What's going on guys welcome back to the channel appreciate you guys tuning in as you can see by the end of the day, the market has taken a pretty big downturn, selling off quite big. Now, if you guys watch today's morning, video you're really not surprised by this downward turn in the market by any bit. You guys actually knew the expected downward price targets. That could very well happen.

Those were all mentioned in today's morning, video. If you want to check that out, you can just fast forward all the way to the end till you get about 19 minutes in and then that's where the analysis on the s p, 500 and the nasdaq start. So if you want to know how we could kind of look at a couple things to project that markets can go this far down in the day and nasdaq could pretty much go there, that's all going to be in today's morning, video! So, as a short little recap, what we have happening here today is one second: the market rejects the long-term statistical mean which was talked about in today's morning, video. In short, we stay down trending and snap all the way down to the next statistical support.

So the way that you can think about this is this is a resistance zone. This is a support zone, okay and then the reason that the markets found intermediate support here throughout the day is because the spy's partner in crime, the nasdaq, has statistical probabilities all kind of throughout this area. So the reason that the spy didn't just dramatically sell off today to start is because before it could do that, it needed to have its partner in crime, the nasdaq get blown out of the water through all of its statistical support levels. Okay, so in the event the nasdaq did not have statistical support here or here you could have just easily seen a downward spiral sell off today, as opposed to a sell down.

Bounce hold then fall through the floor all right. So with that being said, that's pretty much how things played out for the day nasdaq had support here and here and eventually gave it up snapped down all right. So that is why the spy breaks down and the spy goes all the way down to its next statistical support. So you'll see as the market is selling down, you could have been trying to buy bounces bounces, bounces, bounces bounce and the market does not bounce until it gets the absolute low of all these three statistical probability levels now.

The concept here being is that you would not even want to really consider a bottom bounce reversal in this sell-off until the market minimum gets to a its first probability in the first place. So that's something you can consider next time the market are selling downward. All right so now, when we take a look at how the market is currently positioned, we'll take a look at four hour charts here on both the spy and the nasdaq. You will see right now.

The market has gone from these yellow lines, surpass the dotted gray and up to the white sell off from the white down to the dotted gray. So there's probably going to be some sort of attempt of bouncing from here overnight we've kind of already started now. If the bears are successful at pushing this market further, then it's not it's only going to work once we go through this price here right so that gray level that you see on the spy that price point. That is the next breakdown point in the market, and that is at 452.52, so in the event, bears markets bearish and it gains control under here and really snaps downwards.

Your next target would be to this yellow line right and the price of that one is gon na, be right at about 4 45, 54.. Now taking a look at the nasdaq nasdaq, basically same situation. In the event, the spy holds, control below nasdaq holds control below you're, opening up the door for a bigger bearish move down to prices on the nasdaq of, let's say, 354, all right. So now what i want to do is i want to dive into a 10 day 10 minute on both of these charts 10 day 10 minute and we're going to review this a little bit closer, all right.

So now, when you're thinking about the way the market is situated right, you have a big move up. That's a break out. This is a pull pack breakdown to retest that and now we're kind of bouncing all right. So you can see the reason that the nasdaq is bouncing is because the spy found support so right now we're at the whims of the spy on the bounce right and, as this goes up, it will stop most likely as the nasdaq gets to its resistance.

So do not be surprised if overnight, you see the nasdaq trading by tomorrow morning, sometime after hours or in the early hours of the morning, trading back up to prices of 365.27 right now 365.27 should be the max priced long target of this counter trend move before The market sees some sort of new additional selling that would try to keep the markets pressing in this downward motion. So again overnight. You should expect the max price target you see. The nasdaq go to is probably 365.27 at that point.

Market goes there. The nasdaq should be met with some sort of selling pressure to try to keep the markets remaining in this downward move. Now, depending on how that selling goes, we could trigger another move lower depending on how the selling goes. We could end up sustaining there, but as it stands, the spy has found support at 451.31.

You won't get a bigger sell-off till you go below that price minimum. As for now, the spy is what's creating the bounce, and you should expect the max price target of the bounce will be the top 365 27 on the nasdaq overnight unless, for whatever reason, uh, we get stuffed here at the first level of 363.78. But i kind of feel like the markets will press through that and at least try the 365 27 by uh tomorrow morning, all said and done, and then that point we'll start considering new probable outcomes for the market. So with that being said, guys, everybody take care and have a great rest of your night.

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