 What is going on everybody it stops here welcome back to another video so in today's video just like always 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 going to be doing a trading update as well Talking about what I ended up doing today on the 22nd of May in terms of my trades as well as breaking down Taking a look at some other stocks and ETFs that I personally see potential in and that I want to trade For the rest of this week for the rest of this month and heading into the June month of 2019 and before we start guys I want to let you all know that my allergies are absolutely killing me today So if I sound kind of funny just understand that my nose is running my eyes are literally, you know watering You know the grass and the pollen here in New Jersey is Absolutely through the roof today, which is killing me. So if my voice is affected I do apologize. That is the reason why though. I kind of sound sniffly So without further ado guys now that I got that little announcement out of the way Let's just hop right into it. So today the S&P 500 the SPX the 500 largest publicly traded Companies ended up closing the day down eight dollars and nine cents down point two eight Percent the Dow Jones industrial average down one hundred points today down three Point three nine percent at the close of the market and the NASDAQ here guys down about four dollars point oh five Percent here, but let me just double check and see if that if that's what it closed that or if that's what it is At right now due to this being the future. So let's see 4 p.m. Eastern Standard Where was the NASDAQ the NASDAQ was let's say about 7437 which is about 11 points higher from where we are now So if that is correct what I'm seeing here guys the NASDAQ ended up closing the day Slightly green today, but I'm not entirely sure if that's 100% correct because again This is the future, but nonetheless guys not too crazy of a day in terms of the overall Market movement today right within a point three point four red day for the SPX and the Dow And the NASDAQ was pretty much flat not much crazy movement from the previous day in terms of the NASDAQ So now that we got the closing prices here, you know what we ended up doing in terms of the indexes Let's break down some Technicles on the overall markets very quickly so we can see where we could be potentially headed What's been going on over these past couple of days? And so I can give you guys some insight here from what I'm personally seeing so we see the clear support right here on the SPX $2,800 over the past couple of days and we've noticed the SPX has gone up to nearly 2890 if we look here on the 20-day one hour we can see that we went up to nearly 2890 we might have been there for literally a couple of minutes then we pulled down from there and We're now trending down once again on this 20-day one hour chart But you may also notice that we're trending up at the same time And let me explain what I mean by that and what I'm seeing with these two little trend lines that I'm about to draw for You all know let me not clear the drawing set. Let me clear there. We go. Okay, so take a look at this We're making higher lows at the same time that we're making Lower highs right you notice what I just showed you guys here a low at 2800 We just talked about that higher low at 2820 higher low at 2835 And today with the close of the market being kind of again flat and end on a little bit of an upswing We ended up closing on another higher low at about 2853 So what that's telling us is we're on a little uptrend here But notice how we've over the past four days have also been on a descending lower high pattern Look high at 2890. We just talked about that high at 2880 is the next high high at 2866 And with the red day that we had today the high is at 2859 roughly 2860 and what that did is it put the S&P 500 in this wedge that we're seeing So for tomorrow it's very basic here what I'm waiting for which way are we going to break Are we going to break the outer or the upper rather side of this wedge this resistance? We're seeing are we going to break that if we do break that That's going to be a bullish pattern a breakout bullish pattern We may see more green in store if we do break that but let's say we break the support here Right, we notice the support the higher lows right we notice that if we break that That is going to be a bearish trend or a start rather of a of a further bearish trend here over the past You know really to continue this pattern that we've been seeing over the past couple of days and that's going to be The spx looking to push to a potential lower low Maybe if we get under 28 hundred dollars So that is the scenario that i'm personally seeing right now on the S&P 500 On this 20 day one hour chart on the five day five minute We can see it a bit better right in terms of this lower high these lower highs rather that we've been seeing We're not we notice the S&P's just been closing a bit lower every single day over the past five trading days Hopping over here to the 184 hour chart guys We noticed we talked about this in the previous couple of videos S&P held the 180 SMA support very nicely We retested it a couple of days ago and now again We're in that wedge on the shorter term charts and you can see it here on the longer term charts as well And tomorrow is going to dictate which is what i'm waiting for You know are we breaking out are we coming back and if we do come back I'm going to be looking on this longer term chart to see Are