 Welcome to Access to 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 AccessToTrader.com nightly wrap up show. Hope everybody is doing well. If you are brand new to the channel, guys, kindly like, share and subscribe. It'll help us out. We'll try to help you out and join us on this never ending journey, right? Never ending journey to unbiased technical daily analysis. So let's begin. I guess if you trade long enough, eventually you'll see everything, right? Eventually you will. If you didn't trade today, if you weren't actively participating in the markets today, it's kind of hard to describe what happened today, until you finally read the news and actually saw the news. It was almost like trying to describe what wind looks like, right? We know what it feels like. We kind of don't know what it looks like, and that's kind of what today was. For all you guys who did trade, I'm assuming most of you guys did, you saw something really weird at the open, right? Number one, Nasdaq 100 rebalancing was announced, right? And names, for example, like Dash, I'm going to go through the whole group, but Dash got added to the S&P 500, SPLK, you had MDB, right? You had MDB, just a couple of names, and coming on the way out, you had being removed was Allagan, was eBay, which I was very actually surprised to see. eBay, JD Lucid, I think there's CFO, departed after the close, I think it was down like 3% after the close, and Zoom, right? Zoom, one of the definitely the benefactors of the stay at home COVID movement. That was the crazy part, right? That was the crazy part, what happened around, I think it was about 10 minutes? No, it had to be less than that. It had to be like 2, 3 minutes, maybe 4 minutes, right before the open. And because all these stocks were now going to be added and stocks are going to be deleted off the Nasdaq 100, well, the funds had a free up capital, the kind of place value, right? The big ones had this value into those other stocks that need to be added, and they needed to, I guess, structurally sell the big ones, right? The big ones, the high flyers, the ones that had made the biggest move of 2023, and like 2, 3 minutes right before the open, you had names like Amazon. And guys, I'm going to show you this on a 60 minute view, it looked uglier from the 5, but you saw Amazon, absolutely destroyed. You saw Metta, absolutely destroyed. You saw Microsoft, absolutely destroyed. Apple, absolutely destroyed. You got my point here, right? Just stocks are just getting absolutely killed here right at the open. And the question is, what the hell is going on? Apparently, apparently, there were some sort of rules being changed over the weekend about how funds needed to be at least taking down some of these positions to obviously going through the new stocks that were to be added, but the problem is, nobody knew about this. I've been doing this for a very, very long time. After the close, I started texting my buddies and like, hey, dude, what the hell is going on here? Nobody had a clue. And my question is, of these new rules, right, of these new rules of kind of allocating to these new stocks and getting rid of some of the older names or at least a portion of the older names, when the hell was the memo going to go out? How do these funds know about this, right? Like, how do you know about this two, three minutes before the open? And because this was going on, it felt like the NASDAQ today was down like a thousand points. Just think about this, when you have Apple coming in at $1.67, NVIDIA one point, I mean, NVIDIA got really, really pulled. You know, NVIDIA one point, I mean, this thing, NVIDIA literally from the open went from $478 to $450, I don't think it got down to $456. Maybe it was pre-market, it got down to like $458.5 because I know I'm, because we had a 50-day remount bounce and never got there. But the question is, when the hell did the memo go out that this was all going to happen? I think a lot of people, best way I can say it got really caught off guard. I mean, I didn't know what the hell was going on at the open. I was asking around, it was not, you know, for the exception of, you know, the additions and deletions of the NASDAQ 100, I couldn't get a really good answer of what exactly was happening, but boy, oh boy, a lot of investors really got scared at the open. Here's the crazy part, right? Here's the crazy part. I think I've seen this maybe once before. It's very rare that you see the QQQ, and the QQQs today pretty much closed at the, you know, pretty much closed at the highs. And we talked about this whole big area last week, they needed to reclaim back this $390.55. Again, the Qs look like they're going to $400. But the craziest part about today's session was, because these high flyers are being sold, okay, the NDX, the NASDAQ composite was red. As the Qs were up $3, right? Try to try to figure that out, right? So you say to yourself, how can the NASDAQ composite be red? And they were, it was red and literally pretty much about 85% of the day, 90% of the day. All these stocks were red while the Qs were green, very, very odd. And then you look up and you say to yourself, well, what the hell is going up? Pretty much it felt like pretty much any stock that was like $3, $4, $500 a share or more, just absolutely lost its mind. Don't ask me why, but they did. Look at Avago, right? Avago went absolutely nuts. Look at Chipotle, right? Chipotle went absolute. I mean, he's a stock, one goes up 100, one goes up 50. Netflix at one point was up like 17. What else went nuts today? It felt like every thin $500 stock, $1,000 stock was just going absolutely crazy today. And it really played out to be one of the weirdest, weirdest days I can remember in a very, very long time. The good news about today's trading session was, again, the pivots that confirmed they were, we'll get to the pivots in a second. The bounce areas, the areas that stocks needed to obey technically to go back higher, those areas got really, really embraced and we'll show you guys in a second. But the point is, this is one of those sessions that when you look back at today's day and you say to yourself, well, I really have no idea what's going on and that's okay, right? That's okay. You don't need to have an answer for everything that's going on. The most important part is this is why we always harp on the point of technical analysis and not guessing and not trying to outsmart the market. As long as there's a level there, right? As long as there's a level that needs to be held, that bulls need to defend or bears need to control and that level appreciates or depreciates based on the setup, then structurally the market is fine. When you have a scenario that stocks is going up and down, up and down, up and down and there's absolutely no rhyme or reason of what's going on, that's when things get a little bit scary. So for example, when you look at areas of the market where stocks needed to hold, I'm going to give you a perfect example. Like look at meta, right? And congratulations to all