 What's up everybody it stops 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 talking about my personal opinions on the market Where do I see the markets headed here over the next couple of days? Over the next couple of weeks here heading into the month of September as well as some stocks and ETFs I want to break down some for you break down some charts that I'm personally looking at to trade For this upcoming month, so you guys could potentially find some value in those find some tips and tricks on analysis and maybe Use that to your benefit in your Analysis so if you enjoy this video feel free to go down below and hit that like button Consider subscribing if you want to see further content for me and without further ado guys Let's get right into it So the S&P 500 ticker symbol SPX ended up closing up a whopping One dollar and 88 cents in the green today up 0.06% so very little of a move there nothing crazy whatsoever in terms of the S&P the Nasdaq on the other hand was down 0.47% today down $36.50 and if we look down here you guys can see most of tech instead of Facebook Um, you know except for Facebook rather is red here. You see Netflix Microsoft Google Amazon Apple all in the red And Facebook was green today if we go down here to the Dow Jones industrial average This one ended up closing up slightly green as well Just like the S&P up $41.03 up point one six percent at the close So overall today guys, I feel like the markets were kind of slow the markets were kind of boring despite that drop That we saw you know this morning and if you guys were paying attention to that I'll show you on this one day one minute what I'm talking about. We actually gapped up this morning We saw a double a double top, which is a bearish sign right the double top at 2940 and then other than this massive move to the downside of About like 25 points roughly, you know other than that we were pretty much coasting for the rest of the day You know hovering between 2915 and about 2926 on the S&P 500 So really after lunchtime 1130 a.m. Eastern standard really after this big dump There was nothing much going on in the markets and overall, you know, we've closed below We closed below 2930, which was a resistance from yesterday So that's not too strong of a close right now on the S&P and let me explain why guys And this will get into a little bit on where I personally think the markets are headed right now So we talked about how we're in a horizontal channel in yesterday's video and the previous couple of videos for the S&P and pretty Much for the Nasdaq and the Dow Jones as well And it's very obvious to see it here. The resistance is at 2930 we got hit there once in the past on the 8th of August in the middle of August as well Towards the end of August 20th of August and now finally on the 30th of August We're getting hit there yet again guys So this is like the fourth fifth time that we've tested this level and we've been struggling under it and really the closed today Confirms it as a resistance, right? So this is the level that I'm watching for this upcoming week and just a reminder guys The markets are actually closed this Monday So Tuesday is when we'll see our next trading day in a couple of days Which honestly gives us some time to prepare but on Tuesday, you know I want to see if we start to get rejected if Sunday and Monday We see the futures which the markets for the futures are open if we see the futures trending red This is going to be giving us a sign that the markets are headed down, right? The markets are headed down and it's very important to use these futures to your advantage So if we start to push down into the low 29s maybe back down to 29 hundred even into the 28 hundreds on Sunday night for the futures and Monday with the futures This might be telling us that hey, we're headed down We may be going all the way back down to that point where we triple bottom at 2850 and that's kind of how I'm going to be playing the markets on Tuesday Heading into Tuesday and really looking at the futures and being like okay. Let's say we get rejected I might go with them with some short ETFs, right some like SPXS for example or TV IX which are both Volatility well TV IX the volatility it goes up when markets go down and the VIX is going up But SPXS trades on the S&P and it goes up whenever the S&P is going down So that could be a scenario if we dump here, right? But let's say the futures are showing us breaking out We start to go into the mid 29 hundreds maybe 2950 this could give us a Assign to go along on the S&P on Tuesday So that's kind of what I'm waiting for here to really determine Where the markets are headed in general, but with the way the markets closed today I think there's a lot more downside because again We closed under that resistance on the S&P which is honestly kind of the benchmark that I look at for The entire market and I'm sure a lot of you guys do that as well And if you've been following the channel, you know that I do that pretty much every single video, right? That's why I start off with the S&P so going over here to the NASDAQ guys The NASDAQ is actually at a very tricky spot as well, and you can see we got hit at 7750 right 7750 is this level of resistance that we actually got hit at in the middle of August as well as towards the end of August on the Roughly at the 20th of August. You can see this resistance here. We dumped We held the triple bottom support at around 7450. We popped up. We hit the 50s or rather the 180s and may rather We broke above that and today it seems like we retested 7750 and what happened guys? We dumped we had a red day today in the NASDAQ and now it's bringing us down so very similar situation, right? We have to look at the futures. What direction are we going to be headed? You know if we go down here break the 50s and may this could be an SQQ QQ play Which goes up whenever the NASDAQ is going down. So this is one that I'm definitely watching You know as a potential play this upcoming Tuesday So honestly guys once we break out if we break out of this 180 This could be a bullish move, but the fact that we didn't get that yet I just see a lot of downside here for the NASDAQ as well So going here to the Dow Jones Industrial average and you can see it. It's literally the same thing here, right of resistance at 26,375 to about 26,400 ish dollars we got hit there on the 8th of August we got hit there at 13th of August 20th of August and now we're seeing a resistance yet again guys So if we dump we could go short now or a Dow Jones here, right? If we pop this could be a bullish move and we can maybe be going back up to all-time highs, right? That's in the cards right now That's a scenario that could end up happening, especially if we pop let's say we get some more optimism regarding Trade war trade tensions, but honestly, I don't really see that happening in my opinion I see a lot more downside, especially once these tariffs start to kick in Once the trade war escalates again because I do think it's going to escalate again at some point I don't think they're actually coming to a deal I think they're just saying that to calm the markets calm everybody out there But this could really just be the calm before the storm honestly guys This really could be that so overall I just see more downside here