 What's going on everybody, Estas here. Welcome back to another video. So in today's video, we're going to be doing an overall market update. Taking a look at the Dow Jones, the S&P 500, and the Nasdaq. We're also going to be doing a trading update talking about what I personally did today in the markets, as well as some stocks and ETFs that I'm watching and looking to trade here heading into the month of October in 2019. I also want to give you guys some insights as to why I personally think the markets are bearish right now. I want to go over the Nasdaq, the S&P, and the Dow and show you guys on a technical basis what could potentially be playing out here over the next couple of weeks, over the next couple of months. So if you enjoy this video, if you find value in this video, feel free to go down below, hit that like button, consider subscribing, and join our Discord group chat as well as our Facebook group. All of those links are down below in the description box. So with that further ado, guys, let's get right into it. Starting off with the S&P 500, SPX, the 500 largest publicly traded US companies. This ended up closing the day down $7.25 down 0.24%. And if we just draw out some resistance levels very quickly, guys, some support levels to see what we're dealing with here, we can see a main one is at $29.50. Obviously, we have one near that all-time high at around $30.20, which just happens to be the level that we're trading in right now. If we could draw another one down here, I'd say probably $28.50 is another level of support. If we just zoom up a bit, maybe $29.05, these are just some general areas that if the S&P decided to sell off here, if it decided to break moving average supports, this green and this yellow line being the 50SMA and the 180SMA, these are some levels that we can sell off to. And if I just take a look at this trend line tool, right now we're about on a percentage basis, about 1.5% away from all-time highs. And if we just zoom down a bit from $29.05, which is a prominent support, we're around 2.5% away from that. The next support at $29.50, we're about 1% away from that. So that kind of gives you an idea on how far away we are from these levels on a percentage basis. So guys, one positive thing right now about the SPX, before we do get into the negatives and some things that could potentially play out here in the next couple of weeks, the positive thing is we're holding the moving average support level here on the 4-hour chart, as well as the general area of support at $29.50. That's a good sign that at least here in the short term, we're trying to pop up. We're trying to potentially retest $30.20, that general area, and maybe get to an all-time high if we do break $30.27. That's giving me some hope right now, the fact that we're holding that, right? But if we zoom in a bit to the 20-day one hour, you're going to see some negative things here. We're actually in a wedge at this point in time on the S&P. And we're actually still trending under that 50 simple moving average here on the hourly chart. So this is actually the first sign that I'm seeing that the S&P is a bit bearish right now, right? We got the double top which is a first bearish sign, the first bearish sign, because when we get a double top guys, that in most cases is signaling a potential sell-off. And then once we got the break below the 50 S&P support here, that was another bearish sign, right? And from there, we started to make lower highs. But at the same time, we've been making some higher lows, putting us in this wedge. So we've seen some confirming points here of the bearish pattern. And the final one that we're going to need here before we full-on potentially fall down to the 2900 flat level is going to be, yes, you guessed it, a break below this 180 simple moving average here on the one hour chart. And then ultimately a break below 2950. So I guess you can say two more signs before we do end up dumping to the 2900 level and maybe even below that on the S&P 500, right? And one thing that I didn't mention yesterday, but as I was doing more analysis, I kind of saw this overall trend on the four hour chart being a head and shoulders pattern, which leads me to believe if we do end up breaking those levels on the S&P guys that I just mentioned and we start to dump, this can really be the start of an extended sell-off period. Because if you guys don't know what a head and shoulders pattern is, it's this right here that is forming. And you guys can see this would be the left shoulder, right? The left shoulder right here is when we went from 2500 up to about 3000, then we dumped in the month of May that formed the left shoulder. We popped up to this all-time high at 3027. This would be the head right here guys, right? Left shoulder, head. And now we popped up to that same level roughly at about 3020. Again, we failed to break out to hit that all-time high. And now we're slowly starting to dump. And if we break those levels that I mentioned