we maintaining this 180 SMA as a support here if we break that right if we break the support of the wedge And the 180 SMA on the 184 hour chart that could lead to much much more selling in my personal opinion That's a key technical break literally two Key technical breaks and we could be heading down big time if that does end up happening So those are my thoughts on the S&P 500 right now guys Let's go to the Dow Jones industrial average right off the bat. We're noticing just like we've been over the past couple of days We're still trading between the 25,500 level of support and the resistance at 26,200 dollars Putting us in a 700 point range a 700 point window that we've been trading in that's pretty That's pretty clear to see here if you guys look at my cursor right now You can see the support resistance. We've been trading in this level Now we're noticing as well We're actually under both of the moving averages the SMAs that we talk about on this channel and that are very common in the use of technical analysis And those are the 180 SMA this yellow one and the green one, which is the 50 SMA We're noticing the candlesticks over the past couple of days that we've been recovering slowly Really, they're still maintaining under that 180 SMA That is a worrisome sign to me and that's telling me that the Dow could be weak at this area Right and we need to see either a break out of the 180 SMA Resistance for this to be a bullish pattern or we need to see a clear cut rejection And you can see it a bit better here on the 20 day one hour We need to see a clear cut rejection and a break of this trend line that I just drew out Right for the downtrend to really continue But just like the s&p over the past four trading days lower highs have been being made We can see that and higher lows at the same time So we're in the wedge on the Dow just like the s&p keep an eye Are we breaking to the upside? Are we going to the downside here and what happens from there? Right, those are things that you need to take into account when deciding what to trade So that's really it for the Dow Jones nothing crazy these patterns most of the time guys, you know They're very very similar across the three major markets I know sometimes there are days where the Dow may be down 200 points while the s&p might be up Right and we saw that what I'm thinking off the top of my head right now We had a day that might have been when Boeing was going down really heavily That was a time when I think the Boeing crash that day the Dow is actually red while the s&p was green I think if you guys follow the markets on a day-to-day basis, you know what I'm talking about I think that is an example of the markets being Different towards the close and their patterns being different But for the most part I would say like 80 of the time, right? I would think the market's patterns in terms of some basic technicals are Kind of similar. They're not exactly the same. Don't get me wrong. They're not exactly the same But they are kind of similar So the NASDAQ here just like the Dow this one's trending below all of the major s&m a's the 50 and the 180 It's under the EMA line right now as well. This is a worrisome sign and it's telling me The NASDAQ's getting weaker. We're selling off right and then the end this bearish pattern is still intact We're noticing the 50 s&m a crossing below the 180 s&m a that's a bearish Trend if we're hopping over here to the 20 day one hour chart We're trending under s&m a's and EMA and the EMA on this chart as well Bearish cross on the 20 day as well 50 s&m a crossing below the 180 s&m a We are also in a wedge pattern just like the s&p and The Dow Jones guys. What did I tell you? The patterns are kind of similar, right? We're noticing low at 72 90 second low at 73 60s third low at 73 80 and the low today 74 30 notice how those lows keep going higher hence why we call them higher lows Uptrend pattern and we're noticing the downtrend here high at 76 30 next high at 75 75 roughly Next high at about 74 71 and the high from today About 74 50 and notice how those highs are getting lower hence why we call them Lower highs and that is a descending pattern putting the nq the NASDAQ in this wedge That we are seeing right here. So where are we breaking tomorrow? That's what we're watching Are we breaking to the upside downside? That is what's going to help us determine the trend and what we're going to be doing tomorrow In terms of the NASDAQ here. So that is The overall market update for today's video guys important pattern today is the wedge Where are we going in the overall markets? That's going to determine a lot for us. So now transitioning into The trading update of today's video for those of you all part of the chat You saw that I talked about 3m this morning yesterday I talked about 3m and I actually uploaded a video earlier today if you guys didn't check that out talking about 3m and 3m is a stock that we talked about and broke down For it being at a level where it hasn't been at in over three years And I don't want to talk too deep into this because I did hop into a full-on video breaking this down But just to give the gist of it 3m is at a level where again, it hasn't been at since the 2016 year back here in october October 24th 2016 we notice we're seeing a green candlestick forming on top of this level that support on the three year One-week chart and we talked about over the past couple of trading days How 3m has basically been holding that support very nicely on monday We literally