right and when you look at the uh, the Nasdaq, the nasdaq does not have any weekly levels other than three forty 348.82 in 336.88. So, let's just say that the nasdaq was going to trade to one of its weekly levels, that's where it would go 348.82 or 336.88 so either way the market goes today, whatever it wants to do it's going to be the same stories always trading to and from Statistical areas on the chart, so that being said, ladies and gentlemen, i will see you on the next video take care.