 What is going on everybody is Stas 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 as always talking about what I did today on the 5th of June in 2019 in terms of my trades as well as taking a look at some other stocks and ETFs that I'm personally watching Over these next couple of days and actually a person on discord messaged me a couple of stocks I'm going to be giving my thoughts and opinion all opinions on those as well as well as going into what I personally think right now About the market as you guys saw in the title of today's video is the market running on false hope right now We're going to be talking about that in today's video But before we do get it into all these different topics all I ask from you guys out there watching is if you enjoy these Videos feel free to go down below and hit that like button It really supports me and supports the channel in general and I do appreciate every single one of you guys out there The community we are building is absolutely amazing So let's just hop right into the topic of today's video starting off here with the S&P 500 The 500 largest publicly traded US companies on the stock market ended up having a very nice day today up 22 points at the close up 0.82% on the dot here the Dow Jones industrial average up point 82% at the close up 207 points and the Nasdaq had a very strong date today as well up point seven percent right now up 51 points so the market continued the rally from yesterday pretty pretty strong today And let's just go over to the S&P let's break down some technicals And we're going to notice that these three indexes they're actually all at a similar point of resistance right now Which is kind of interesting. So let's get into that right now. So the S&P 500 again We had a 22 point day, but notice how we're trending under that 50 simple moving average at the close of today's market Notice how this is a spot where a couple of weeks ago last time we had that run We actually got rejected at that 50 simple moving average resistance notice We did something very similar. We sold off for a period of a couple of days We had a couple of days of rebound then we got rejected by the 50 S&A at a lower high Notice how we just did the same thing right? We notice how you know, we sold off for a couple of days Now we've been recovering for a couple of days. So what I'm thinking right now is this could be a kind of Spot in the technicals where it's going to tell us a lot of different things It's going to tell us if we break out of this level that can be a bullish move We can be reversing to the upside from there that could be a huge sign for the upside, right? But it's also telling me if we slowly get rejected here Let's say we notice futures are down in the pre-market session tomorrow That's telling me that this downwards trending pattern that is still intact by the way guys That could be continuing, especially if we slowly start to break back into this $2,700 level because at that point, you know, we're clearly at 2825 right now. We've gotten quite a bit quite a bit above that 2,800 level of support But if we started to break back into that level of support and back into the 2,900 level That's a pretty strong confirmation in my eyes that we did get rejected by that 50 simple moving average So, you know on the 184 hour chart guys the the SMP It's clearly still down trending and this is a very critical spot So keep an eye on that also the RSI is creeping up to the overbought status. Is this a point of rejection? I'm very excited to find out so going over to the 20 day one hour We're kind of a bit higher on these charts today Obviously, then we were in yesterday's session, but we are still trending under that 180 simple moving average resistance We talked about in yesterday's video how we broke the 50 SMA here on the 20 day one hour But we were still down trending because we were still trending below the 180 SMA The same thing stands today and if we were to break out of this tomorrow Let's say over these next couple of days. That's a very big bullish move But if we got rejected here slowly started to fall back down and especially if we broke 2800 Like I said a couple of minutes ago That's going to be a huge sign that we are potentially continuing this downtrend So that's kind of what I'm watching here guys, you know the five day five minutes showing a huge reversal here But like I mentioned in every single video, it's very important to take a look at all of the different time frames So you're understanding maybe it's not reversing, you know fully, right? Maybe it's not reversing if on the 20 day and on the 30 day charts on the 90 day charts It's not out of moving averages quite yet in terms of resistance levels, right? So keep an eye on that be mindful of continuing to look at multiple time frames It will help you out. So the Dow Jones industrial average here. It's looking pretty similar in terms of Technicles as the SMP like I pointed out in the beginning of this video The markets are all at a similar point of resistance just like the SMP The Dow Jones right here is also at the 50 SMA resistance at or rather on the 184 hour chart We're also at another level of resistance, which happens to be an old support at around 25 500 So those are two separate levels of resistances. We are at right now So tomorrow