 What is going on everybody it's Toss here welcome back to another video so in this 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 talking about what I did today in the markets as well as some stocks need TFs That I'm watching and looking to trade right now in the middle of October in 2019 so guys sit back relax if you do enjoy the video feel free to go down below smash that like button consider Subscribing and don't forget to join our StriveSmart Facebook group and our StriveSmart discord group all of those are linked down below So without further ado guys, let's get right into it starting off here with the SPX the S&P 500 index the 500 largest publicly traded US companies so you guys can see here We had a very good day in terms of the overall markets The S&P was up $29 and 53 cents at the close up 1% on the dot and if we go to the one day one minute we can see we had a ridiculous run this morning Things kind of cooled off and then when power hour hit actually a little bit before power hour at around 220 p.m. Eastern Standard this is where we started to sell off in the markets We made a lower low we made a lower high and we kind of cooled off from $3,003 all the way down to the close which is at around or was rather at around 2995 so if we're zooming back out To the 184 hour chart here you guys can see although we did peak above this top Resistance the resistance of this wedge if I adjust it very quickly let me just remove this drawing and Just draw it again Technically we're still at a lower high right now right because if we zoom in and look at it this price 3001 roughly where we got rejected is lower from the previous spot where we got rejected which is at 3010 so technically the lower highs are still intact thus we're still in this wedge as of right now if I draw another level of resistance here 2950 is a very strong level of resistance and the fact that we closed right around that level That's a pretty good sign that we may be running up tomorrow either to test 3020 that is if we break the resistance of this wedge here. Let's say tomorrow we sell off We dump below 2995 start to sell down towards 2970 2960 We may be going down a test 2950 which is the next prominent level of support that I am seeing here on the S&P So overall markets were fantastic today earnings earning seasons kicking off by the way guys and some of the earnings today That came out were fantastic right we saw a lot of the banking stocks Johnson and Johnson reported today And there's a bunch of other ones actually did they report today? Let me just double check that I do believe they did report today. Yes They did report today and a bunch of other earnings are coming up here in the next couple of weeks That will likely impact the market either negatively or positively So if we go to the Dow Jones industrial average guys today up 237 points up point eight nine percent on the day and just like the S&P we did break above this little Trendline, but if I just redraw it technically we're still at a lower high right now from the previous The lower high we're at right now is at about 27,000 flat the previous one was at around 27,200 so that's still intact So a couple of levels that I'm watching here is obviously the all-time high if we break the resistance of this wedge That's going to be likely to fill the gap up to that all-time high Let's say we get rejected by this wedge We start to push down the next prominent level of support that I'm seeing is around 26,600 Dollars so there would be a bit of downside if the Dow ended up Excuse me guys dumping from the point where it is right now and if we go to the one day one minute We can see we ran up aggressively Plateau it a little bit and then started to dump and actually one stock that I just remembered off the top of my head that Also had earnings today was you and age you and age United Health Group up 18 dollars today up almost 9% at its peak I believe 8% at the close and this had a very strong weight on the Dow as the Dow was running up aggressively today so back to the Dow Jones guys overall just keep an eye on this wedge just like the S&P 500 and keep an eye on those prominent level of support and resistance levels that I pointed out for you guys so going to the Nasdaq right now. It's showing that it's up 50 cents, but that is the future here Let me just pull up my yahoo finance to see exactly where it ended up closing so I can tell you guys that the Nasdaq ended up closing up 100 points today up 1.24% so very very strong day here for the Nasdaq Unlike the S&P and the Dow the Nasdaq actually broke the resistance of this wedge and actually broke another Resistance at 79.50 which is very very bullish in my eyes and very attractive here, right? So now that we broke 79.50 this one could be filling up to these all-time highs at around 8,050 on these futures here based on what these technicals are telling you, right? I see a good chance of that happening Especially if these markets stay hot and especially if earnings are good here in the next couple of weeks, right? So keep an eye on that potential gap fill if we end up getting rejected here Which is also a possibility because the RSI is very overbought, you know We may be going down to let's say 78.40 and if we break that maybe back down to 7,700 But all in all just keep an eye on these tech stock earnings Because obviously they have a big weight on the Nasdaq and if we go to the one day one minute very quickly guys We see the big pop this morning and we actually continued the pop There wasn't really a plateau here like the S&P in the Dow But really we got all the way up to 79.70 and then in the last hour hour and a half of the market is when we Start at the plateau a bit, but pretty much the whole day up until that point the Nasdaq was just ripping guys It was ripping it was going crazy and yeah, that's pretty much it for the market update Let me know down below in the comments What are your thoughts the takeaway is to keep an eye on earnings keep an eye on what companies are reporting because this is Going to show us the strength of corporate earnings and thus the