Morning guys welcome back to the channel. Appreciate you guys tuning in sorry to get get a video out for you guys yesterday. I had to leave early and meet contractor at my rental property so i wasn't able to stick around. But i'm here now so with that being said let's get into this all right pulling this chart down.

Here all right so this is the moving average chart that i commonly bring up the last time. We had really talked about this chart here was because we got this cross. So you can see the blue moved over the red. We move up okay and we mentioned that we would not be swing short or contemplating or watching the markets back to bearish until the blue moving average cross below the red.

So you can see the blue is now below the red. So this could arguably be the start of a new bearish move or also a consolidation phase. So i also want to show you what you know what a consolidation phase kind of looks like just in case we happen to run into it here okay so here you go back back. Here.

That's a consolidation phase. Let me make it a little bigger okay so you can see markets are moving up blue moves below the red right and arguably the next day. You kind of get one bearish push gets held and then it pops up and you get a bullish cross next day you gap down so in moments of consolidation. You're going to get a lot of false signals.

Yes. If it's not a true consolidation moment then it's going to be a trend. So for example you can see the blue crosses. The red.

We don't go in a run blue cross is right here. There wasn't really anything and blue cross is red. There nothing then blue cross is red and big dump and you can see that the markets don't reverse that move until the blue crosses the red. We go through one dip dip and then we pop right and then the blue crosses down below.

The red here. We go bearish and then blue is over right here. We go up. We just got the bearish cross again with the red going below.

The blue here. So we're not going to be on the long side. So we'd either be neutral. Considering.

We'd see a short period of consolidation. Maybe um or to bearish and so on so forth all right so this is pretty much what uh. I would be looking at today. Now we know that cpi numbers are going to be coming out wednesday.

So with cpi numbers coming out wednesday that's probably like the next catalyst you could argue for the overall market in regards to picking direction over the next couple days. So i think today maybe even going into tomorrow end of tomorrow. We don't really see a whole lot of crazy action um in terms of trends. So uh.

I was thinking the next couple days. We'll see more some back and forth trading as opposed to like a trend day like this where you break out and run et cetera et. Cetera so for the time being when we look at the spy. So we look at the spy here currently with the.

Way we're sitting. Today uh. Resistance would be right around 38628. Um.

But again that with the way this is moving it's probably going to update in the open. I don't know what the updated price will be but currently your. Resistance. 38628 your.

Support is 37959. Those are all going to change. A little bit um and when we look at the. Nasdaq nasdaq has support right around uh.

28634. Today. So it's the nasdaq statistical levels that kind of held the pre market low pre market support. I'm pushed up and so pretty much today in terms of markets going to one or two places reality is if we're gonna roll over and see anything bearish probably wouldn't try to be much more bearish than the pre market low on the nasdaq and then i wouldn't really be much more bearish than 37959.

For now. So believe from yesterday this move down this rejection and then sell off here was trying to go to the 37959 price. And it almost got there and the reason. It hasn't is because this morning.

The market has used the nasdaq statistical levels to hold support so anyway. The spy can go to 379 59. Is first the nasdaq needs to take out its support levels. Because they're first and then this would be second so on a bearish day.

Where we see the market actually trend down um. And again. I'm going to be watching things on the bear side today because we have the cross. So i won't really be watching long.

I'll be optimistic on things kind of rolling over or just being on the bear side since we have the cross and in the event that we get a bullish cross then maybe i'll think we're in consolidation. So i'm going to be more on the bearer side because we just crossed um to the bare side as opposed like trying to watch things bullish. Today so probably won't be trying to go for. 38628.

Probably won't be trying to go up on the nasdaq today. I'll probably try to play it more downwards. Unless uh. Something changes and convinces me otherwise for the time being so.

If that helps you guys hope you learned something new and i'll see you guys on the next video take care.