 So a lot of times what usually happens, you get a move on the indexes, right? You get a move on the indexes first. And even if you have a quieter day tomorrow on the indexes on the scoreboard, you could still start to see stocks one by one start crawling up out of supply. So for example, 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 theAxisATrader.com Nightly Wrap-Up Show. Hope everybody is doing well. I apologize. There was no video yesterday. Usually what I do is I take Thursdays off to kind of just clear the head. So there's usually no videos on Thursdays. My daughter had a softball game in a different town. So I had a driver there come back. There was literally no time. So I apologize for that. So let's talk about the market. The last video that I recorded was Tuesday night. If you guys remember going into Wednesday's session, I was very, very sell-wise. Okay. There was absolutely no reason that there was no reason at all, literally to buy stocks. So there was huge reversals, upgrades got sold, earnings got sold, everything got sold. And we've been pretty much sell-bias for the last several weeks. And we were up to yesterday's session eight days, right? Eight days below the 50-day moving average. And Tuesday came in a really big aggressive pull in technology names, pre-market. Tesla got destroyed. Amazon got destroyed. Everything absolutely got destroyed. But to the bull's credit, right, they did manage to buy that dip. Now, when people talk about buy the dip, it's usually a bull market scenario. Nobody really buys dips when there is blood in the streets. And yesterday it gave you a level that you turn around and say, well, look, the last low was the May 12th low of 316. The low here yesterday was 316. So to give the bulls some really big kudos, they held the 316 level. And then they started rallying into the close, which was very, very good. And based on small technical analysis or just basic technical analysis, you know there's a double bottom, usually a double bottom on a macro level, there's a higher probability we can get some sort of bounce. Nobody ever goes to the next day, which was today's session, and turns around and says, well, not only are we going to bounce, not only are we going to bounce to today's session, but we're going to take down eight days worth of selling and reclaim some really, really big levels. And we'll talk about the pivots in a second. If you notice on the Twitter feed today, there were no shorts. There was absolutely no shorts today on the Twitter feed, but there weren't a lot of beta longs for the exception of Facebook, for the exception of Roku towards the end already, Peloton and a couple of other names. But everything else were like weird stocks, because we weren't expecting this monster rally today in technology just because we had eight days worth of selling. So what do the bulls do in true random stock market order? They held the 16 yesterday, which was bullish. We talked about a potential dead cat bounce today that was bullish, but nobody, and I think I can speak for a lot of people, nobody really thought today's dead cat bounce was going to turn into a macro reclaim of the 50 day moving average on the Qs. The first time we're above the 50 day moving average in one, two, three, four, five, six, seven, eight, nine sessions. And the way we closed was super duper bullish. Now somebody's going to turn around to me, actually quite a few people turn around and say, well, Dan, what do you think about tomorrow, right? We had a $12 move from the lows yesterday into today's basis, even though we did reclaim at least for one day, we did reclaim the 50 day moving average. What do you think is going to happen tomorrow, right? Do you think we're going to have a follow through date that we're going to have a choppy session? Was this really just a dead cat bounce back into supply that was very, very unnecessary from the bear's point of view? What do you think is going to happen next? Now here, here's the defense, right? We did double bottom yesterday. Is that bullish? Of course that's bullish. It's not a bearish thing. We did dead cat bounce today. That's bullish as well. We did reclaim the 50 day moving average. That's bullish as well. Is a $12 move in 12 hours the greatest thing in the world for a rabid push back to the highs? No, it's not. Because there's always the fear of too much, too fast, right? That's credible. I definitely give you that. So the idea that is it possible we rest tomorrow? Absolutely. Of course it's possible. We did have a $12 move from yesterday's low into today's highs. But just keep this in mind. This is exactly the same thing happened the last time we reclaimed. If you guys remember all the way back here that started this really, really big run for about a month and a half, when the cues reclaimed the 50 day moving average, and this is the highest close in the whole formation, if you guys remember, not everything reclaimed at the same time. Amazon was two days later. The video was later after that. Tesla was a week after that. So just because the cues are above supply and just reclaimed supply, it doesn't mean that every single stock is going to wake up tomorrow and just go gangbusters with it. If you look at names, and if you go through a lot of technology names, there's some names on a very, very clear channel. You turn around, you go, wow, Facebook, very, very clean. And it's true. Very, very clean channel. We saw a bunch of 320 weeklies come attended today. This is clean. NVIDIA, for example, is very clean. First close, oversupply. If it confirms tomorrow, if it confirms tomorrow, you can see how much room there is in the channel. If you look at Google, for example, you can see we're one day away from clearing out this channel. That's clean. So you have your names that are mirroring what's going on the QQQs, but then there's a lot of names that are still