strength of the economy if the economy is weakening Well, we're going to see weak earnings So that's what we have to look out for in this point at this point in time And if you guys want to look more into the earnings go to Yahoo Finance sift through this Obviously, I'm not going to go through all these with you guys right now But if you're just looking through these dates you can see how many earnings are coming up right in November There's a lot and here towards the end of October are times time periods to look out for For these earnings. So what did I end up doing today in terms of my trading guys? I had a very quick in-and-out trade on Labu and let me explain Exactly what lab you is and what I ended up doing. So lab you is an ETF that trades based upon SPS I bi and this is a biotechnology Index and let me see if it pops up here. So I can show you guys This is a biotechnology index and whenever this index is going up in price That is when lab you is going up in price and if you guys watch my past couple of videos I believe the previous two videos I talked about how lab you or rather SPS I bi was at a very funky spot at the time that I recorded that video, which was yesterday lab you or not lab you I keep saying I'll be you SPS I bi was under this 50 SMA And what did I say in that video? I said that if it breaks this 50 SMA It's likely to fill the gap up to the 180 SMA And let me tell you why last time that that happened Fat rewind a couple of weeks ago last time it happened here Take a look very similar scenario as to what happened a couple of days ago. We double bottomed here We started to test that 50 SMA and what happened when we broke it guys We filled all the way up to that 180 SMA So now once this started to break this morning that triggered me to go into lab you because this was very Bullish in my eyes. This was an attempt for SPS I bi to fill that gap, which again It did a couple of weeks ago. So lab you let me show you guys how these correlate you can see SPS I bi had a double bottom lab you had a double bottom right the second really it broke out Actually, this is different because lab you is already above this 50 SMA but anyway that break on the SPS I bi 50 SMA was the bullish sign that I needed to see Before getting into lab you because that is what lab you track So it only makes sense to look at SPS I bi and then trade lab you accordingly, right? So that's what I did and lab you had a very good day seven percent Obviously, I did not catch all of that seven percent like I did in my trade yesterday Which was seven percent and you guys can go check out that live session, you know Just go to yesterday's video. You'll be able to see that that was a seven percent trade This was more of a why I think it was like a one point five percent trade or something like that And if we go to the one day one minute, we can see it was pretty impossible Not to make money trading lab you today really if you were to buy at any point in time here and just hold for 30 minutes You would have made money. So really guys, I just bought in I think it was like maybe close to 10 o'clock Because typically I'm not trading for the most part in the first 30 minutes of the market And by the way, I am on the east coast. So 9 30s when the market opens typically I'm not trading until 10 for the most part and then at 10 o'clock I started to see the markets in general were trending up We got that SPS I bi breakout that I was looking for and then I just ended up entering a position on lab You I believe it was around I think like 32 38 or something like that Had a little bit of a stop loss on it because at this point it was getting to overbought status But I wanted to ride that momentum up and that's what I ended up doing right about 1.2 percent 1.3 percent Up to around 32 75 ish is where I ended up getting out and that is what I ended up doing So what am I looking at? Forward here guys in the next couple of days. I want to see if SPS I bi is going to fill that gap It's halfway there at this point pretty much if we go back to that four hour chart Well, not really. I guess you could say it is halfway there I want to see at this point Are we going to do something like this? Which means labu is going to be a good play tomorrow as well And that probably depends on the overall markets, right if these markets continue to go up Let's say we hit all-time highs. Sure SPS I bi might run as well Thus pushing up labu if that happens guys if this does fill that is a possibility labu for tomorrow Also another possibility is we end up pulling down Maybe like this down to about let's say 6050 and maybe looking to hold that 50 SMA as a support and establish a higher low Before continuing the uptrend from there So these are just a couple of scenarios that i'm watching out if watching out for you know If we do get that dump labd might be a good play which goes up whenever SPS I bi selling off, right? These are just some things that are going through my head right now Let's talk about natural gas very quickly guys because I know a lot of you want to talk about that So natural gas here is looking quite bullish based on these technicals, right? We broke above 230 Which is a resistance I was talking about right? We sold off all the way down to 220 We bounced off that perfectly. This was a beautiful technical play here We broke out and we were fiddling with this 50 SMA, right? And I was saying guys if we break that 50 SMA if we go to test 230 That's going to be very bullish for natural gas Especially if we break that 230 level and that's exactly what ended up happening guys So right now you have to treat this as you guys being the better move because that is what natural gas in terms of Technicals is telling us sure the report is coming out on Thursday at 10 30 a.m Eastern standard this can shake a lot of things but for now This is what the trend is telling us it is in a bull mode right now It is in bull mode right now guys. So keep keep a look at it Watch see if we pull down to 230 again Maybe hold that as a support or do we just fill straight up now to 240 Which that would be perfect