 It reclaimed the five-day moving average. It reclaimed the 10-day moving average and stopped the right-on supply. Everybody see this line here? This is the last supply zone here. If they could start reclaiming this last supply zone, there's nothing left. Welcome to Access a Trader, the number one community for those who are committed to taking control of their trading in order to achieve success, profitability, and longevity. Thank you for joining us. Here's Dan Shapiro to help you find your edge, master your process, and own your future. Hey, guys, good evening, everybody. Welcome to another edition of the Nightly Wrap-up Show, right? Hope everybody is doing well. I got to have a pretty good pause there for a second. I forgot what we're doing. Hope everybody did well today. So let's take it back 24 hours. Nice balance, nice rally back into the close yesterday on the S&P 500. And especially the NASDAQ 100, which is the most important part, at least for me, because that's the group, that's the area that I concentrate for my day-to-day. If you guys remember yesterday, you would never know that they put in pretty good closing prices or closing preference points. Because again, the Dow Jones Industrial Average was down 725 points yesterday. And I don't think, again, kind of going back into it, I don't think really a lot of people notice. Because if you trade technology, if you trade stocks in any type of speculation form, you probably didn't realize that the Dow was down about 2% today. So if you watched last night's video, we were looking for some sort of dead cat bounce rate, some sort of bounce area. The question was, how much range was going to be in that bounce? So by no means did I expect the Dow to rally back nearly 600 coins in the NASDAQ 100 to be around a little less than 2%. But we did believe that there was an area of the market that, based on yesterday's close, although they didn't reclaim the 355 level, 354.68 was kind of close enough. And last night's catalyst, you had IBM come out with earnings last night. And they were pretty good, right? A pretty good quarter, probably the best in the last three, four years or so. And last night, everything started gapping up. You had pretty big moves in the after hours and a lot of names. And the question was, well, can they sustain this rally? Can the futures hold up into the pre-market? Can the close above 355 be sustained? Because remember, we've been going down for about a week straight. So there's a lot of ifs. There's a lot of questions to be answered. And every single rally is very, very tough to know if it's going to be the quote unquote bottom range and start something more or just a dead cap bounce into supply. We got kind of both answers to that, right? We definitely got answers to that as well. So we had this big rally today, but if you're an outsider kind of looking and this is kind of the point of really not using the indexes as the barometer of success or failure or quality versus noise. We saw a lot of names move really, really big today. And then we saw a lot of names today that didn't really participate. And the one thing that we talked about last night when it came to a session with a potential bounce, the option traders were gonna be behind the eight wall because again, like I said last night, you don't know if your individual stock was gonna run up 50 cents, $5 or anything in between. So there was a lot of questions going into today's session. And if you look at a lot of charts today, right? After the close and you were an active participant in the markets, you'll turn around and you say to yourself, well, how come my stock wasn't up more, right? If you look at, for example, Amazon, you turn around and say, well, look, Amazon, you know, the market, that was up, excuse me, that was up 600 points. Amazon is up, you know, the Nasdaq 100 is up 200 points. Well, how come Amazon was only up 20 today, right? And you'll notice a common denominator. It never took out. It's still below intermediate short-term supply. It's still below the five-day moving average. If you look at Amazon, right? It hasn't even touched the five-day moving average. If you look at Facebook and you turn around and say, well, okay, Facebook had a decent day, but how come it's only up five? Again, common denominator, it got rejected off the five-day moving average. Look at a stock like Zoom, right? Zoom, again, he said to himself, well, you know, there's a debt cap balance. Everything should be bouncing. Maybe this thing had a really, really good day. Again, not so fast, only up a dollar. And again, rejected at the five-day moving average. Netflix obviously had earnings today on the video, first split, right? First split after it's, well, after it's run-up, right? First split, you know, pull-and-pull profit-taking today, again, didn't really participate. The names that did participate today were names like Square, right? One of the very few that took out all the supply after a bottom bounce. If you look at Apple, for example, right? It had the nice bottom bounce, excuse me, had the nice bottom bounce. And the one thing that you'll notice is it stopped right and got rejected off the five-day moving average. So this rally seemed a lot bigger, much more majestic than it actually was. But here's the kind of the good news, bad news setting up here, okay? When you look at how a market gets off the mat, or the market gets off the floor, or the Rocky Balboa analogy gets off the mat after Ivan Drago is just pounding him for the first 10, 11 rounds, you can't just start waking up and just start fighting back. You need baby steps, right? You gotta, you know, you have to kind of regain your consciousness. You gotta reset your thoughts. You have to kind of start gaining your balance. You gotta get your win back. And slowly but