Good morning, guys welcome back to the channel, appreciate you guys tuning in sorry. There hasn't been any videos past couple days, just been on a uh weekend. Long extended weekend father's day, golf outing, slash trip um, so just getting back home and into the office all right. So uh yesterday the market uh was up pretty big because it had a gap up all right.

So, let's run through run through everything so number one. You guys know that i've had a price target on the s p 500 of 364 dollars for a long time. We hit a low of 362.17, the other day, with majority of the consolidation that you saw on this little bottom, existing right at about 364., okay, which we'll talk about here in in just a little bit so right now we're on a 90-day 30-minute chart. This is just to give us some backlog and i'm not going to go over everything but um right.

Here's a bearish cross and kind of down slight bullsh cross little up, bear cross down and full cross up and bull cross up and bare across and down and blah blah blah. So reason i was pointing those out is: this: is the first bullish cross we've had in a little while, okay - and that happened yesterday as a result of the gap up the gap up and then the push in the morning had resulted in a cross. So that could be an early signal or a signal that the market's momentum is trying to shift to the upside okay, so um, if we zoom in here right, you will see that this price of 364 right there has been sort of that that point of control, If you may, where we've traded to it, bounced it traded into it slightly below back above, holding up, then a gap up to follow so that in itself was a mini, inverse head and shoulders pattern that broke up off 364. gap up momentum.

Push in yesterday's uh early morning, market creates a bullish cross all right. Do we get some positive follow through with this cross right away? Who knows uh? But since we've gotten, this cross we're not going to be bearish anymore, uh or well, nothing wrong with me bearish, but for the time being, we're going to kind of be optimistic and watching for signs and and things for the momentum to continue upwards all right. So, taking away that chart, we come over to the spy here, uh the spy had um mother candles or sorry. This is the nasdaq.

The nasdaq had a mother candle back to 281. So arguably, 281 is going to be a target on the nasdaq back up. You can see that we were holding the statistical probability here on the nasdaq. The statistical probability we're looking to break out over here is on the spy, so i'm gon na put this on a five day.

One minute here, all right. So the way that i'd rationalize this whole portion of today's morning is the market had sold off overnight. It was the nasdaq that found support on its statistical probability, creating the pre-market bounce. It was the um statistical probability on the spy they created some short term resistance, and now it's the 370 level, 369 87 negative, two weekly level on the spy that we're looking to break back over, get control over to see a bullish move.

So for right. Now, i'm not going to be bearish to market um kind of flipping bias back to long bias. Well i mean i have been more on the long side for the past. Call it well.

I started talking about watching for bullish signs on this day. All right, we had one down day, consolidation kind of bottom day. Then a gap up all right. So now i'm going to see if we're going to be putting in some higher lows and looking to rally the market back out now.

In the event, this is a true dead cat bounce bottom and the market does go through a good rally. I 100 percent would not expect the market to go over that, which is the weekly levels: zero, yw weeklies. We won't expect that, but um in the event, we do get a a nice rally out of this bottom. We break through the negative twos, then we'll target into the negative ones.

So this is the negative one location. This is the complete negative two location. So if you can go entirely through the negative two location resistance which the top of that would be 384, then you would just expect the market will rally into the 390s with the max price, maybe up to the 407s again one day at a time. But that's kind of the best case scenario of this sort of long play that i would see.

I would be extremely impressed if we got over like this 413 area and into the zero y weeklies, which are the 417s 420 area. Okay, so watching the markets, long, we've gotten a bullish cross um, since we gapped down or kind of sold off so much overnight, uh very well possible that we that these moving averages may not be. I guess you could say as crossed as they were before before selling off, but with the sell-off coming down, these moving averages are probably going to get a little tighter, but nonetheless, the key key level to watch for for momentum shift right now is going to be This 370 132, since that's where that moving average 50 sma is at so when we put that on the chart, you will see all right. So this is where that that red line i just put on that's the location of that red 50 sma, which is right there.

Okay, so now we pull this chart away. You will see that, of course, that red line is right there. So you can you'll see that yesterday, that's where we kind of had that aggressive, just initial rip and then after i always came down to it, failed ripped down to the statistical probabilities which were here here. So until we're back and above this one and maintaining.

We can't target back to the sma, but ideally if the markets are going to kind of turn bullish and be good, we would want to see the spy over 370 and then, of course, the spy back over that red sma, which is like 370 150s and holding So until that that really happens, i don't think we're going to see gigantic bullish push, but for the time being, i will be watching markets more for dips, dipped longs as opposed to being short biased. So with that being said, i hope that helps and i'll see you guys on the next video everybody take care.