tested it five different times tuesday. We tested it twice today We tested it pre market hours and at the market open and we launched right off of it Completely breaking this bearish pattern to the downside that we've been seeing here on the five day five minute chart We're also noticing here on the 20 day one hour chart We're slowly breaking out of the 50 sma resistance looking to hold that as a support here And this is actually a very good sign for me to want to enter into 3m as a swing trade So let's break it down in terms of what I ended up doing you recall literally a minute ago I said 3m pulled back and retested that support today that longer term support at roughly 166 And this is when I ended up scalping 3m for a very quick I believe it was under a 1% profit literally once I saw it Bouncing off of the support again from yesterday and then the long term support that we saw I entered into a position. I believe 166 90 166 80 and like you guys can see You know once we broke out of the resistance from the previous resistance after some consolidation here That was literally only a 0.56 percent move and that's actually where I ended up getting out of this trade Got in on the low popped up And once we saw the break out of the resistance from 9 35 am eastern standard time I figured it was a good time to just sell and lock in those profits and once I noticed how We were actually maintaining the resistance as a new support as we can see On this closer term chart. Let me show you all here. It's pretty clear to see. Let me draw this trend line for you all. You can see Look resistance at about 167 75 right here We pulled back popped up and then we ended up holding that Old resistance as a new support for a very good amount of time It was about how long was this like 20 minutes, right? And then we started to aggressively pop out and then once I saw that break out I took yet again another position in 3m because of the bullish breakout here And guys this was absolutely crazy because once we did break out from there This one just kept on going if we look on the percent all the way to the top. It's not that crazy It's a 1.66 percent Move to the upside but think about if you're playing this one. Let's say with $20,000 right $20,000 10 percent of $20,000. What is that? That's a $2,000 profit and 10 percent Is 2005 percent would be 1000 and if you're looking at let's say a 2 percent gain here What would that be 2 percent of $2,000? I think that's roughly. Oh my gosh. I'll top my head. It's like two 300 dollars So it depends what you're trading with if you're trading with a smaller account value This may not be so much of an attractive move to you because if you have $1,000 you get 1 percent What did you make like a 10 like $10? I mean, that's good, right? That's good that you're that you're experiencing You know that's good that you're experiencing the practice of making 1 percent But people always ask me like how are you only making you know 1 2 percent on your trades? And it's because I'm trading with a larger account value and I'm sure just a lot of People out there, you know have these questions and they're like, how do how do I make you know good money in the stock market? Well, the whole idea is you know starting off with a small account value and then growing that account value Over time being in my personal opinion using that that conservative strategy of about 1 2 percent Per trade and it's not going to be a lot of money at first But what it's going to do it's going to teach you discipline how to be conservative and how to conserve capital Which is the most important thing and then once you get your account up to 10 thousand dollars You're making 1 percent. That's 100 bucks, right? And if you're making 1 percent on 20,000 That's 200 bucks and then 2 percent would be 400 bucks, right? So that's just how it works guys and for me, you know, if I'm making if I'm taking a position on 3 m 20 grand You know, I'm making anywhere from three four five hundred dollars on that little trade here So pretty that's pretty much it guys So, you know, I ended up just doing a quick little scalp getting in again on this breakout grabbing about another You know 0.75. I believe it wasn't anything crazy It was like 1% roughly and it was about a 1.5 percent day on just strictly trading 3 m and now to transition into, you know What i'm personally watching for the rest of this week 3 m is actually again looking to break out on this 20 day one hour chart like we like we saw earlier I want to see a break into the 170s 172 173 174 level and for us to break the 180s may before taking a potential Swing on this one and just like I talked about in that previous video You know, I think it's really offering great opportunity once we get that confirmation of the break of the resistance And for this one to really show that bullish upside that it has once we do see that You know, this could be a very big opportunity on the swing side You know on on on you know day trading on the day trading side You know, this one does offer a lot in my opinion all we need to see is that break So another one that i'm watching for tomorrow guys is the gush and drip duo Drip is actually one we talked about a couple of days ago. I'm kicking myself for completely missing this trade today guys I know some of you traded it in the group others missed out as well And it's just one of those days where I just simply missed out on one of the Bigger moves on my watch list, which again kind of sucks, but it's okay You