's going on guys welcome back to the channel. I appreciate you guys tuning in in with me. Today so looking at this market yesterday was another green day our in yesterday's video was to watch the markets long bias as there was no reason to be short biased and then keep a long bias target up to the prices of 389 uh uh. 50 we had a high of 38960.

And realistically at the time of the video yesterday. Since the market hadn't opened this price. Point was right here. Once the market opened.

This statistical probability. Readjusted and updated and shifted to here. And that's the reason. You saw this kind of stop right there pull back go to here stop.

There push to hear break out pop over hold the pullback and then run up as it was actually trying to get to that one of 390 17 next. So theoretically. This was the long target yesterday right here. That's why the market shot up pretty much got their stop.

Then it pretty much got there again stopped and then it broke over held a pullback and this move was attempting to reach the next one up okay. So again yesterday long day in the market beautiful all right before we continue further we're going to pull down this chart. So um looking at this screen here we don't have a bearish cross so we're not swing short. Doesn't mean that there won't be bearish moves and bearish trades that could happen before you get across.

But again we're not going to be swing long or extremely bullish or sorry. We're not going to be swing short or extremely bearish for the time being since. We don't have this cross okay. So taking this chart back and away um let's do that really quickly and actually i want to mark this level.

Just real quick right about there okay all right so now that we're going back into this chart. I'm going to put it on a 5v5 minute five to five minute perfect okay. So chart on the right is a nasdaq chart on the left is the spy and actually we gotta go a little further than that we're going to do 20 day one hour time frames. Here okay.

So you can see the market is back at a resistance right market ran to here topped sold off then we came back up and i think we just pulled back this morning. A little bit so clearly this is a resistance area. I mean obviously the market topped here so resistance so until we break out of that you shouldn't really expect too much more long biased movement in the immediate. Okay.

Now let's say that this long move that we're seeing and this bottom. That's been put in continues to run all right. Then i would have an ultimate right. I would have a um max price target of this move of the long term.

Means. So we'll say that the market actually broke out of this and it trended out wouldn't look for anything higher than that and if we got back to here. That's probably where you'd want to start re shorting. The market for a bigger drop in my opinion.

So we'll say things as good as they can possibly be for this bottom this higher low breaks out of this top fills that gap and keeps going up wouldn't look for anything higher than that that would be the max price target absolute max of this bullish move in my opinion. Okay now in the immediate. What are we watching okay so in the immediate this is what um and i'm gonna turn my pre market data on here so that you guys can actually see the price uh where we're currently at all right so when we look at like this um market just kind of slammed down this morning on the jobs data. Blah blah blah blah blah blah blah.

So anyways this is your current support 3d 45. That's the negative one weekly that is the most recent top flag breakout trend of the next deviation up top pulled down almost hitting that deviation so this is your support level. The market will not sell off big time unless. It actually goes below that you could see intraday selling that's big.

But again it won't have a drastic sell off unless you actually took out that support so right now your short term resistance is. 38854. Which could update going into the open. And we'll say that it may be it's like 388 so anywhere on.

388. 38854 is your intraday resistance 38485. Is your intraday support level that needs to hold looking at uh. The nasdaq nasdaq uh little wider um.

So pretty much when you look at the nasdaq um. There isn't any statistical probability here. Nor here so you'd be trading. Off the spy today and in.

The event the spy. Surpassed. 3485 then you would look at the 28778. On the nasdaq excuse.

Me. Because think about it right. If. The spy has support right here 345.

That's right there okay going over to the nasdaq that would be right here. Okay. So if the spy support. Which is right here in this pattern.

This formation. Which would be right here in the nasdaq. In that formation if that were to give out the next statistical level. Down you could actually find visually would be.

Here 28778. So spy takes out that which i don't think would be today. But let's say it happens tomorrow or maybe it did happen today or whatever it doesn't. Matter and it trends out.

Down you would look to 28778. On the nasdaq next and then it would be 288. But anyways so given that it's friday. The movement.

We saw yesterday the movement we saw this morning. I will not expect a long breakout today. I think today would be a day that would actually be kind of good for the markets to maybe relax off the lawn that they've been seeing so. I'm gonna go with today being more of a choppy.

Confusing day as opposed to a trending long day or a big trending bearish day. And so in the event markets. Do trend. Bearish and go down that would be my target right now wouldn't look for anything more below that since we haven't touched it that means it could still be used as a support and uh.

If i were to go long. Today. Then obviously the first long. Target i would have on the day would be up to about.

38854 now only if you go over 38854. This deviation would we then even consider the possibility of going to 390 so for now your market i think on an intraday scale is range bound. From 38854 to. 38885.

Arguably it's 388 to 38485. When this update's going into market open. So we'll see i don't think you need to be aggressive today. I don't think you have to do anything crazy.

It's probably even a better day just to sit chill and probably do nothing to be completely frank. But uh that's today's video hope you guys learned something new catch you in the next one.