surely you start getting baby steps and you start going back in the direction where you need to do to defeat your opponent, and this kind of example, defeat the market. And the good news, bad news scenario is the market continued its bounce from yesterday which is good news. The bad news is, right? And again, I don't want to use the word bad. Let's take the word bad at him. I don't want to use the word bad. The concerning part was that a lot of names couldn't get through short-term supply. And again, you could go through the whole list. A lot of the semiconductors still underneath supply. Facebook, Apple, Zoom, Netflix have earnings. I didn't think the earnings were that horrible, right? Earnings, they have down to less than 2% on the session. I don't think that's really that bad. But the point is a lot of names still need a little bit of work. And now the question is, do they get their validation tomorrow? Again, another perfect name, Microsoft again, right? You see that? Got rejected off the five-day moving average. So tomorrow it's pretty clear, you know, pretty clear. Can the tech names, can the beta names, shake off at least a little bit of weakness? I don't think Netflix is gonna provide. First, I was hoping, well, if Netflix blows up, it's gonna take down everything with it, not so fast, right? Netflix, if you look at Netflix on the close today, stock close at 5.30, stock's trading down six bucks on the night. So I think we're okay, right? I think the initial reaction was very, very ugly and then bull started bringing back the stock. So I don't think Netflix is going to have a big effect of kind of the spillover, what we need to do happens for tomorrow. But obviously, if it does start taking down stocks, obviously you will see that five-day rejection today, not only from individual stocks, but you look at the five-day moving average on the Qs and they got rejected as well. So tomorrow's a big day, right? Tomorrow's a big day. I think the market needed today to kind of get its feet under it. It needed to rally. And the one thing is that a lot of you guys will notice when you're doing your charts, when you have a week worth, literally worth of selling, right? We had a week worth of selling. We had a really good downside bias. It's not gonna just take one day and get out of supply and then go, right? Today was the first step. Tomorrow, if we can validate, if we can confirm and start reclaiming today's channels on all the names that were strong up to two weeks ago, then there's a really high probability that we will have a day two rally. We don't know that yet, right? There's certain names that look really, really good and they're ready to run, right? For tomorrow that they came out of supply and there's a whole bunch of names that didn't yet. So we have to concentrate on the names that look good for tomorrow. And if they could confirm today's ranges, we might have a very aggressive day two rally, but the difference is tomorrow, we could actually have expansion, really, really aggressive expansion channels because once you reclaim short and intermediate supply, then you have a bigger threshold of success than stocks just bouncing from one area to another and trying to capture as much alpha in between. So if you look at tomorrow's action, you have a lot of really good names on it, right? A name like NTLA, I really don't follow the name, but this is what you wanna see, right? I had this really, really big move. It came in, touched rising support and this is the first close over the 10 day moving average. Again, it kind of goes into the theme of tomorrow. A lot of names are still under, right? Still under the five, the 10 day moving average. This one closed above it. If they could reclaim the 10 day moving average tomorrow, maybe you get finally that big next leg up it had since it's made its really violent move towards the end of June, right? A name, for example, like square, right? Square, again, came out of channel tape. First close above supply. Again, do I think it's gonna go to 52 highs? Is it possible, right? It's very possible, but again, I'm also conscious and understand that Rome wasn't building a date and a lot of these stocks still need to take baby steps, baby steps to reclaim a lot of levels. A name that could wake up tomorrow, right? And we'll get to the individual pivots in a second. A name that possibly could wake up tomorrow. Da, da, da, da, da, da, da, da, da, da, da. Right, it's Tesla. So Tesla, again, did exactly what a lot of names did today. Number one, it had a really nice double bottom yesterday. It reclaimed the five day moving average. It reclaimed the 10 day moving average and stopped the right on supply. Everybody see this line here? This is the last supply zone here. If they could start reclaiming this last supply zone, there's nothing left. This is all airspace back to the 700 level. So again, the question is if, if, right? If Tesla reclaims this supply zone tomorrow, then you potentially could have a lot of good value. Again, you don't need 20 stocks. This is the one. If this thing confirms this is the one, like, you know, there's only this X amount of stocks that when they have their day in the sun and there's measured potential, you know what the stocks are. The Amazons of the world, the Vidias of the world, the Apples of the world, the Teslas of the world, right? These are the names when they go, right? And they go and there's a runaway train and there's a lot of room, measured potential from supply to supply to the man to the man. Well, look how much room you have here. If this thing confirms this channel tomorrow, then you have room to 700, it's old stomping ground where obviously then it's gonna need to obviously get through that area. So we are hoping, right? The only thing we're hoping for tomorrow is either a