What's going on guys welcome back to the channel welcome back to a morning market rundown if you're new to the channel pretty much all we do here is just kind of run over the stock market each morning try to make a little bit of sense of it. So uh, let's get right into it. First we'll look at spy, then we'll move to triple q's qqq and then we'll tie it all together, all right. So if you're looking at the spy today, the way i see it is right now we have our monthly level.

This teal blue line right here coming in at about 478 18 that can update uh when market opens a bit. Then we have our six month level coming in here at 478, 40 478, 35, give or take that level can also update it open by a little bit all right. So the way that i see it, though, is that this is resistance, and it's not that i see it as resistance. I mean it is resistance, it's not really up for debate it is you see what happened yesterday? We ran in there and just down and then later in the day down so for now.

This is a resistance and until we are above and crossing over and sustaining over you're not going to have much bullish movement - and that was word for word or pretty close to what we had suggested yesterday, um, you know pre-market, saying: hey, you have resistance here, you're, Not going to have a bullish market until you're up and over, not that you didn't see bullish moves throughout the day. It's just that your market can't really shift momentum, can keep going upwards until you're, obviously above those levels. So you can always do bounces and runs back too, but until you're, fully above and sustaining you won't kind of trend off right, so you'll see later in the day, gets rejected so going into today it's pretty much the same thing. You will not see extreme bullish movement on this market until you actually get up and above you know, 478.35 and sustaining you could pretty much just stay until you're above the pre-market high or until you're, above this resistance or until you're above this resistance, so yeah, we Could simply just go yep when you get above this, you know this resistance, then you're going to be moving.

I mean, obviously, no doubt right, but you know if we get a little bit more detail in my opinion, we could get as low as in this situation. Um, you know 478 16 saying when the markets are sustaining the monthly we can consider to maybe move the market up, but to be a little safer. I would just say: look for the market to be over 478.40 before you can actually look to be. I would say more trendy bullishness if you may all right.

So now, let's look at the cues, oh and when i do that, let me pull this. We don't or i don't have any support on the market until down here you might be thinking well. What about this low and what about this loan? What about this, though those whole those could hold the supports? Yeah, i mean you're, absolutely right! No doubt i, i really don't see the spy running all the way back down to 474 right now. Yesterday it was like maybe a possibility, but anyways.

I don't see that happening today, but the reason i'm mentioning that we don't have any support down here is because when we go to the cues, when we do go to the cues you'll see the reason that we did not go to 474 in the spy is Because the queues had support here, it's actually kind of like some double support system. So yesterday, when the cues went here and stopped when dink and bounced it prevented the spy from falling any further, so you'll see at this moment in time it was 10 18 right that low there on the q as it's running into support, and then you will See here on the spy spy is not running in any support, i mean if you look left and draw your own horizontal level. Like oh look at tag support perfectly. I can tell you that doesn't work long term, all right so you'll see this bottom point.

What time is that 10 14? 10. 16. 10. 10.

18. 10. 19. What not so same timing that the cues bottom off their support spy tends to bounce to so now, going back to the queues, you will see um that our first long target for the q market today is 404 32 and our first down target right now is 400 and like 10 cents, so these are going to be your support areas, and this is going to be your target long area for the day, all right, so you might be thinking well conor what about this resistance and this resistance? You know we got to go through that if we're going to go to there, i don't really see that as resistance, and i don't really see that as resistance.

I believe that's resistance, also more or less the magnet right. So this what you're, seeing just above that's a long long-term monthly level right so it'll make sense as to why maybe we broke down here and kind of rejected around there and then faded out, and then we ran down to six month or maybe uh weekly support. Here and we bounce so right now, your qqq market currently is coming off of a support. Bounce has not actually hit resistance.

You may think that's resistance. You may think this is resistance, and sometimes they do hold up. I will say - and that's just because of the trend right, if you actually look at the trend right, i mean, for the most part, we're still going down right. You bounce down pounds down bounce.

We haven't really crossed over any previous swing swing high points here, so we can't. We haven't, really started up trending right, but right if we do start up trending, the uptrend would start as we cross through this pre-market high level afterwards. We would then target up to 404 which mind you, if that all did end up happening. You would do something like this.

You would maybe keep those charts side by side, and you would say to yourself that qqq is only going to go to 404. If the spy even gets above right, so first things first as opposed to going, is it going to go to 404? Just simply come over here. Watch the spine say yourself: if the spy isn't clearing that dotted line, then there's no way we're going to 404. So you already know that first off, as the spy needs to get up, maintain this monthly then get over the sixth month around 478.40 holding and if that's all going dandy, then there is a better chance.

You would then see this market go up to 404, and why is that? That is because the spy is on resistance right. If the spy does not break out, then it just means that the overall market's probably not breaking out and then it would be pretty hard to see the nasdaq do it now. Yeah, i mean that's, that's pretty much it and i don't want to say that the spy controls the nasdaq and the nasa i mean, that's, not exactly how it works, but it's you know, mix it all together and there's that's it's a portion of how it works And there's some psychology that plays in it, then it's just the fact that it's a stock market and it's unpredictable, and it's just this and that and the other so but in a nutshell, that's really what you're looking at on the daily basis, the intraday basis. I will say i would not be surprised to see the market go here, then top and pull back.

I would not be surprised to see the market go down to here. Then bounce back up or even go down to 398. You know and then bounce i wouldn't be surprised, just to see a consolidation day between the two right um and that's what i mean is we're not on uh we're not on a trending day right. We are in between levels, um and there's no breakdown until you're below all of these and there's no break up until you're, above that, so you are currently in the same thing with the spy.

If i kind of zoom out some you, you aren't really breaking down. Unless you go below all of these and you're not really well you're, not breaking up totally until you get through all the three, so you can see. We've been battling on the spy right like this is a better way of explaining. Let me go like a 30 day 10 minute, so this might help you understand a little better right.

So you see how we have lines here and then it breaks when it runs to there and then it kind of stops a bit. Then it breaks out - and it runs to these lines here so until we cross through this blue line. We can't start the run to 487, okay and then, if we look at when we look at the queues right, you can see how the queues down here and there's more levels that i haven't added. So, like you see how there's three here, they're typically b3.

Here, i'm just not adding it for the time being, but you can see, but they would they would normally cluster about here. So this would be a cluster spot of data statistics stuff, but anyway it doesn't matter uh. So you can see right. You cross these three lines and you go on the run to the next three and you kind of hesitate in there a little bit but not much.

Then it goes up to the monthly and blah blah. So when you break the monthly, that's where you'll start to get kind of that that clear pasture of open space in the chart again, where a run can happen, they would normally take you to the next set of levels. And then you have that congestion again. So as it stands, we're currently on the the nasdaq right we had broke away, so we broke out, tried to break the monthly ran and then the monthly said you know what let's retest nah goes below.

So now it's a breakdown, bounces back re-tests. The breakdown fades out more stays in a downtrend until it minimum hits the sixth month on the on the other qs, and then we bounce back up. So we break back up above pull back hold back above. So that's the retest of the break up so you're high or low bounce up and now you're in the middle of the chart, so the people that just bought this long they have not hit their long target.

So unless the bears are going to do more damage, i think you could be seeing the start of a new little uptrend here and the question is: do we get the break of the previous swing high in there and then does that take us to 404? If this little upwards wedge pop fails, then yeah we can see this market revert back down to the 400s and possibly even the 398s to as low as this 397. right there's a lot of possibilities. So don't want to confuse you guys, but uh pretty much just know that yeah 404s everything i said in this video. Alright, you guys have a good morning.