underneath supply. So even though, for example, the fact that we're oversupply on the indexes, it doesn't mean that you can literally buy everything right now and have it work out exactly the same way. So a lot of times what usually happens, you get a move on the indexes, right? You get a move on the indexes first. And even if you have a quieter day tomorrow on the indexes on the scoreboard, you could still start to see stocks one by one start crawling up out of supply. So for example, if you look at Amazon, right? It's not out of supply. It's no way near out of supply. It has to still take out this whole channel, right? It's not like you're saying to yourself, Amazon's on my top watch tomorrow. Of course, can Amazon go higher tomorrow? Of course, especially with the QQs reclaiming numbers, but nobody's going to turn around from tomorrow's session considering Amazon is still, what, 60 points away from supply? Nobody's going to turn around and say, Amazon's on my top watch tomorrow. Yes, can it go higher? Of course it can go higher, but it's not going to be your top watch tomorrow, right? Tesla, for example, had a really strong day today. But look at the chart. It's nowhere close to reclaiming supply. It's barely hanging onto the 200-day moving average. It's nobody's, quote, unquote, top watch tomorrow. Of course, can it wake up? Absolutely. Can it get pulled up with everything else? 100%. But it still needs to clear out the whole 10-day moving average just for this thing to get above water. When you look at Apple, right, had a strong day, but look how much supply you have still ahead. You're not going to turn around and say, unless Apple gaps, unless we have a big gap on everything, you're not going to turn around and say, I'm watching Apple. That's my top watch tomorrow. I'm watching Amazon. That's my top watch tomorrow. No, you're going to watch stocks that clear out supply, the Facebooks of the world, right? The LRCXs of the world, right? Clearing out supply, the NVIDIAs of the world, right? Clearing out supply, and everything else has to catch up. So when you're doing your chart work today, right, you'll see a lot of stocks that had a really good move, like really, really good move off the bottom. But again, are they tradable for tomorrow? Is tomorrow their sweet spot? Probably not. So when you look, for example, like a TULO, right, that had a really, really big move, again, you're not dying to buy it for tomorrow. Because again, you have supply right in front of you, for TULO to be really good, right? For it to have the same effect as an NVIDIA or a Facebook, right, or one of these names that are clearly busting out. For this thing to be good, TULO needs to reclaim the 50-day moving average as well. So that's my point. So even though we possibly could have a res date tomorrow, just because the Qs rally at $12, I still believe that slowly, but surely, maybe TULO doesn't get to the 50-day moving average, but if it starts reclaiming today's levels, maybe it goes into the 320s. Maybe Amazon, excuse me, maybe Apple doesn't reclaim the top of supply here at $129.130, but maybe it starts reclaiming some levels and starts getting back into the 128s. Again, these are baby steps. A lot of these names were sold for, guys, remember, a lot of these names were sold for three weeks. We were sell buys for two, three weeks. You're not going to go from breakdown to breakout in one day, right? You need work. You need to cut down the trees. You need to literally put in a lot of sessions. You need to develop a personality right now. So if there is a week open tomorrow, can these stocks reclaim the levels they put in today? And these are all questions, obviously, we don't know, because if we knew 100% and I was 1,000% sell of buy-bys for tomorrow, hell, just going all in. You know what's going to happen, but we don't. That's the whole point. We don't. We're trying to take calculated pieces of data and applying it for tomorrow's session. So are there names that look really, really good for tomorrow? Absolutely. But I still believe most of the names still need to put in some work. They still need to reclaim some levels. And more important, maybe they won't have their big day tomorrow. But maybe if the market continues to build over the 50-day moving average tomorrow and into Monday and into Tuesday, a name like Apple, maybe next week, it completely takes out this whole supply and wakes up. Maybe Amazon, maybe two, three days away from taking out the supplies and then having a $300 channel for measured potential. But these are baby steps. You cannot go from breakdown to, oh my god, I'm coming out of the range, buy everything. It just doesn't work like that. You still have to put in a lot of work. You still have to find these charts. You still have to find the sectors that are strong, that have been strong, that never really sold off with this whole tech backtesting over the last several weeks. And now we have to find them to make sure those levels really confirm for those actions. And now we say all the time, now that the cues, now that the bulls found love, remember the heavy D song, now that they found love, what are you going to do with it? Prove to us tomorrow that you're not going to sell off. Prove tomorrow that any type of sell off or any type of pullback or any type of adversity, prove to us that you can live with prosperity. And if tomorrow the bulls hold the line and they necessarily do not need to take out today's highs to continue to build, right? If they could just maintain and hold serve, everything slowly will start to get pulled up. To get pulled up. And maybe next week we go on a macro baby bull rut. We'll see. But that's the name of the game. Take it day by day. Take a chart by chart. Let's get more evidence that the bulls can live with prosperity. And the most important part is we're watching the names that are already