about a minute or two ago at 2950 and those moving average supports on the one hour chart, that could be the formation of the right shoulder, which if we honestly started to sell off for the next couple of days, this could lead to more selling that could last a couple of weeks, maybe even a couple of months, take a look at the trend lines that I just drew. We could potentially dump here. We'll see inevitably a breather, whether that's a couple of days green, maybe we start to run up a bit because at that point, if this does end up playing out, it's going to be very oversold. And something that's very oversold at some point, it's going to see a bit of green. It's going to see a breather. It's going to see a bit of a comeback before either fully reversing up or continuing the downtrend. And if we did see that bit of a breather here, we pop up, and then we continue the downtrend guys from there after the little breather. This could literally be the right shoulder. This can very well be the right shoulder that is slowly starting to form. But again, keep an eye on those smaller timeframe charts and you'll be able to see, okay, we broke the moving average supports. Now we're starting to break below 2950. If these things start to fall in place, you can be in your head, you can be like, okay, maybe that head and shoulder on the six month chart, the four hour chart is playing out. So that is honestly why I'm thinking right now, based on how the market's been performing over these past couple of days, that's what I'm thinking in terms of it being bearish, right? Those are some things that are standing out in my head. And again, left shoulder, right, or the head, right? This would literally be the head right here. And then this would be the formation of the right shoulder as we start to fall. And now that we can look at the Dow Jones, for example, we'll pull up the Dow and we'll see how we did today. And let me just quickly clear this drawing set so you guys can see it even better. You know, we hit the all time high at 27400. Well, actually, before we get into that, today's performance minus 80 on the day, $80 in the red down 0.3%. And you can see the very, very similar pattern as the SPX, right? Left shoulder, this could be the head right here. And this could be the start of the right shoulder. If we ultimately break below these moving average support levels on the four hour chart, guys, we could be doing something like this, right? We end up dumping, you know, breaking these moving averages. In my opinion, that's going to trigger a lot of selling, you know, we might go down to here. We may we may pop back up like that, then ultimately end up somewhere down here. You know, maybe low 25,000, you know, maybe mid 25,000. And if we just pull off or pull up rather, you know, some of these tools, you can see, okay, resistance clearly at about 27300. Another one support level right now at about 26600. If we pull up the next one, it's going to be at around 26200. You know, if we look at a very prominent level of support, it's going to be roughly at that 25500 level that we just talked about. So if we sell off here, guys, we maybe see a breather at around 26200. This could be a spot that we do end up consolidating, because again, that's a very strong resistance due to it being an old support from back in probably February, up February, March, we ended up, you know, holding or rather getting rejected at that point, and then ultimately breaking out of it, making it a support. So that's why I think we might see a breather here, some pushback, some bulls coming in, right? Because at this point, it's going to be very oversold. And then ultimately, if we got rejected again by 26600, and we started to dump, that could be the form of the right shoulder forming, right? And just because I'm saying this, guys, I don't think I don't think it's going to happen 100%. Nothing is 100% for sure. This is just me sharing with you guys my thoughts, what am I personally thinking right now? And some hypotheticals that can really come out of what the trend is telling me right now, especially on this four hour chart. And if we zoom in a bit more, let's say to the 20 day one hour, same thing as the SPX guys, the Dow is struggling to get out of that 50 SMA resistance, but it's also holding the 180 SMA as a support, putting it in this wedge. Let me show you guys very quickly before we do move on to the NASDAQ, right? You can see high or lows at the same time as it's making lower highs. So ultimately, guys, if we do something like that where we break the 180 SMA on the hourly chart, and then ultimately the 26, 600 level of support as well, we can be dumping and at that point in time, we'd be in the process of making that right shoulder. But let's say, you know, on the flip side, this doesn't happen. I'm completely wrong on my technical analysis. We end up breaking out of here. We may be testing 27, three again, then of course, like I mentioned, if we break that, that's