What's going on guys welcome back to your morning, market rundown, it's 12! 15. 2021.! Almost 8 in the morning here, gon na try to run you guys, uh through everything as quick as possible uh, while leaving um nothing out. So today's wednesday you're gon na have from at 8 30 in the morning you'll see news on retail sales imports import price index. Excuse me um from you know, 10 a.m, you'll see some stuff on business inventories and then 2 to 2, 30 p.m, which is most importantly, you're going to have news on the federal reserve, fomc announcement uh and 2 30 p.m.

Mr jerome powell, the boy money, printer freaking, magic man, controller of everything, uh - will speak. So if you watch my youtube video any other youtube. Video you're, probably gon na, hear maybe a choppy day. Confusion.

Take it easy wait till the meeting, whatever okay cool. So aside from that, let's get into the charts okay. So the way i see it is your qqq first down target is 385.43 okay. Your first up targets for the qs are 393.54 to 394.74.

So pretty much that's just a long target zone and your down target right now is here. You only expect the market sells off even more on the day if it were to get below 380 540 and holding below okay, and at that point then you might be like okay, maybe we're going to go down to 380 97. really quickly. I got to do something um there.

It is okay, perfect, all right, so the average true range on the queues right now is seven dollars and 12 cents. So, let's just say, the market stays right here at 388, so let's go up seven dollars and 12 cents. So that would be. Oh sorry, let's do this, so this to that line would be a total of 6.68.

So if we go from right here directly up, we will almost put in a full range day and that will put us right on resistance. Okay, if we were to go down to this target, we would only put in a move of 2.55 cents. A break of this and a move to there would put in a move of six to seven. So currently the average true range of the market is seven dollars.

So if the market went straight up or straight down, it could reach either one of these prices. Okay, good um! If the market just wanted to go down and say, do like a bounce and then reverse up, that would have a five point rain and that only have a two dollar. Fifty cent range um. So again, theoretically, you could see prices here.

You could see prices there, given the average true range. All right, so just know that this is a max long target. This right now is a max down target. This here is an over under level and a target, so first down target is 385.50.

Only expect more downside if you can actually hold below that. Otherwise, you'd probably look for like a bounce there. Okay, now we need to look at the spy, because the spy is very important, see when we add the four hour level to the spy. This is going to come into right here, all right, so remember yesterday, when you looked at the cues okay, there was nothing, no statistical trend, specifically here to kind of tell you down maybe or resistance, but there was on the spy.

So yesterday we were using the spy's 4-hour statistical level as a resistance. That's what helped us, you know see. Maybe resistance on this guy, but the spy did not have anything here for support, but the qs did. You can see the cues have nothing up here, but the spy does spy has nothing down here, but the q's do so.

We use the spy resistance to help us with cues, and then we use the q support to help us with the spy vice versa. It's all one market at the end of the day kinda. So today you will see that obviously the spy has no support until down here. But if you look at the queues, the queues have supported 3d5.

So if the market shift down on the queues test 35 50s, today you would use the price point here as the timing, for maybe the dip in the bottom for the spine. But if you look up the cues don't have any resistance until 393, 64, 394, 74.. But you look left here at the spy. The spy does that has some at 466.60, so spy first long target 466.45! Okay, that when it gets there that price, that's what you would use to determine possible top on the cues before the queues actually hit their resistance.

So you could say that there is a hidden resistance level that you don't see here on the qs right. Maybe it's like 392 or whatever right. There is also a hidden support. You don't see here on the spy or hidden target, something that maybe you just don't.

Visualize, you know if you're looking at price action, you might be able to find it right somewhere in there. Okay, so you're going to use the q down target as a target and kind of your your guidance down on the spy today and you would use the up target first, one on the spy as your guidance on the way up for the cues. For now, your maxes on the up cues are 394.85. Your maxes on the downside right now are 380..

I'm not going to talk about having bigger days than that. That's already a 700 point day. If they go there all right, i'm not gon na discuss. Thousand fifteen hundred point targets right now.

It doesn't make sense, in my opinion, all right. So looking at the spine max okay, let me actually do this really quick. Okay, the average true range on the spy is 594., so we go from where we're currently at go up 594.. That seems like an unrealistic target today for the spy, because that would be a 7.20 move from where it's currently at all right.

How about the downside max downside max is about six, so arguably a little more realistic to have the full average true range on the day for the spy on the downside in that regard. Okay, so maybe not, but if we look at the queues here, the queues have an average true range of seven uh like 770, or something like that, i think close to so from a straight up. Move to the max would be about 680 and a max move down here would be about three sorry that would be about 680 close to seven. So the max targets right now on the upside down side queues triple q's, are about seven.

The average true range for the queues are about 770, so, theoretically, the current average true range of the queues does fall in line with the maxes um, and we do know that a lot of what's been dragging the market down, has been a lot of this tech Stuff, so if we can get a good bounce, a good rip on the tech stocks, which kind of feels like that, i think um. Arguably, maybe we do get some of those max targets um, so for now, on the day, what i feel most comfortable with saying is your highest probability: targets that you're going to see achieved on the day via the cues and via the spy would be the 385 50S, 3540s or the spies 466 48s, in my opinion, um, because i always love to throw out a bias, because why not? In my opinion, we're going to see the 466 40s today? I think the markets are going to try to take it long to 466.40. On the spy um once we do, that, we'll see how we feel going through that and if we think we can go higher, then we'll start opening discussions for queues going up to 393, 57s. 394S.

All right and that's all we have for you guys today take care.