's going on guys welcome back to your morning video. We're gonna get ready ready to cover the market so um looking at yesterday's price action. The market started with the gap down. The market um pretty much did a little sell off into the open followed by like a midday rally that turn into an afternoon rally and so on so forth then this morning pre market um.

We have had a uh pretty explosive move here um. Given how it's moving let's see this is 384. We could very well see prices of yeah. We'll talk about in a second.

But anyways. We're getting an explosive move here all right so yesterday's analysis going back to yesterday morning. What we had talked about um. We had mentioned watching the market to pretty much pop up to here.

Then continue its sell off and look for the market to go down towards these green lines in the event that the nasdaq. Which is this side could take out its weekly statistical trend in that low. Which it did not so. Looking.

At yesterday's action market opens. We hold resistance on the six month trend. We move downwards. We move downwards into the negative one trend on the nasdaq market dips below slightly gets bought back up regains control goes into a midday rally.

Sustains blah blah blah. Pushes higher okay so going into today all right you'll see that yesterday's rally on the spy takes it all the way back up to the negative one so in other words. The nasdaq balances. The negative one and the market on the spy runs to the negative one the negative one becomes.

The breakout level this morning on the spy. Now the upwards destination and target of this. Breakout if you're in it or we're. Trading it would be 38285 arguably a little lower because you can see each day.

It seems like this is dropping and recalibrating down about a dollar or so so that means if we measure yesterdays. What was that so yesterday's drop was about a dollar thirty. So if we go from here down a dollar thirty. It'll be right about there go straight over and sideways.

And you're right there all right so in the event that today our statistical level recalibrates about a dollar. Thirty um into the open that means um. We should be right here so realistically this breakout move here has done its its projected move. If you may so again this long breakout.

Would be targeting up to there so it's kind of completed that that long move already you can say um. So anyways another thing to talk about would be this again. We talked about this yesterday. Um.

You're not really swinging long until. The blue goes over the red um. With today's movement. We could very well get across and the reason.

I say that is because um. We've broken the 50 sma on this morning's push. So i'm going to add a horizontal red line on the chart all right now and you can see we've broken that so that is the 50 sma. So currently the price has broken back over the 50 sma which a lot of times can be a bullish signal um.

So it kind of depends uh how it all unfolds going into the open. But if the blue is over the red. Then we are going to kind of start changing that bias in the short term back to long bias movements. That's something we will be uh paying attention to so going forward um.

Yeah. We'll have to see where the town opens up today. But yeah going forward for right now probably gonna watch to see if the market makes the cross uh and in the. Event the market on the spy can maintain over 37886.

Right in that area for the next couple days or we'll just in general. We'll probably be kind of moving things back on the long side so that's today's morning video. I hope it helps i hope you learned something new and i'll see you guys in the next one.