going to be an all time high on the Dow Jones industrial average. So going to the NQ guys, down about $34 today, down about 0.44%. If we zoom out a bit to this 184 hour, this was actually, I think, more in the process of making that right shoulder than both the S&P and the Dow, right? And the main reason for that is because it broke 78.50, that critical level of support, which was a resistance from back in the April to May months of 2019. So the fact that we broke that and we failed to hold this 50 SMA support on the four hour chart, that leads me to believe we're in the process right now of making that right shoulder. One positive thing, I guess you can say about the bulls right now is that we did end up holding 7,700-ish and this 180 SMA support on the four hour chart. I guess you can say that's positive, but honestly, that's the only thing holding the bulls hope right now at this point, right? This is the only hope the bulls have because if this ends up dumping here, guys, that's a straight fall down to 7,600 flat. And at that point, it's going to be well in the process of making the right shoulder. And that's going to be a beautiful head and shoulders pattern at that point on the four hour chart for the NQ. So this is something that is seriously in the process of forming, especially on the NQ. Again, this one's the most in the process of doing exactly what I've been talking about here, right? We may be doing something like that and ending up down here. And you guys know that I would love for this to happen. Let me be upfront with you guys. I would love for this to sell off, the markets to sell off 10, 15, 20% just like it did last year in the months from October to December because what's going to happen then, guys, a lot of the stocks are going to go on discount. You're going to be able to pick up shares at cheap prices, higher dividend yields if you're into dividend stocks. And this is the way to build wealth over time. Not buying at the peaks, not buying at all time highs, but buying when the stocks are on 10, 15, 20, 25% discount. So I would love for that to happen. Let me be completely honest with you guys. And if we zoom in a bit here, 20 day, one hour chart, we're trending under moving average resistances. This is not looking too good for the bulls. And again, if we dump here, we might be filling the gap down to 7600. So overall, guys, that is what the markets are looking like as of right now. And those are some things that I think could potentially play out here over the next couple of weeks, over the next couple of months. Again, I could be completely wrong on this. Don't take this as 100%, what's going to happen. Just take this with a grain of salt, put it into your own analysis, understand where I'm coming from, develop your own thesis, hypothesis, whatever you want to call it, and just go from there, right? So let me know down below in the comments, what are your thoughts on the market, on the S&P, NASDAQ, Dow? I would love to know. So typically right now, we would be doing a trading update, but to be completely honest with you guys, I didn't end up trading today. I was just watching what the S&P was doing, to be completely honest with you guys. I had the SPY pulled up this morning, which is an ETF that tracks the S&P 500. And I was just looking at what was happening, right? I wasn't looking to hop into anything, you know, I wasn't looking to force anything, but I really want to see what direction it's going to pick. Because again, we've already confirmed some bearish tendencies in the SPX, but it hasn't fully picked the downwards direction, which we already got into in the beginning of this video. So I'm interested in getting into maybe a market ETF, possibly tomorrow or next week, if we do end up dumping and breaking the levels that I talked about, because at that point, I think there's going to be a lot more downside to the market. So the truth is, that's really it. I didn't trade today. I was watching stocks, of course, you know, I could have traded TVIX at this point. I didn't. I'll be completely honest with you guys. I could have traded SPXS, which goes up whenever the S&P's going down, but I didn't. And that's okay, right? A lot of people have misconceptions about traders, about trading, that you always have to be involved in a trade, that you always have to trade every single day, 100 orders per day. It's just not the truth, right? The smart strategic traders out there, they put a lot of thoughts into what they are looking to do. And I'm a person that has a lot of things to work on as well. If you're a person that thinks you're amazing at trading and you get really cocky and you get really full of yourself, your ego inflates, you're going to get your butt chewed up, right? Let's be honest. You're going to get into too many trades. You're going to get ahead of yourself. You're going to get what you asked for at the end of the day. You're going to lose a lot of money on a specific trade if you do end up