for you guys So in these next couple of days, I'm watching you guys I'm watching natural gas and kind of seeing what it's going to do here leading up to that thursday report at 10 30 a.m. Eastern standard time another one that i'm watching is crude oil Crude oil has been all over the place guys it plateaued down here out of support at around 50 bucks I believe we called this out as a uwt play. We ended up triple bottoming it uh bottoming in That is not a word triple bottoming triple bottoming at 52 dollars say that fast three times guys I'm sure you'll uh, I'm sure you'll twist your tongue on that one But we triple bottom we popped up here hit 54 which was a resistance now. We're selling off So this is interesting right i'm looking at 15 52 dollars being a very strong level of support that I don't see crude oil breaking below so at this point since we're right at that 52 ish level 53 I'm looking to see crude oil. Um, maybe start to fill back up to 54 which would give uwt the slight slight Um advantage here over dwt right because uwt is going up at a 3x rate whenever crude oil is going up So just keep an eye on that. I think that is looking good right now crude oil guys the biggest You know bare move right now that it could make is to break 51 52 ish dollars and this overall support Really that's been a support over the past couple of months if it does break there dwt is going to be what you need to trade which goes up whenever this is selling off and guys I think dwt is going to be insane in terms of a percentage profit potential if this does sell off because You know that's going to trigger some selling if we do break that critical support level So those are some of my opinions on You know labu you guys You know natural gas crude oil all those ETFs that i'm typically trading also for tomorrow what i'm watching is Johnson and johnson guys they reported earnings and this is looking pretty good I didn't dig into their earnings too deep yet. I'm going to do that a bit later But the way the stock has been performing today and its reaction after market hours That's telling me that the earnings were quite good right and if we go to the one day one minute We can see here seems like they popped all the way to 135 for a brief second sold off down here So that is telling me if we go back to that four hour chart guys There's some potential here if we break above 134 on johnson and johnson tomorrow right we could fill the gap up to 135 And if we break 135, which is a critical resistance, right? That's going to be a clear shot to 140. This has a ton of swing potential right now Honestly, johnson and johnson is the number one stock in my opinion right now that i'm looking personally to swing trade Not for you if you see potential in it if you've done your research That's cool for you, but for me right now That's what i'm looking at right and don't just trade it because i'm personally looking to trade it And because i see potential in it that is not not not good You have to understand this stuff for yourself guys that is super important So johnson and johnson i'm watching it very very good potential here in my opinion proctor and gamble guys This one's reporting earnings in a couple of days here in about a week actually exactly a week from today on the 22nd of october And this one's seen quite a beating recently guys. This could be a good entry We can see it's a 7% dip right now And this is kind of like deja vu because the last time I believe PG reported earnings. They dipped very aggressively. They reported good earnings I ended up getting into PG and I swing traded it for a little bit And I made a pretty good amount of money because you can see every time it dips It recovers this is one of those stocks that it's been recovering. It seems like a lot of these value plays People have been flocking to them recently and by these value plays I mean the coca-cola's the mcdonald's the pepsi's right proctor and gambles one of them as well So if they report good earnings pay attention here guys because this one can definitely recover Back up to the 120s in the snap of a finger and this could be one to enter honestly Maybe as a swing here, I don't know about before earnings for me at least because that is risky in my opinion But definitely after earnings if they report good numbers So overall guys those are just a couple that i'm watching here on the stock side You know tesla is another one that i'm interested in right now if we do end up breaking to 60 I'm being quite patient with this one because they are reporting earnings And another thing before I leave you off today guys is In earnings season during earnings season a lot of things can get hectic So be careful with swing trading right if you're swing trading a stock blindly without looking when their earnings are This can kill you because if they report poor earnings right if they Are supposed to report poor earnings and you don't catch that and uh, you get crushed That's kind of on you so you have to understand what's what earnings are coming up What stocks are reporting earnings before you end up trading them and kind of understand what the sentiment is around these stocks heading into the earnings Season so that's it for this video guys if you did enjoy it Feel free to go down below hit that like button consider subscribing if you do want to see further content for me And don't forget to join our strife smart discord group chat and our strife smart facebook group All of those are linked down below as well as my instagram and the twitter account And the strife smart instagram all of the links are down below guys just check it out If you want to be further connected, I really appreciate all of you out there watching these videos It means a lot to me and oh by the way check out the m1 finance portfolio update It's been about a month and a half since i've made An update video so go check that out i'll link it down below You'll probably see it up here as a pinned video or something go check that out Let me know what you think i'll catch you all in the next video. Thanks for watching again. Peace out You