is going to tell us a lot about the Dow Are we breaking out to the upside here above moving averages or are we going to get rejected here and Slowly start to push down which is going to confirm to me the continuation of the downtrend here Going over to the 20 day one hour chart very similar to the SMP We're trending between the 50 and the 180 SMAs right now kind of hovering in between and we are right under the 180 SMA here on the Dow Jones. So tomorrow very self-explanatory here like I mentioned for the SMP If we break the 180 SMA That's a huge sign that we could be bullish from there if we end up getting rejected Let's say the futures are down We could be heading down here on the Dow Jones Industrial average and I can't hammer in enough guys a lot of people, you know a lot of people are saying Oh my god, we've had two three green days now the downtrend is over, but it's not right It's not it's it's almost over, you know technically speaking if we do break out here I guess you guys can say that is a break of the downtrend, but as of right now, you know, we are still in the downtrend We are still in the downtrend So the NASDAQ here just like the other two is trending under the 50 SMA Resistance here. We're also at a point of resistance that we were at in the beginning of March right at about 7200 7250 dollars. That's a critical level for the NASDAQ Let's say we start to trend up into the seventy three hundred dollar level at that point We'll be breaking that resistance as well as the 50 SMA resistance And that's a pretty good sign there for the upswing on the NASDAQ. So the 20 day one hour chart It's kind of showing, you know A bit of support here on the 180 SMA We're actually breaking out of it as opposed to the SMP and the Dow on the 20 day One hour chart and this is a pretty good sign right now for a potential reversal on the NASDAQ But again on the 184 hour, we're still trending below that 180 SMA So I'd keep an eye and be careful, you know at these levels for the NASDAQ But it is looking like it's showing some support some consolidation on top of that 180 SMA. That's a pretty good starting sign But we are just not quite there yet for a full confirmation that we are shooting back up for the NASDAQ So like you guys read in the title of today's video, you know, I feel like the market right now Is kind of running on false hope, right? We noticed how over the past and really for the beginning of 2019 and for this whole entire year up until a couple of weeks ago The market was kind of running on false hope from Kind of being fed from Donald Trump on Twitter and the media regarding the trade war Remember how you know Trump was saying the trade war was doing so well Negotiations were doing great and in reality, they weren't doing so well They weren't going to come to an agreement And I feel like he was just saying that to kind of pump up the markets to pump optimism into You know retail investors and the whole population out there that's looking to put money into the stock market And I feel like something similar is happening right now with this fed cut We noticed how yesterday Which is really the catalyst that caused the market to go crazy yesterday The catalyst was a potential fed the interest rate cut We noticed how when the the rates go up that kind of has a negative pressure on the stock market You know people are less willing to borrow It doesn't really stimulate the economy as much as a rate cut does and what a rate cut does It pumps more optimism into the stock market It stimulates demand a bit more or the economy a bit more rather Because people are more willing to borrow and things will do better in the short term In terms of the economy if that does end up happening thus increasing and really Having the stock market do very well as a result of that so at this point, you know We haven't even gotten a confirmation that a fed rate cut is happening Which is why at this point it's kind of like false hope because we don't even know if it's going to happen Right. Who knows if the federal chair the the federal reserve chairman Jerome Powell Is he actually going to do this because he did say he's open to it But is he actually going to do this? I don't know guys and that that kind of worries me because this market could be trapping people Trapping people trapping bulls that are hopefully thinking now that oh my god fed cut that's it's going to happen It's going to happen. Right. It may be trapping them You know right before we start to sell off again because there wasn't really any Solidification that we are 100 going to get a rate cut, right? So be careful guys You know, don't get trapped this very well could be a bull trap That's just going on for a couple of days here a couple of green days on some false optimism That might not even happen right at this point, you know, it's it's just still up in the air. So be careful Uh, you know, be very careful. That's all I can say guys at this point. Um regarding that I'm personally still not 100 convinced whatsoever that we are going to the upside here I still think you know over the next couple of weeks the overall trend of the market is going to be Down but again do your own research. I personally think there's just a lot of negative pressure right now Despite this sudden optimism. I'm just not buying it