 Tesla is getting very very tight. We're either going to confirm the top of the channel. I know it sounds so simplistic to say But this is kind of what it is. This is how tight Tesla is getting. We're either going to confirm this whole top of the channel Let's start on December 30th 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 access a trader comm nightly wrap-up show Hope everybody is doing well. Hope everybody had a good trading day Excuse me So let's talk about the tape. I'm gonna do a little bit of abbreviated update I have a my son has a basketball game. So I have to kind of play daddy duty So we'll go on from there. So let's let's talk about yesterday. Yesterday. We had an for about three quarters of the day Maybe 85% of the day. We had a really aggressive session. We talked about this last night on Nasdaq The Q's reclaimed the 270 level of the SPY's the SPX Reclaimed the 50-day moving average and somewhere right towards that afternoon to 230 Area you had a pretty aggressive rug pull like literally out of nowhere You know the feds Whether it's the chairmen's the government's the president the Atlanta Fed blah blah They're just talking heads one says one thing one says the other with the market reactions one day is completely different the other and yesterday after Really great grind the whole day Reclaiming some major levels, especially in the SPY we got pulled right and the SPY one read at the Dow What read and you listen to yourself? Well, what the hell happened here? We put inverted hammers everywhere the SPX lost the 50-day moving average on the close And when you look at the futures overnight, you know the Dow was down like 150 and Nasdaq was down 40 And they're like well again, here we go right we're gonna go right back to the bottom of the channel You wake up this morning. You got Netflix Initiated with a sell by Goldman Sachs, and you're like wow here we go all the high fliers even get hit Microsoft it gets it gets upgraded but gets rejected at first off the off yesterday's highs Almost goes red in the day Apple was weak today. You say here we go. Here's the recipe here We're gonna go right back to the bottom of bottom of the channel But I'll tell you to the bulls credit and this is kind of when you watched last night's video You said I really didn't know what to expect today No, we knew the levels that the bulls need to defend We knew the levels that the SPY needed to reclaim and we knew the levels that the Q's although They did get pulled yesterday. Yes, they still put in its highest clothes if you watch the last night's video They still put in its highest clothes in this whole formation above the 270 level And we kept them reiterating the point what the bulls need to do is not lose that 270 level They just keep on building above the 20-day moving average and at the open they did lose the 270 only to reclaim it towards Mid-morning and then we started rallying and and the names there were strong continues to be strong, you know Netflix Regardless of the fact I mean I mean this was pretty amazing at this morning If you look at the 60-minute view this morning right with this morning, you had you know There was selling stock pre-market when all the way down to 309 You know yet Goldman Sachs usually the Goldman Sachs is an axe in the trade usually will follow through but it does show you How good the bulls have been acting especially in the last couple of days defending levels reclaiming back levels Even stocks to get downgraded with a sell recommendation ahead of earnings not only shook off the downgrade But now you know we're literally you know a couple of bucks away from its highs from the December 13 for its next like oh It's pretty remarkable on names like meta Continue to shine right no matter what happens meta just continue to go on higher Amazon is getting very very close. Maybe a day or two away We're not out of the woods yet on Amazon, but you see the 50-day moving average this light blue line I think for Amazon to really break its downtrend It's gonna need to test that light blue line Which is the 50-day moving average and then it's gonna need one more day to get through it And if you look at the option activity In Amazon they were coming for the 93 94 and 95 weeklies Okay, considering the stock is at 90 with only a couple of days left It's a you know, it's a pretty pretty big statement that every single stock rally no right Microsoft despite an upgrade today An upgrade didn't act great. I know it was up a dollar and change on the day But it didn't act great. It got stuffed on yesterday's highs at one point. It looked like it was gonna go red Apple did go red right Apple did go red. We talked about Apple yesterday There was a pivot below this 129 80s when all the way down to the five-day moving average Tesla that's it's actually been holding up very very well. It's now it's building in a very very tight channel here guys I want to show you what let's play a game You guys remember this muscle memory game, right? You see how you see how? Tesla right over here on December 29th held the five-day moving average. You see how Tesla today held the five-day moving average It's exactly the same scenario going back into this whole channel here Tesla has is getting very very tight. We're either gonna confirm the top of the channel I know it sounds so simplistic to say but this is kind of what it is This is how tight Tesla is getting we're either gonna confirm this whole top of the channel that started on December 30th That came up a little bit short yesterday or we're gonna lose the five-day moving average in the next couple days And you could remember you guys remember when we lost the five-day moving average last time it was 14 points down So something again something has to give them Tesla. I'm very very patient I'm watching it. It was a you know cute little pivot today to the downside from the 17 handle to the five-day Rising support but now it's getting super tight. I'm telling you if you're patient enough Eventually the next couple days We're either gonna confirm