getting too cocky. So I like being concise. I like being really just consistent with everything. And I like just trading when the opportunity presents itself. And again, I talked to you guys already about what I personally think can happen. And if that does end up happening, in my opinion, that's an opportunity and I'll pounce at that. So since I didn't trade guys today, let me know what you guys ended up doing down below in the comment section. And again, your thoughts on the markets, I would love to know. So there are a couple of stocks and ETFs that I do want to talk about. Let's start off talking about gold slash GC. Gold is actually looking to make a head and shoulders pattern of its own, but a bit more on a smaller base here on pretty much the previous month at this point. You guys can see this could be the left shoulder, the head, and this could be the right shoulder forming. And if it does end up dumping to here, guys, that's pretty much a complete, actually not really if it were to break 14.95 and get down to 14.50, that would be a complete head and shoulder. But honestly, at this point, you know, if my thesis with the market goes right, this is going to break up, guys, because we all know at this point, gold for the most part, it's going up when the markets are selling off. People are putting money into gold, they view it as a hedge against the economy, stocks, bonds, whatever it may be, the dollar, right, they view it as a hedge, they put money in there, and that inflates the price of gold, right? So if that ends up happening, guys, markets dump, just scratch what I said about the head and shoulders pattern, because I don't think that's going to end up playing out. I think we're going to do something like this, which in that case, we're going to test 15.45. That's a resistance I'm looking at right now, which was a resistance from back in the middle of August. If we break that level, we're going to be filling up to that 15.65 gap, which could be a nice trade as well. So at this point, watch the markets, if they're dumping tomorrow, futures are down, large caps are down, expect this to slowly gap up, right? Expect this to slowly gap up. And in my opinion, you know, at that point, GDX should be going up because it tracks gold, excuse me again, oh my goodness, guys, I shouldn't have ate right before this, if you guys know what I mean. But GDX, it goes up whenever gold's going up, right? And what trades on GDX? JNUG, guys. JNUG goes up whenever GDX is going up. So although JNUG is not looking too hot right now, it's down about 5% today, you know, this is not looking too bullish. This might do something like this, right? But again, if the markets dump, that's not going to happen most likely. It's going to fly up. And ultimately, the bullish sign that I'm looking for is the markets to dump. And for this to end up breaking out of the 180 SMA resistance that we are seeing here on the four-hour chart. So watch that on JNUG. I think that's definitely an opportunity right now. Another one that I want to talk about is Facebook. Facebook, you know, this one did not end up playing out the way I wanted it to. I wanted it to squeeze out above 190. You know, I wanted it to start to fill the gap up to 200, maybe 205. But the weight of the, you know, the weight on the overall market right now, markets have been dropping. Facebook is a large cap company. And when the markets drop, guys, typically these large caps for the most part, they're coming down as well. So that's why this is selling off. But keep an eye on this 176, 177 level of support. You know, we doubled, double bottomed here a couple of months ago, actually about a month ago at this point, we held this level back in the middle of April as well. So this could be a short-term support. We may see a bit of a rally back up to the mid 180s at this point. Just watch it right here off a potential bounce. This could be a day trade tomorrow, right? Very quick in and out. That could definitely be a possibility. But let's say the markets do run green these next couple of days. It could be a swing trade up to 190. I think that's very, very possible. Another stock that I want to talk about is Tesla, guys. Tesla today, I called this one out yesterday, played out perfectly, but I didn't trade it. Oh my God, I hate when this happens. But again, if you have a stock market YouTube channel, the odds are that you're going to talk about stocks that you're not going to end up trading because you talk about a lot of stocks on a day-to-day basis. Let's be honest, guys. If you watch my videos all the time, you know that I talk about stocks every single day. And it's impossible to keep an eye on all of these different stocks throughout the day unless you really set alerts on them, which is something I probably should have done on Tesla and I missed it. But yeah, sometimes you miss the moves. That's just the gist of it, right? And this is one that I missed. And we actually got a catalyst about an email