What's going on guys welcome back to the channel we're going to get ready to run over the market here, uh very soon, but first things. First, we're going to pull up this tab expect a rally wednesday. If there's good news from retail giants in china, jim cramer, says so based on that right there, that most likely means today is going to be bearish. Okay, if they're saying expect a rally from this guy, most likely means we're going to be bearish.

Okay. So far this morning the market has gone down, even though jim cramer said expect a rally. So if you go in today, expecting a rally you're, probably going to see the opposite, we're probably going to go down all right so getting into the charts. First thing i want to point out: are the mother candles, so uh was that, a day ago, yeah about a day ago, now, two days ago, we had the mother candle on the spy down to 400.

That has not been filled. I think we could arguably do that today. We also got a mother candle up to 306 today pre-market on the nasdaq. But ultimately i think the trend is going to remain bearish here for the day and there's a couple reasons why? But ultimately, because the price of the spy got back up into some selling area, so i think it's time for the market to do a little, maybe a little pullback, all right.

So the past couple days something we've been showing you guys and talking to you about - is this moving average cross? So this crossed a couple days ago right here and then we had one consolidation day. A 6 7 800 point gap up with a update to follow. Okay, so once this blue line is back down below the red line, that's where we might arguably be back to swing bearish, but for the time being, i believe we are seeing a pullback all right. So now we go and actually look at the chart.

What can we expect all right? Well for one, we have destinations down to 330 or 399 to 400 here on the spy as in markets up into the statistical resistance. We break down, there's no statistical support until about 399 for the time being. Okay, when we look to the right and we look at the queues, there is no statistical support until about 298 for right now, arguably these are going to shift down at the open, as you saw, they did this day where they shifted down a bit. So these arguably might come into play, say down here when the market opens, so we might have some support levels about 301 to 300 to start as these recalibrate, but ultimately, through that 300 area, you'd expect 298 would be in play, arguably down to the 399 on The spy, so i want to take a look at a 10-day 30-minute chart here.

This might help you better understand why i think we're going to go into a pullback. So when you go down into the blues a lot of times, it's a low risk buy zone. We push up, we do a little flag pattern here, breaks up into the green and now we're selling off to the green. So i just believe that we've gone through a short-term counter-trend bounce and this is the attempt to continue the downward uh price movement.

So this is a channel. This has been the resistance right and these blue lines have been the support. So, as we've come into the blue and we've bounced back into the green, arguably we're going to try to continue going back downwards uh for the time being, so in short, um. I think for the time being we're bearish not swing bearish, but arguably bearish.

Until we get this moving average to cross down we're, not swing bearish but bearish on a pullback move, okay and then in in relation to when things could get bullish again, it would have to be the market going over these prices all right. So what i mean is for now we're holding pullbacks below you can see. We tried to hold the bounce went up, then we failed the bounce broke below and now the pullbacks are off of it and trending this way. Okay, so this would be a break down.

Re-Test the breakdown in down, so unless the market is actually breaking back above holding the pullback above, we can't really be bullish. Well, you could, but it wouldn't be like a swing up. A bullish move you'd be doing some sort of bounce or retrace on the day, but until the volume and the market actually gains its footing or control back above those green levels for the time being um, then you should just expect down or you're not swing long. If that makes sense, okay, so um for right now we're just kind of watching markets bearish.

In the event, the market does not keep selling off and it does bounce you should expect. The bounce would be a retrace back to these levels right and that's kind of the concept, and so with that being said, i think that's all we'll do on today's morning, video i'll post, a couple updates throughout the day on my twitter page. So if you guys follow me there, then you will. I get a couple of those updates um and, as that, that's all we have for you today, guys take care and i'll see you in the next one.