guys. Uh, that's just me personally I would love to know what you guys think about that down below in the comment section And let's talk about very quickly what I did today in terms of trading I actually caught sqqq this morning as the market in specific nasdaq Was selling off a bit. There was a brief moment this morning Actually where the nasdaq was red. It was down about 30 points and it caused the sqqq to etf here Which is a leveraged etf that moves up whenever the nasdaq is selling off It caused a big spike in this and although I did catch it Quite a bit late. I did not get in down here at the 42 40 level I got in at the 43 40 level roughly at about 10 30 am at this point If you guys can see 10 30 am it's pretty late to the party, right? But I noticed how aggressive sqqq was moving and slash and q at 10 30 am if we can see where it was It was selling off pretty aggressively starting at about 9 45 10 am and then at 10 am it started to sell off even more aggressively and I figured I'll take a trade in sqqq at that point. I was looking at it very closely I was ready to cut my losses or just stop out of it You know if it were to maybe sell off But I was able to grab a quick little 0.5 out of it because I was able to get in at a point in time where It was still running up pretty aggressively, but I didn't grab as much As my goal was usually my goal is about one 1.5 percent, but we can see you know I got in at 43 40 roughly And I was holding it all the way through this first pullback until the second peak which was about A 1% trade there, but then once we started to sell off aggressively and especially when we broke this Old resistance new support at around 43 66 I figured to take my profits there play it safe at about a 0.55 0.6 Profit so that was a very quick in and out trade on s Qqq and from there the markets soared up you guys saw nasdaq was up like 0.7 0.8 Which ended up closing sqqq in the red down nearly a dollar down 2.28 At the close so that's what I ended up doing today in terms of my trading guys not again Not a crazy day There honestly hasn't been much movement in my accounts over these past couple of days mostly just been in and out And spectated in the market because I I personally think The market is just setting up and trapping some bulls right now And it's looking to potentially reverse hero in the next couple of days to the downside That's what i'm personally thinking right now And i'm just gearing up my cash getting ready for maybe another s qqq play where The profits may be way bigger if we do see a big dump on the market You know s qqq can fly up 6 percent, you know sp x s which has been getting beaten down This can fly up five six seven percent You know if the markets do end up selling off and i'm just waiting for that guys right now These are both looking pretty juicy, you know our sides are oversold Both are at nice dip buys from their peaks a couple of days ago I'm just waiting for the reversal right now my uh spidey senses My gut is telling me that it's coming and i'm just going to be waiting for that So those are two might as well start off the uh what i'm watching part of the video right now Those are two that i'm watching sp x s s q q q sp x s in particular trades on the s and p 500 It goes up when the s and p is going down and like we said before s q q q goes up on Whenever the nasdaq is selling off. So those are the correlations for the etf's and i also had like i mentioned the beginning of the video A subscriber actually messaged me on discord to talk about two stocks. Let's do that right now I believe one of them was berkshire hathaway brk slash b and this one It's looking pretty decent right now pretty good actually for a reversal. We're noticing how um down or went down from 218 down to about 197 it seems like if i just get my uh Uh resistance support tool right here seems like it ended up holding holding a strong level of support out around 197 198 Which is good. We're trending up over the past couple of days My guess is that the markets have obviously been bouncing back a lot of stocks have been bouncing back That is why berkshire has pretty much just been following that which kind of makes me a bit worried because If my theory plays out here that the markets are going to continue their sell off over these next couple of days Maybe not tomorrow. Maybe not the next day, but at some point You know, this can be a trap as well where it seems like it's been following the markets down now Following the markets back up. Maybe it'll trap us here if the markets sell off and we might be pushing back down on it That is something that's a bit risky here, which in my opinion You know, i'm probably going to be staying away from it because again, I don't want to get in this bull trap but let's just say the markets do reverse and BRK the follows the markets, you know What i'm going to be looking at that point is let's say we break above this 203 204 level of resistance Which is strong and coming up, you know, we could be moving back up from 204 up to the next spot Which is going to be roughly 207 so at this point, you know, the rsi is over but that's a bit concerning as well But a good thing is over the past couple of trading days again The markets have been recovering which in my opinion influences this price a lot But we broke above that 