oversupplied that if they do confirm, they can mirror the cues with the next leg up. So let's talk about today's session. Again, was this filled with 100 beta names? Of course not, right? That's the same reason we just talked about a few minutes ago. How can you have all beta on your watch list if everything sold off for three weeks? But the names that did confirm the channels that were already on the upside then never sold off. Those are the names that made pretty good moves. And now it's setting up for the next stage tomorrow for their peers to start getting pulled up with it. So let's talk about today's session. Again, here is my morning notes. I go, look, remember, remember, we are still underneath supply. All the long trades, of course, use second entry. And if again, if all you guys who don't know what that is, it's specifically for the PS60 theory, use second entries, take along the way, use break even stop and all runners. And again, that's the way you want to attack it because there's no guarantee that we were going to reclaim the 50-day move. Again, raise your hand at home if you thought we were going to reclaim the 50-day moving average based on last night's close, right? Debt cap balance, absolutely. But reclaim, kudos to the bulls. They did a great job. So let's talk about today's session. Peloton, 98 needs to build. Here was Peloton. Again, you'll notice the stocks that had runs today, right, that had decent runs today, they were above supply. They had, again, from here to here, there's $5 worth of move, right? So it took out the $98 close pretty much at the high that they roughly around the 101 level. Peloton looks good. We talked about Peloton a couple of days ago. With all the bad press and the probes and all this, it never sold off. And that was the whole point. You're looking for names that never sold off. Again, is it clear blue skies? Absolutely not. For Peloton to really be good, it needs to reclaim this 105-106 level. But for now, again, channels are trading for channels, right? Stocks go from supply to supply to supply. So is there a shot if the market continues into next week and get the 104-105? Sure. Again, it looks pretty damn good. Facebook, again, one of the beta names that did not sell off. 317 needs to build. There was actually a sneaky pivot. We'll get to that in a second. But 317 macro needs to build. Here was Facebook. I still like it higher for tomorrow. So it took out this 317 channel. Went to like 319 in the quarter. Look, if this thing can start building at 320, again, look how much room you have up. You have room all the way to the earnings high. So Facebook definitely named. You should pay attention to for tomorrow. UPST, 137 needs to build. It had a big run yesterday. Really stood out, right? Really, really stood out. It took out the 137 when traded right into the next supply zone, which was 145. Good move there. FSR never went to 1310 opening range, never confirmed the second entry. Snow, not a big move. Snow, 230, 231 needs to build. Here was Snow, right? So it took out the 230, 231. Went right to the next supply zone at 236. Not a huge move, right? A little bit of a choppy trader. But again, stocks don't need to put linear moves. That's the whole point, especially coming off bottom channels. You have to try to identify bottom channels within macro ranges to try to take advantage. So not a bad move on Snow. Sava, really, really big move there. 49 needs to build on Sava, S-A-V-A, right? So it took out this whole 49 area and went to 5166. Really, really big move on Sava. There was a Tesla pivot that I apologize for all you guys on the Twitter feed. I forgot to put, it was a really good pivot. Where the hell did we buy in this thing? We were buying it at 5... Where the hell did we buy it? It was a good move. It went up like 4 or 5 points. So I apologize, my system is off right now. I apologize for you guys on the Twitter feed. And I kept on saying here, yeah, we'll put more long pivots as the day progresses. On this supply, they can pull the plug at any time. We want to make sure there's a clean path to the goal line. And everything really lit up, like really lit up like a Christmas tree towards the day. Again, here was the sneaky pivot. I was talking about 1530 needs to build. So it took out 1530, took out 17. And went to 19 and change. Peloton, take on the way, right? Take on the way, take on the way. UPST, again, take on the way. Sava, again, take on the way. RBLX, I still like this RBLX. And this is when you knew, you know, this is when you knew the market was going to rally. I put this on for experienced traders. I said, look, experienced traders, 327.80s of macro supply could be rejected there initially. Now it's the whole point, initially. So it traded to the 327.80s. It got rejected pretty much right away. It went down to like the 327.40s. But for the bulls, they did a phenomenal job. As soon as they got down there, it wasn't a big sell-off. It wasn't an angry pull. They reclaimed 328 and just absolutely exploded. So again, that's the whole point of knowing levels. And this is kind of exactly where I put it. Now that it's moving down, use breakeven as your stop. It's a free trade. And now, you know, you can see why using breakeven as your stop is a really, really good idea. So that's that there as well. So again, going into tomorrow. Again, long buys, yeah. I mean, you have to give the bulls the benefit of the doubt. Can we have a resday? Sure, why not? But again, based on what we've seen in previous days, that channels got confirmed, right? Especially via the ETF side. Even if we don't have an up-buy-as-day, quote-unquote, on the scoreboard, you're probably going to have a lot of names start slowly, but surely reclaiming stock is in. So guys, have a great day tomorrow for all you guys. I'll see you all on the weekend update. And God bless. I'll see you all tomorrow. Take care.