slight red open or a flat open. If we do get a really aggressive up open tomorrow, then a lot of these names that we're watching today that stop at supply are going to be above supply. So what's gonna happen is they're going to need to confirm 10 o'clock highs. And if they do confirm 10 o'clock highs, then again, depending on what you're looking for, you definitely could have a measured potential day. So again, we're hopeful, home springs eternal, right? Is that the word or hope summers of paternal? What are the hugs called? The point is we're hopeful, right? We're hopeful, we got our game plan, we have the group of stocks we're watching and now the eternal question is do they confirm? So let's talk about today's session really quickly. Again, it didn't start off aggressive, right? There was a lot of names running. The big moves this morning were the financials, right? If you look at financials today, Goldman Sachs had a really big day, but again, look where it stopped, right guys? Right into supply. When you look at J.P. Morgan today, right? Look where it stopped, only the five day moving average. Right into supply, Citibank, right? Same thing, right into supply. So that was the theme today. So now we need a day two. So let's talk about some of the pivots today and we'll get into tomorrow. Again, just like discussed in last night's video, the balance is happening, the problem is it's the gap. Everything is shortly coming into supply. Could be a little bit tricky. Same game plan as yesterday. Let's wait for channels to develop on the 10 o'clock channel. Obviously 3355 over under is gonna be a super important number. Again, in the beginning of the day, cash flow mode, again, not enough expansion channels yet. That's exactly what we talked about, going into supply. Channels need to have a huge run to get anything going at the moment. Second entry is on everything. Take on the way up, use break even on the stop. So Tesla, there was two entries on Tesla. We'll talk about the first one, but this was the important one, right? 657 needs to build. There's supply at 661. However, any strong build above 661 can start a channel back to 700. And here was Tesla, right? It took out the 557. Again, this was gonna be baby steps. Took out the 557 and look where it stopped. The right at 661, if this channel gets validated tomorrow, again, Hope Springs Eternal or Hope Springs, whatever the hell it's called. In the video, first red day, first green day after the split, obviously never contributed to that number. SGOC 1450 rejected twice and needs to build. It first gapped up above pre-market. And I said, hey guys, this thing is gapping up. And then it came down and then it reclaimed at 1450. And again, it wasn't a big move. Went to like 1520 and then came right down. If you traded it, God bless. I had nothing to do with this thing. Yeah, like I said, it didn't realize it gapped up. Watch for opening range highs. Chewy 83, didn't really do anything. It just kind of sat in there at 83 level the whole day. Q Dell 136 needs to build. This is a really, really thin stock. If you played this thing, it's more of a swing. I looked at it, I was like, yeah, it's way too thin. It went to 37 and change. Again, closed at the highest point here. I still like it high. It's just a little bit too thin for me. Body did really nothing. Went to like $9 and change. Nothing really there. SGOC still valid. I know, nice little scouting guys. $9 needs to build. August 11 coal buyer came in. Not a big move. Ran up like 20 cents or so. Ran up like 20, 25 cents. Not a big move at all. Baidu 1270 stopped there again for the third time. Roku obviously didn't flush it. And again, this is the cool part about trading. I keep on reiterating this point. You can have the same name. Check this out, right? 398 held twice. Needs to build, blow, and flush. Obviously never got the 398. Now take a look upstairs, right? Take a look at one post over, literally a half hour later, Roku 411 needs to build, right? Here was Roku. This is the coolest part. You don't need to be tied down to the name. Take advantage of the channel. When the channel expands and it confirms that's the direction you want to be in that trade. Not because you're in love or hate with the stock. So here is a pivot to the downside. Obviously never confirmed. And 30 minutes later, 411 needs to build. Here was Roku, right? It took out the 411, went all the way up to 420 and change. It's actually down like four or five points after the close, making a little bit of recovery now on Netflix's earnings, but nice move. Nice move on Roku off that 411 area. Take on the way up. Super tight today. This was at least in the beginning of the day. It was super tight today. First supply 413, 416, next two supply actually went to 420. And I said for the experienced traders, there's an aggressive play here off the 650 level, okay? 650 level, but again, remember, keep in mind, these are the levels. 657 got this thing, the 661, which is again, setting up for tomorrow. Snow Daily 258 only ran up about a dollar, not a big move there at all. There was some pretty aggressive call buying came in for the 267 of the weeklies, but only ran up about a dollar and change. And that is about it, right? That is about it. Tesla's was busting 3,000 the whole day afternoon commentary, 657 to last hurdle, then it went to 661, and that is it. So going into tomorrow again, we're hopeful, right? We have our list. We have a lot of names that got rejected off of short-term five-day supply today. Tomorrow's the big day, right? If they can reclaim the five-day supply, everything shall be day two. If they get rejected today, tomorrow on today's highs, unfortunately, we're gonna go back the other way. So guys, have a great night, everybody. God bless, and I'll see you all tomorrow. Take care.