What's going on guys welcome back to the channel, appreciate you guys tuning in we're gon na get ready to go over the nasdaq and the spy starting on that longer time frame for now uh. So to me primary reason for the pullback that we just saw kind of going into the end of the week last week, primarily the spy had gotten back to its long-term statistical mean around the price of 460. from there. Obviously, markets pulled back now.

If you look to the nasdaq nasdaq got pretty close to its long-term statistical mean so pretty common to see pullbacks in that area, especially after you come off a gigantic rally like we just had so to me, pull back necessary, totally logical, nothing too crazy there. As for today, today, i was kind of thinking that we're going to bounce, and so now what we're going to do is dive into some of the shorter time frames to get a more granular view, so, switching over to like a five-day five-minute time frame here. Just to get a view of this now, based on where these levels are at, it was my expectation that over the weekend into this morning, we were going to see this bounce that we started to do on friday. Late day, this bounce here and just this move throughout after hours in pre-market that move to me, you know the expectation was we were going to bounce up to the price of 363 73 on the spy or on the nasdaq there.

Now i think today the max target for me on the upside for the spy and the nasdaq would probably be 365. so nasdaq. I really am not looking anything more than 365 today and the spy i probably wouldn't be looking anything higher than about um call. It 450 650 and even that could arguably be a little challenging to do.

But for now we put in a pretty solid bounce here, pretty solid bottom. If you may, and the way i see it is markets are going to try to push this back up. Maybe getting the nasdaq towards that 365 price now as far as going higher than that, i'm not really comfortable trying to do that. Since this has been such a aggressive down move, don't really want to try to push this any higher than that price point today.

Now, arguably, we could not go long, so the things i'm really looking for just simply maintaining control on the s p over the price of 453 42, arguably, prices of 450 or 450 to 60.. So the way this is kind of set up, you can see that the targets, if we're using spy and nasdaq and gauging targets right the spy, does not have any statistical probabilities above it right now until we go much much higher and if you look at the Nasdaq, the nasdaq does have some statistical probabilities from 363.70 to 365. right. So if the nasdaq wants to kind of get up into this zone, get this top deviation right around there at 365, then we would assume that the spy would go up right.

And secondly, if you look at the spy, the spy has all the statistical probabilities nearby right here from 450 to 60 to 453.43. So it's the spy that has kind of created the stair stepping support levels on the way up here right, you can kind of see - and it's maybe adjusted and not totally perfect right here, but you can see. We have the deviation here, so we've kind of gone under gain control pop pulled back to it. Little under gain control pop got over the next one, pull back hold, pull back hold so on the way upwards.

It's the spy, that's creating the pullback uh support and on the way upwards. It's currently the nasdaq right. Now that's creating the resistance right. So you can see deviations here.

Nasdaq creates resistance right and if you look on the other side, you have the deviations right here and here and that's for why we're starting to get these little dips right around there. So for me, you're kind of using the nasdaq for the first target upwards. Today of the 365., in order to do that, you got to take out the 363. now, if you see going into friday's morning pre-market right.

We had done like this. If you want to call it a bear flag into that deviation and that's where the snap down happens, and that was the retest and down so right, there is where, in the short term, the bearish flip sentiment is right, so getting through that can cause the pop Okay, so for now that's that's pretty much the game plan uh for me um. I didn't really have anything else to too mapped out for the day, so we'll see if we get the pop and if we don't and that doesn't work - and you know markets were to go downwards, then it's really the same story on the downside. Right you'd be looking for 450 260 and if all these lows gave out, then you'd argue maybe looking back down to 451.19 and so on so forth.

So for now that's kind of the kind of the go-to. It's not like the other day where we were coming off this high and we had a lot of range to come down into these lows. So it's not like we're looking at some big, crazy move today, i think today could be a little choppier, not that awesomely cool aggressive trading day uh. So for what it's worth um.

That's that's pretty much what uh! What we're looking at for today so hope. You guys, like the video i will catch you guys on the next one. Everybody take care.