Guys welcome back to the channel, appreciate you guys tuning in with me this morning, so yesterday with the fomc meaning, the decision has been made. Uh for interest rates for the federal funds rate going up by five 0.75 or 0.75 basis points um. So, as a result, market does what they typically do on these days, kind of whip saw back and forth movement with a lot of volatility, which ended up resulting in a gap down so quickly we're going to look at this chart. So this is where we're at this morning from afternoon into this morning, at the time of making this video, we have gapped down a little bit okay, and so now we're going to bring this chart over until this blue moving average crosses up and over this red Moving average here we're not back into a short-term trading uptrend on the long side.

Now, with yesterday's move off uh the fomc meeting, which turned into more of a rally by the end of the day, it started to help kind of bring that blue moving average up, and we almost got you know across over kind of close to one. Now, with the market gapping down today a little bit going into the open that probably prevented those moving averages from moving closer together. But we'll see how that looks into the open today. But i think we're getting close to a short-term bottom which we're going to be wanting to be long bias on.

Arguably, it's going to start today, maybe the next couple days, but you guys know that i've had a price target to the downside on the market of 364 dollars. Well for the spy spy uh pretty much since, like mid late january of this year, and so we've gotten down to a low here this morning, pre-market of 369.44, which means i'm off on that price target by uh, was that five dollars and uh 36 cents or Something or uh sorry, 50, 56 cents um, so five dollars off the target of 364.. So as much as i want to see it go directly to 364, my idea was that we would fall to 364. Once we got to there.

We would see sort of a market rally. That was my anticipation now. Do we get the market rally? I guess i can't say for sure, but considering that 364 was a target, we've gotten pretty close to there 364 exists in the negative threes, probably not going to be getting much more bearish on this market. I think now is a time that we'll start looking for some.

You know long setups or things that can convince us a bias of being long. So i'm still willing - and you know - will accept prices lower than 364 kind of in this zone. But i think this zone overall is where we're gon na see some sort of attempt of a bounce, um and yeah. So i think we're getting close to a short-term market bottom, where we'll we'll just kind of do another.

One of those rallies that we've been seeing. Okay, so when we look at this chart, let's say on like a 10-day 30-minute, chart you're a swing long on the bull side, yeah swing long, won't really i mean it won't, have a big breakout move or like super big trending move until it clears uh the Fomc meeting high, which is you know, dictated by the negative two zone, these green lines so pretty much up and through, let's just say, like 385. That's where, like a true trending push, can take off to fill the rest of that gap and move up a little higher until then. It's really just for me if, if this works it bounce would be kind of long in this zone back to here right and until you get through this, you won't see another trend, uh move higher.

So for now i think if we see a market long play out, you know it's it's arguably just going to start somewhere in this blue zone around 364-ish rally back into the 380s. You won't see much more long until you clear the 380 385 zone, which again we could see like uh, inverse head and shoulders formation off that before breaking the green zone. So, for now, bias is starting to change and be a little optimistic on the long side or looking for those sorts of things over the next couple days, so we're into the negative threes we're close to 364.. So i i do think we could arguably, like i said, be looking at uh swing, long setups, uh coming soon um other than that.

I i think we've pretty much covered most of it um for today my thoughts would be number one. The market won't have a bearish play today, with the nasdaq being over the price of 275.93 as long as you're over that, then we're not going to see any sort of you know selling down. So if we want to be bearish, you know, maybe we do go a little lower, but you won't really see a big bearish move for one two cloths or cross down below 279 93 nasdaq and below the pre-market level of the spy, because that was the negative. Three support so for right now we're kind of just next couple days watching things more on the long side.

So with that being said, i will uh see you guys on the next video which will be on monday, so everybody or wait tomorrow's friday. This is thursday. Never mind i'll see you tomorrow, alright guys take care.