unless we pop out and break that resistance On the Dow and quite frankly on the NASDAQ and the S&P as well So that's kind of the market update right now again things were slow heading towards the rest of the day That could be because it's a holiday weekend again. The markets are closed on Monday. People might be going out vacationing Beach house summer house. I don't know what people are doing, right? Maybe they're just taking the rest of the day off Traveling with family. Maybe that's causing low volume in the markets, right? Which is why we didn't really see much activity later on in the day But anyway, what are your thoughts on the market? I love talking to you guys down below in the comments So let me know down below what your thoughts are on that so overall today guys. I Didn't really make much trades. I didn't really do anything but hold my BAC trade From two days ago or was that yesterday two days ago? I think BAC Bank of America. This is the number one stock I'm watching right now for a swing trade, right? I got in two days ago. I held it, right? I did not add more money today to it because I want to see how the markets end up opening on Tuesday I might screw myself right if the markets take a big dump. This could definitely drag BAC But that is the risk I am willing to take by holding this one over the weekend, right? We could end up popping up 50 cents a dollar on Monday or Tuesday rather or we could dump But the fact that I'm kind of up on my position right now not up by a lot I'm up by a little bit. I felt like I have the buffer right now as well as that 2% drop like what are the odds if What are the odds BAC drops 2% 3% heading into Tuesday pre-market, right? So that's kind of why I feel comfortable holding it right now and overall It's still holding its trend honestly guys if we take a look here a bit closer on the five-day five minute This is the level I was watching this yellow line here is the 180s who may support the fact that we held a higher low on it today And we closed above it that gave me some confidence in holding this one over the weekend But let's say we were to dump heavily heading into market close You know, I probably would have cut at this point I would have broken even but I would have just taken my money out of the stock just to play it safe, right? But the fact again that we held it technically this technical spot You know, I'm feeling comfortable holding it and for those of you guys that don't know the whole idea with BAC right now Was to swing trade it with a target sell at about $30. That's the ideal target sell But I'd probably start shaving profits once we started to get closer to the 180s may of resistance here on the 4-hour chart You know, that's probably putting us at 2850 to around 29 ish dollars for the stock So that's a level I'm watching for BAC overall I'm liking it a lot of potential for profit upwards of eight nine ten percent with not as much for Reward or risk rather. There's not much risk. There is a risk Obviously with everything you're trading and everything you're investing in but the reward here outweighs the risk in my personal Opinion so Tesla guys. Oh my goodness guys Tesla today It literally made the move that I talked about in yesterday's video It was it's kind of lucky to be honest But did you do you guys remember drop a comment if you guys remember me saying this Tesla? It could fill up to the 180s may is what I was saying on yesterday's video on this 4-hour chart Yesterday we were trading right here, and I was saying Tesla still overall down trending, right? It's still overall down trending based off on this trend line. That's what I said in yesterday's video, right? But if it were to pop break out We might fill up to the 180s may and that's exactly what ended up happening, right? This wasn't just like a move without any catalyst to it There was a catalyst and let me show you guys what that catalyst was so take a look at this The regular regulatory body in charge of cars in China has announced Several Tesla vehicles will be exempt from its purchase tax, which should help offset an upcoming Tariff the Ministry of Industry and Information Technology Granted accept exemptions for more than a dozen model 3 model s and model x Vehicles earlier this month China said it would reinstate some car tariffs It paused in April including a 25% levy on on vehicles from the US and a 5% Tariff on auto parts so overall guys these are set to come into force on December 15th as part of a wave of tariffs China announced in response to the latest US round of levies on imports from the Asian Superpower Tesla and other car makers face total tariffs of as much as 50% on vehicles imports Vehicle imports in China so overall guys This is a pretty good catalyst that ended up driving up stocks Tesla stock up today very heavily from 20 223 all the way up to about 233. That's when that catalyst I'm guessing came out it popped the stock up very aggressively and this is a good sign right because you know these Tariffs that are going to affect the automakers. That's obviously going to affect their bottom line their profits And that has a lot of pressure on the stocks of these automakers, of course and Tesla and the fact that they're getting this tax cut now That's a pretty good sign in my opinion and short term here If we pop out of this 180 s in May now and we hold it as a support This stock could end up breaking out with with a target may be passing the resistance to 40 Maybe 245 that could be a point in time where we can end up selling Tesla if we do pop out get an entry point here And maybe ride it up to the next resistance again at 245 So I'm kind of watching Tesla now. This is pretty interesting stuff here BAC you guys did very well yesterday not today guys, but you guys could be setting up for a pop here You know, we're holding that 50 s in May natural gas is doing quite well if you guys look at the chart You know, we're starting to reverse finally to the upside. We're riding that 50 s in May We're pulling back now at this point like I mentioned in yesterday's video Natural gas needs to break 230 hold that as a new support and then potentially fill up to the next spot Which is $2 and 40 cents so from 230 to 240 That's around a 4% move and since you guys is a 3x Leveraged ETF you can go to you guys and see this for yourself leveraged ETN rather you guys goes up 12% right or rather. Yeah 12% if natural gas goes up 4% and that's roughly right So that is kind of what I'm watching heading into this upcoming week I don't want to keep this video too long because typically Friday people's are people are clocked out People are checked out. They want to just go home and not even think about this stuff Right before those of you guys that are sticking to the end. Why not drop a comment? Let me know that you stuck till the end type in stuck to the end I really appreciate you guys from the bottom of my heart, but that's pretty much it for the video So if you enjoyed it feel free to hit that like drop a comment again If you stuck till the end, let me know and also let me know some stocks and ETFs that you guys want me to talk About in Sunday's video. I'd love to do that for you. So if you guys Have a great weekend. Let me know what your plans are down below. I hope you guys have a great one Peace out