you guys who caught this bounce. This is a massive, massive bounce. As you can see here, every single time it got down to the 50-day moving average, what happened? It bounced, it bounced, it bounced, it bounced. So today, it literally to the penny got down to the 50-day moving average and it bounced nearly, you know, $5.5, $6. The point of what I'm trying to make here is if the market was structurally damaged today, okay, and there was violence and volatility, volatility, yes, violence, I don't know. The fact that it held perfectly the 50-day moving average, it really shows you how good structurally the market continues to be in the midst of all this anarchy. Now all this anarchy obviously led to a lot of what's going on. Let me see what happens next, but at least we know structurally the market is fine going into tomorrow's session. The question is now, because a lot of these beta names where they deemed the Magnificent 7, right, the Magnificent 7 today, you know, Meta Microsoft, Nvidia, Amazon, Google, they all got slammed today. The question is, are they going to resume tomorrow, right? Here's the problem. Here's the one little problem. I don't want to use the word problem, but here's the one little issue we have. If you notice all the Magnificent 7s, they're under the previous day's supply. Now all the charts that we were looking for over the weekend that we talked about in the weekend video, they're still valid going into tomorrow. The question is, can these stocks reclaim the previous day's supply now to get them to the Friday's channels that we talked about to start the week of trading? That's the biggest issue because if you look at Meta, it starts the day below, starts tomorrow's session below supply. If you look at Amazon, right, it starts this session below the 10-day moving average. Tesla, tell me if you've heard the story before. Tesla's still in a range, right? Maybe in this lifetime or the next, this is the damn thing that's finally going to come out of the range, but it's still in a range, right? So the question is going into tomorrow and again, we only have literally two weeks left into this year. Can the stocks kind of shake off? Can the leaders shake off what we saw today on the kind of massive selling dump of funds into the open? Again, I don't know where, how they got the memo or how, you know, do they get an email? Do they get a text message? Like how the hell did every fund know to start dumping shares three minutes before the open? God me, I can usually have a pretty good sense of what's going on a day-to-day basis. I couldn't tell you for the life of me exactly what the hell happened, but Google, Meta, NVIDIA, Apple, Microsoft, they got just absolutely literally destroyed at the open and nobody, nobody had an answer or an inkling of what's going on. So tomorrow, let's look at the other indexes. Tomorrow, I mean, you have spies completely just going absolutely out of their minds. Again, the same group, right? I've been long target now for several weeks. This has been at great rates. At first, it did absolutely nothing for like four or five days now. It's just absolutely taking off. I would love to see these things go into the 140s, first quarter of 2024. But this is literally the highest close in this whole formation. Etsy, we've been talking about for a while. Look at the move Etsy's made, man. Look at the really big move. And it's not only that, you look at all these other retailers. They're just doing very, very well. And again, this is kind of reflecting that would they anticipate a strong holiday season? You have banks still doing exceptional banks, brokers, insurance companies, right? Look at a name like, for example, MetLife had a great run as well. So you have retailers, you have banks moving higher for the exception of today. You have mega cap technology names just erupting on a day-to-day basis. And that really is a healthy market. So hopefully we continue for the next couple of weeks going into the first quarter of 2024 without these crazy random things that have blindsided a lot of traders today at the open. So let's talk about today's pivots. Let's talk about today's pivots. It's structurally nothing as you can, again, as you can see here, all the pivots were to the upside, right? Like literally all the pivots, they were to the upside. Nobody was, you know, NVIDIA was a 477 pre-market, right? I had no sense of the imagination. They got to sell this thing all $15 or Meto or Amazon. No, again, nobody knew this was coming. At least nobody that I know knew was coming. So everything was to the long side. Nothing got confirmed for the exception of AMD. AMD, again, has been on an absolute run. We talked about AMD on the weekend update, going through Friday's channel, buying any dips. And again, guys, this isn't even got to buy dips because when they buy that dip and it holds, it really goes nuts. AMD today, 131 needs to build. They were coming for the 135, 134, 135 and 140s going into next week. And this damn thing, just look at this move here. Look at this move here at the open. Here is 131, which is Friday's highs. It confirmed Friday's highs and just put up another $5 move. Just an absolutely huge, huge move on AMD. Congratulations to all you guys who caught it. Again, this is a name you continuously need to buy on dips, especially into rising 60 minutes support. Spotify got upgraded again. Another name that just didn't follow through. It got hit. Everything got hit. Everything literally got hit at the open that it was a big high fly this year, except for snow, right? So AMD confirmed had a big, big move. Snow 192.66, if it builds, it should go. Here was snow. So it took out the 192.66 and traded all the way up to almost 197. So again, there was two natural pivots. Everything else today, we were just buying dips into rising support. Tesla, Meta was a huge, huge dip. AMD was a huge, huge dip at the open. So the question remains, going into tomorrow's session, guys, can the bulls put the caboose back on the tracks and resume this magnificent 47, 48% run that the Nasdaq 100 has been enjoying? Or is this market finally tired and just going to drift and tend to the year to be determined? We shall see, said the blind man. We shall see. Guys, God bless everybody. Hope everybody stays well. Say a prayer for Tesla. Can we get this sucker out of the range already? I don't even care which way at this point, right? Can we get this damn thing out of the range? It's been stuck in this range since November, right? Since November, what was it? November the 14th, okay? We're going up to like a month, a full month now, full calendar month. Something got to give here. This thing is coiling. It's either going to explode higher or explode lower, right? Thanks, Captain Obvious. But obviously, it's going to need to go one way or another. Our job is, again, just to wait for it to confirm either upside or downside. But for the love of God in this lifetime and next, just go one way already. Guys, God bless you. I will see you all in the video tomorrow.