this top of the channel and start swinging to the 30s Or we're gonna lose this five-day moving average and start making our way back to the recent laws something to definitely definitely watch if you are a Tesla trader you keep an eye on it the last couple of days of highs and lows again I'm not gonna give you guys a specific price again do your hallmark It's much more rewarding than understand where the channels are for yourself and somebody to show you and tell you Where the channels are again look at this guys nice and tight nice and tight on both Whatever sign is going to trade we will be ready for the big event obviously price action event coming for this week is going to be The January CPI that is Thursday. Obviously, I don't have to tell you guys how important how aggressive That number has been it's shown us incredible two and a half three four Sometimes percent moves in the Nasdaq each direction. So we don't know what they're gonna say We don't know what how it's gonna play out But the point is I could see it a scenario of a flatter day Maybe a little more of a contracting type of day in the markets tomorrow Just kind of a kind of a res date ahead of the CPI on Thursday, but who knows right who knows exactly How this is gonna play out as we say all the time be prepared on both sides and and again These names I am definitely watching for tomorrow. Let's just quickly break down the ETF side of it QQQ continues right continues two days in a row We talked about last night how it needs to continue to defend that 270 level that it reclaimed off the 70 level It did that today right the big number on the queues and guys write this down This is this is not a subjective This is not a subjective number for our future if you're a bull whatever god you pray to okay? We need we need for the queues to get above 278 if we can get above 278 on the close That will reclaim the 50-day moving average I don't have to tell you what happens when you reclaim the 50-day moving average or lose the 50-day moving average So if the CPI number comes out in the next couple of days And it's a good number and the queue start, you know getting above this 278 level will be super duper bullish And seeing how the bulls can increase their price performance there But at the same time we have to watch the 5-day moving average here and if the if the bulls start giving up this 268 level which is the shortest term sentiment which is the 5-day moving average and nothing good is going to happen because the 5-day Will be lost SPX. Let me just let's talk about the SPX instead of the SPY Just from a dynamic point of view what we lost yesterday on the close of its inverted hammer followed through this morning again Look how it held right perfectly on the 5-day moving average and the SPX Reclaimed this 3907 on the close. That's bullish, right? That's a bullish bullish thing So now that the SPX first close over the 50-day moving average That's a good that's a feather in the bulls hat now the next Level of importance for the queues are to do the same thing obviously the S&P 500 is a little bit more broader, right? There's a lot more There's a lot more companies that are not going to be as dynamic as far as average to range So it might take a little bit more time for the NASDAQ considering it was the worst Performing vehicle out of all the major benchmarks in 2022 to catch up But at least we know the levels right bulls job is to build above today's channel on the SPY is going to tomorrow And the bulls job for the queues is to reclaim that 278 level again It might not happen until the CPI but we're at least we're at striking distance, right? We close roughly around 273 on the queues at least we're striking distances All we need guys all we need to get risk back on For the swings and positions and all that stuff is that first close, right? That first close over the 50-day Here's what happened the last time it closed the first day over the 50 days started a four-day rally Here's the last time here's the last time in a bigger picture right here last time right over here on July the 18th we closed above the 50 50-day moving average started a month and a half rally So you can understand how important that 50-day moving average is going to be I don't think it's gonna be tested tomorrow You never know, but I do believe the CPI number will be a very very important component Driving force for that test and hopefully reclaim let me give you guys a couple of symbols that I like for tomorrow's session and Then we will depart because I got a basketball game to go to so let's talk about some names Yeah, let me know might as well start off with Netflix, right? I mean is there anything more bullish than shaking off a Goldman Sachs a Goldman Sachs Downgrade probably not right so this thing, you know Let's keep an eye on watch on this top of the channel here December highs if it reclaims December highs This thing could wake up look at first solar looks great, right first solar looks really good here Stopped at the linear regression line again You have the November the end of November early part of December highs to watch on deck a name that I don't really trade But look at Spotify right Spotify man It was above the 50-day for a while busted out of this last channel here if this thing could just confirm it Who knows maybe get a move to 94 95 and a smaller name right also an EV name Lucid right sneaky chart not a lot of people gonna be on the radar on this thing You know, maybe it confirms maybe it doesn't but it broke out of this little baby little channel today Stopped perfectly in the 20-day supply. They were coming in for weekly 750 on next week's $8 calls So if the market continues to act really well keep an eye on lucid if they could reclaim back This 20-day moving average, maybe this thing can wake up You can see how much measured potential that it has so that's it guys Hopefully everybody is doing well. Hopefully everybody's happy, but most important. Hopefully everybody's healthy guys God bless and I will see you tomorrow on tomorrow's video