50 simple moving average resistance That's a good bullish sign on BRKB here And what I would like to see ideally before entry if I do enter this again I don't think I'm I don't think i'm personally going to at this point because I like focusing more on my strategy with the ETFs But what I would like to see is a pullback a retest on that 50 s and may support Maybe at about 200 maybe at about 202 and from there that'll bring the rsi down a bit That could be a better entry up to the resistance at about 204 And if we broke 204 that could be a spot to add more money into it if you're swing trading right And from there you can hold it up to 207 if it does end up going to the top of that channel And from there if we're going to the uh drawing tool very quickly the trend line tool You can see it's about a 2% margin of profit from where it is right now. Let's say you got in at 202 That's about a 2.65 margin of profit up to $207 so That's kind of the breakdown right now in brkb a bit nervous that it's just simply following the trend of the market And if the market dumps it'll follow it back down But I still figured I'd break it down because a discord member again Messaged me about this and I do like breaking down stocks that you guys shout out and please Feel free to DM me any stocks and I'll talk about them in this video So another one was cat ticker symbol cat kind of in a similar situation to berkshire here It's been following the markets down You know industrials get hit pretty hard when we're in a trade war tariffs Those hit industrials very heavily and you can see how hard it got hit back in october And now you know like I said just like brkb we're trending above the 50 sma here on the 184 hour chart That's a pretty good sign of a reversal We're looking to hold that level as a new support, but we're not fully doing that quite yet Actually, we are but we're not fully confirming the bounce off of the support level Which is what I would like to see before entering here But again, I'm not too convinced on cat fully reversing here If the markets and the trade war tensions continue to impact the market, which I personally think they will I think cat is just going to continue to fall Unfortunately because like we said industrials, you know, just take a look at some of the other companies guys, you know boeing, you know cat A bunch of these they just get hit hard during times like this, especially with the china trade war So i'd be careful with cat But we are looking to break back into a zone here between 122 which is a support. We are noticing that we're holding right now Right since we are above 122 or at 123 right now and you guys, you know, if we hold this level We slowly start to trend back up. I'd wait for a potential Resistance at about 128 dollars, which is this next one that i'm seeing here So it's looking pretty good, right? We would just need to see a pop and a just a confirmation of the bounce on the 50 sma to the upside here There could be some potential so some other ones that i'm watching here heading into tomorrow guys You know, we're seeing coca-cola here ended up filling that gap from 49 to 50 Now we're all the way up to 51 looking to pull back So if this one's pulling back from 51 down to about 50 ideally That could be a nice pullback entry on coca-cola as it potentially, you know Holds this resistance as a new support and slowly starts to pop back up to 51 dollars This could be a nice tip by but we need to see it pull back first ko I'm watching that one very closely notice how j and j is out of 50 sma resistance right now This could be a nice play if it does end up breaking out of that resistance from there We could be heading back up to 137 which is right under that 180 sma You know pretty much a trade between the 50 sma and the 180 sma right in between the moving averages That could be a nice play there 2% on j and j margin of profit We saw disney today guys. This one's spiked up very very big right here noticing It's kind of breaking down or breaking out of this little downwards Channel that it's kind of been in over these past couple of trading days So this could be a pretty bullish move on disney keep an eye on it Maybe it's going back up to the 140 level. Who knows this looks pretty bullish though in my eyes right now Another one that did very well today was cron guys the return of the marijuana stock cron We haven't talked about this in a very long time. This one's actually right out of critical spot I think if we break this 180 sma on a technical basis, that could be a huge bullish move on cron You guys can see it's up 10% today. I'm watching this one for a potential rally from here So those are just a couple of stocks and ETFs that I'm watching guys I hope you all enjoyed this video if you did feel free to drop a like leave a comment down below and subscribe to the Channel if you're new check out one of these other videos if you guys want or just bored and you want to Just learn more about the stock market whatever go watch one of these videos I guarantee you guys will find a ton of value in them I appreciate every single one of you out there that watch this video to the end to the middle of the video if you're new I appreciate you sticking through you guys are awesome. So I'll catch you all in the next video. Have a good one. Peace out