's going on guys welcome back to the channel. I appreciate you guys tuning in in sorry. I didn't post the past couple days. I've been out of so going into this morning and after the past couple trading days.

We've had last week. I would say we're still kind of in a moment of indecisiveness. If you may um market still really hasn't picked any tremendous direction over the past couple days. So we're going to talk a little bit about that and so on so fyi.

I can't remember let's see this was uh. This was friday thursday wednesday so last week tuesday afternoon. We got the bearish cross since then the market has traded down and then sideways all right so until the blue moving average crosses over the red moving average. We're not going to really be swing long bias.

All right so for right now. You'd either be cash neutral. Slightly bearish or just kind of chilling. That's really it so until you get the blue over the red.

We're not going to be swinging long okay so going back to this different chart here. We're going to start talking about the intraday levels all right i don't want you guys to concern yourself with the diagonal lines right now just pay attention to the dotted ones. I know there's a lot of lines. But they're all the same thing at the end of the day um.

But don't pay attention to the diagonal ones just pay attention to uh these uh like dashed lines here bigger ones. All right so first we're going to start here on the nasdaq today so with the. Way the nasdaq. Sits it currently has support at about 27806.

That's the reason we bounced at 278 this morning. Our statistical probabilities. There that's why we didn't bounce at 277. Why we didn't bounce at 277 80.

That's why we bounce right around 270 806 278. It's because that's. Where the statistical deviation is. Okay we also have a statistical deviation around 28101.

That is why the market this morning. Once. It broke that price point bounced back to right around that price point. Because that would be a break down of a deviation and a retest and then sell off down to the next deviation hence bounce so right now resistance on the nasdaq is around 281 support is around 27806.

Okay with the spy. The resistance on the day slash long upside target resistance will be the six months trend. Once the market updates. It will probably be somewhere around let's call it 380.

Okay. Um. And it's hard to say exactly where this will end up and let's see if it updates today. Yeah.

We'll probably be somewhere support 374 on the spy. So for right now as i said before we're not bullish because we had a bearish cross all right and we're not going to be bullish until we get that bullish cross right. So here's the bear across so we're down it until we get a blue over the red. We're not going to trade up okay so until we get that cross.

We're not going to be looking for long biased trades. We'll be looking more optimistically for short bias. Trades also let me do something else this the 10 same. At 10 sma location.

And the 50 sma location. Arguably the 200. But we'll just talk about the 10 and the 50 those are also likely to be retraced levels and support levels as well so just kind of giving some more context right when we look at the spy. You will see where those two red lines are at so this would be the 50 sma this would be the 10 sma so you see on friday we push into the 10 and the 50 location along with statistical probabilities blah blah blah we sell down we later come up break the 10 break to 50 and we push today we come down.

We break below the 50 and break below the 10. Okay. That's not good right for the bulls. So um you know in combination with what we'd already talked to you about which is the resistance on the nasdaq at 280.

So look at where that red line matches up on the spy. Right about that top look at where the resistance is at on this uh. The nasdaq for now that 281. Where that top was met so we already know that we had a bearish cross.

We know that in in order for the markets to kind of move more bullishly these two moving averages need to cross and we also know in order for these two moving averages to cross the price needs to continue going up. So that's one and b. If it's going to continue going up and it has a pullback the pullback would need to sustain above the 50 or the uh. The 10 sma to help to keep that trend going up in the immediate which would then create that bullish cross sooner right but in the event.

The market pulls back and it doesn't hold the 50 doesn't hold the blue line. Which is a 10 sma it can go lower and if it goes lower. It stops going that way and it stops going upwards then these don't cross in a bullish manner. So that being said going back to the other chart.

If hopefully. It's not there we go okay going back to the other chart. This is the 50 here that was the weirdest five okay there's the 50 and there is the 10 those are moving average locations. Okay we are below those so minimum were not truly bullish even on an intraday push.

Unless you were above those so this is where so anyways yeah. I mean. That's that's bottom line. You're not going to really be bullsh.

Today. Everything's probably going to trade downwards. Maybe even looking to go retest the 374 370. 368 location.

Which is the negative. 2 deviation location on the spy um. So yeah. I mean you pretty much just kind of trade down.

Watch bearish. Moving average resistance is going to be located currently about 378 to 379 deviation resistance on the spy. Is probably going to be somewhere on the 380 um and so on and so forth. But yeah.

Until you get that bullish cross. You're not going to really trade bullish. You're going to watch things. More.

Bearishly um. And and really that's i guess. That's kind of it um in terms of longer targets again you don't ever achieve your statistical targets. Unless you get a breakout.

Okay so let's say the market whether it be today tomorrow next couple days actually broke down the spy. So if the spy were to break down that means it would break its negative two zone okay. So if you see mark it bounce negative two bounce negative two bounce negative. Two.

Okay. Say we come down into the negative two and we break it instead of bouncing and then we trend out we will trend out to the next statistical zone. Which would be starting at 368 and going down to about 365. So be right there okay so if the market were to actually break down this negative two zone.

We would trend back down to about 365 364. Which is the previous low anyways all right looking at the nasdaq as soon as xl's down bounces the six month negative one slash weekly negative one up hits the negative one weekly doesn't matter anyway so down bounce negative one bounce negative one up cell back down. If it cannot sustain the negative one and breaks down. It will most likely trend to the next statistical level.

Which is currently 274. 88. Once market. Updates probably closer to 274 okay.

Um. And we're not even really going to talk about upside destinations. Because we don't have a bullish cross so until we get a true bullish cross happening then there's really no point discussing upside targets all right so with that being said i hope you guys learned something new hope that helps and i'll catch you on the next one all right guys take care bye you.