know, I'll come back and I'll bounce back from it. And this is what I'm looking to see I'm looking to see if I could bounce back Not really bounce back from a loss, but just bounce back from Missing the trade quite frankly by trading gush If we do end up getting a pullback on drip and for those of you guys that don't know drip and gush are two ETFs They trade based on x o p x o p whenever this is going up Gush is going up whenever it's going down gush is going down and drip is going up So we saw that 3.8 sell-off today quite a big sell-off on this ETF that pushed drip up 11 12 percent or something like that today pretty pretty crazy move in drip and we can see some consolidation on x o p At the support of about 28 65 and if we're judging this 20 day one hour chart If we do hold this support guys and we slowly start to truck up And really just complete this horizontal pattern that we've been in You know, this could be a very big bounce back move tomorrow on gush And just for that reason guys the fact that we're consolidating here potentially looking to pop back up Gush is the number one by far ETF that I am watching tomorrow. This one offers about 10 percent You know, this could very well sell off more. I'm not saying this is the bottom I'm not saying it's going to bounce here All I'm saying is I'm watching it to see if it does and I'm watching it to see What it's doing pre-market hours if we're noticing, you know, it's trending up into the 8 75s 8 70s 8 80s this could signal to me This might be a runner today and especially if we're noticing x o p is coming up aggressively This one offers about 10 12 percent if I'm not mistaken, right? You can see that 11 12 10 So that's a pretty good one gosh G us h and of course, let's say we break that support We sell off more on x o p and gush drip will continue to be a great play So for me, those are the two top ones that I'm watching, you know gush drip on the ETF side What's it called? 3m on the stock side here I'm watching also the potential sell off on the overall markets if we do get a sell off tomorrow I'm looking to play sqqq and this is one that I talked about in my four ETFs I trade during volatility video and this one's going to be good in my opinion Again, if the nasdaq in general is selling off, especially sqqq because it tracks the nasdaq 100 It's a 3x leveraged ETF. Let's say the nasdaq sells off 2 percent tomorrow 1 percent Into this longer weekend that we have or through these next two days into the longer weekend that we have You know, this could move anywhere from 3 to 6 percent to the upside if it does end up happening We're noticing we're maintaining the 50 SMA kind of in a wedge as well Which makes sense because it tracks the nasdaq the nasdaq's in a wedge Hence why the sqqq ETFs in a wedge We just need to see are we breaking out if we break out I'm going to be trading this one and on a flip side. Let's say Markets do break out to the upside. Let's say the nasdaq is breaking out to the upside TQQQ is going to be one I'm watching which is a 3x leveraged ETF It's pretty much just the inverse to sqqq. It goes up when the nasdaq is going up as well So some other things that we should go over on this video, you know, the vixx has been dropping from 14 It's at 14 75 now volatility has really died down over these past couple of days We can see in the past literally like 6 10 trading days. It's gone from 24 down to about 14 75 The price of gold right now is 12 73 90 cents in the red today Crude oil is at 61 35 right now down about 7 cents. We're noticing natural gas actually descended down More today. It's at 255. It's up 0.31 percent here. I believe after hours. We're noticing. Uh, what else here? You know apple had a bad day today down about three dollars and 82 cents We noticed facebook was in the green amazon was in the green pretty much all these other tech stocks But apple did pretty poorly. So I actually want to ask you a question What do you guys think about apple? I'm thinking it's getting to some interesting levels now where it may attract some Longs to come in me personally. There's no way I'm buying apple right now But I'm thinking people that have not gotten into the stock quite yet Maybe they're considering buying a a a couple of shares of apple here But another another part of me is thinking many people are probably scared with the slowing growth in china and the trade war Which may push the stock down even further. So what do you all think if apple gets back into the 170s? Would you consider building a position if you're not already in apple? Let me know down below What do you guys think about that? It's been getting hammered. It's down like 30 bucks here over the past couple of weeks I would love to know what you guys Think so i'm going to end off the video here if you enjoyed it feel free to hit that like button drop a Comment down below again Let me know what you guys think answer that question if you guys want to subscribe to the channel If you haven't yet already hit that notification bell So you're notified every time that I do make a video free discord down below Free facebook group down below the strive smart facebook and discord get in those communities if you haven't done so already instagram links down below All the different stuff to stay connected is down below if you guys want to be further connected I'll catch you all in the next video. Go check out the one I uploaded earlier today. You'll find a ton of value in it Thanks for watching. Appreciate all you guys. Peace out