leak, I believe it was. I didn't look too much into it, but I think that was the catalyst today for Tesla. We got an email leak, and I'm sure we'll see it here on the live news if I just look very quickly. Okay, okay. Something about the production or something like that. Tesla price target announced at $324 per share. Oh my goodness. That could be another catalyst as well. Chinese Renaissance initiates coverage on Tesla with buy rating. Okay. I know that there was an email leak though. Let me know down below in the comments. I'm pretty positive that there was an email leak today or something like that. I saw that on Yahoo Finance. It could be fake news, but I doubt it since it did come from Yahoo Finance. But then again, who knows, guys? Let me know down below in the comments. Either way, at this point, Tesla's in a wedge, right? Like a lot of the other stocks and index funds that we've talked about in this video. This one's in a wedge right now, right? The pop that we got today solidified the higher low at this point at around $222. And now we're looking to test the resistance of this wedge. As of right now, we're at a lower high, meaning the downtrend is still intact. But if we do something like this, we break out on this positive news. You saw a buy rating from the Chinese Renaissance, whatever that was. I'm not too sure what that is. But we got a buy rating from them. You know, this could be a catalyst to drive up the stock to $250, maybe even $260, right? And if we do break the resistance, I think there's a good chance that we fill the gap up here to $263. Because honestly, at this point, guys, Tesla's just been crushed. It's about time that Tesla starts to rally. We're at a price right now that the stock was at back in 2014, which is pretty crazy, right? 2014 at this point, that was five years ago, and the stock's at the same price. So that means in a sense that the company hasn't really changed in terms of the stock price. But that's not true, because the company is producing more money right now, more revenue, more cars, more everything, but the stock's price is the same, which is kind of weird. You know, a lot of people might think that that means Tesla stock is undervalued. There's a lot more that goes into figuring out an undervalued company than just that. But I've heard a lot of people out there make that argument that since it's at the same price as it was in 2014, but it produces a lot more cars, revenues, you know, profits despite the profits being inconsistent, you know, the stock should be higher because of that, right? That's what a lot of people think. Again, I'd love to know what you guys think about that. Of course, there's a lot more that goes into valuating a company than just that. But I guess you can say that's a decent point to make, right? So another stock that I want to talk about before I end off this video is going to be Chipotle Mexican Grill. This one, we're seeing a positive sign here and we're seeing a negative sign. The negative sign is that this could potentially be a double top at around 857, right? We traded this one a couple of days ago. I talked about it. I believe it was this day when we broke out of 835. I was talking about how if 835 was to break, it could fill the gap up to roughly 856. It didn't get that high. It got to about 850. Then we dumped. Doing or really forming that double top, which again, we talked about that a couple of minutes ago, is bearish, right? But the positive thing here is we're holding the 180 SMA support on this four-hour chart that if we end up popping, maybe trending up pre-market, this could be one that fills up to about 835, which is the resistance right now. And of course, if we break 835, this one, it could be filling up to maybe 857, which would give it about a 5% margin of profit if we were to get in from this level at the 180 SMA right now up to that level at 857. Let's say we get to 835. That's about a 2% play. So overall, I like Chipotle guys. It's a bit bearish, but at the same time holding that nice little moving average support. So that gives me some hope that we could end up going up from here. So that's it for this video, guys. If you enjoyed it, if you found value in it, feel free to go down below, hit that like button. Consider, excuse me again, subscribing if you want to see further content from me and drop a comment down below. Let me know all of your thoughts on the markets right now. And don't forget guys, to follow me on Instagram at Stasur Fest. If you want to see more day to day stuff, call outs, watch lists, what I'm doing throughout the day, that's where you should go. And if you want to be connected with the StriveSmart community, that's in the Discord group chat. That's linked down below 100% free. We have 800 plus members in there and also the Facebook group that has about 250 members that's linked down below. So I'll catch you all in the next video. Thanks again for watching. You guys are awesome if you stuck to the end. Peace out.