 What is going on 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 would be doing a trading update today, but the truth is I didn't trade anything at all today guys for those of you All that don't know I'm currently in Mexico and today I actually did a tour with my girlfriend So I wasn't able to be connected to the Wi-Fi during the trading day But I'm still bringing this video out for you guys talking about the market as well as just going over a couple of ETFs and stocks that did very well today and that I'm personally watching Over these next couple of weeks here in the stock market But before we do actually get into the topics of today's video All I ask from you guys out there the viewers the subscribers is if you enjoy the content that I'm putting up here on YouTube go down below and hit that like button It really supports me and supports the channel in general and I'm forever grateful for you guys that follow the channel every day That subscribe that like it really means the world to me So without further ado, let's just talk about it guys today was finally a Red day that we've been needing here over the past couple of weeks for those you guys I don't know the markets have been on an absolute tear ever since the beginning of June in 2019 we hit 27 30 down here on the 3rd of June and from there we hit an all-time high at 2964 in the matter of 17 trading days and you guys can see here today again We got that red day that we've been needing the S&P was down 27 points down 0.95 percent the Dow Jones industrial average Also down today not as much as the S&P, but it was down point six seven percent down a hundred and seventy nine dollars and thirty two cents The NASDAQ which actually got hit the hardest out of the three major indexes that we follow here the three Indexes are the NASDAQ the Dow and the S&P the NASDAQ was down a hundred and fifty was it points I believe today. Let me just check my phone very quickly guys I'm pulling up my Yahoo Finance app right now. It was down one point five percent a hundred and twenty points at the close today And right now you guys can see it's up four dollars and seventy five cents That is the future right if we go here to the one day one hour, you know You guys will be able to see today's performance. You can see, you know, this morning 9 15 a.m 77 54 we hit lows of about 7609 and now we're currently Reversing the trend here, but nonetheless it was a very brutal day today for the NASDAQ You know tech stocks like Apple Amazon Facebook Google you guys can see all these tech stocks down here I know my face is there, but if you guys can see around that, it's mostly red So let's go over some technicals right now Let's break some things down and we can see here guys the confirmation of the rejection at that resistance on the SMP 500 and this resistance is actually a Previous all-time high that we've been talking about here on the channel from April the end of April in 2019 when we peaked here at 2950 ish you guys can see 2950 if we go back a year a Year one day you guys can see right around that area We also got rejected back in September of 2018 so this level that we're currently at right now on the SMP 5100 it's a very strong resistance guys right we notice 2940 we hit that that's when we saw that massive correction on the market of about 20% We saw the crazy rally We saw the dump in the month of May from about 2950 down to about 2730 like I mentioned the beginning of this video And now we popped all the way back up and the market right now It seems like it's forming a triple top as of right now on the SMP 500 right notice How we hit the top once twice and could this be the third time guys? We have to wait and see here in the next couple of weeks if the markets continue to sell off Especially into this July month if we get a rate cut, you know that could potentially shoot the markets up But let's say we miraculously don't get a rate cut. Who knows guys We may be selling off like crazy from there because we all know the market right now is Pricing in a rate cut pretty heavily so going back here To the 184 hour chart a couple of levels to just keep an eye out on for the SMP 500 2915 this is currently where we are and if we zoom actually back out to the one year one day You guys can see 2915 or actually know this is the 90 day two hour if I'm not mistaken Let me double check that yep 90 day two hour you guys can see back in the middle of April We were actually at this level this level was a resistance We broke out of it making it a new support and now we're about to retest that level as well as the 50 SMA here on the 90 day Two-hour chart, so this is actually very critical in my opinion. You know tomorrow Let's say the futures are down pre-market hours. Let's say we're gapping down again, you know And we're breaking back down. Let's say into the low low 2900s Maybe 2905 that can trigger some more selling because at that point, you know We're breaking a critical level at 2915 as well as that 50 simple moving average And if we're going back here to the 184 hour chart, you know, if we do end up breaking that level We may be going back down to let's say maybe 2900 That's the next spot that I'm personally seeing here where the markets could potentially hold right you notice Right 2900 take a look at this It was a resistance back in the beginning of April as well as in the beginning of June about two three weeks ago from now Before we broke out of it and hit the all-time high, you know That could be a support in these next couple of days if we continue to sell off And let's say we fall below 2900 and we get into the $2,800 level. What I'm going to be looking for is 2860 that's a strong support and that would put us right on top of the moving averages here both the 180 and the 50s ma so very interesting move here guys, you know the markets aggressively sold off if you guys can see on the one day One minute, you know, it was pretty much a downtrend for the entire day Continuing the downtrend that we closed on yesterday if you guys see the five-day five minute We hit that all-time high. We kind of plateaued there on the 21st of June We opened up on the 24th pretty much selling off and that sell-off continued today Pretty heavily. We broke a moving average support this morning And we're about to see a bearish cross where the 50s to ma is going to cross below the 180s to ma So right now markets are seeming like they're finally getting the pullback that we've been Desperately needing because a lot of us in the community me included we've been talking about how the market is Super overextended so could this be the start of the pullback? I think it could be guys just keep an eye on those levels that I just mentioned on the S&P 500 so going over here To the Dow Jones the Dow Jones also got rejected at this level and we actually hit an all-time high Was this an all-time high? I don't think it actually was if we go back to the one year one day We'll see yep. It was not an all-time high 50 points away from the all-time high We hit a couple of days ago. It was at about twenty six thousand nine hundred dollars And we can see the strong resistance that the Dow Jones is currently at we hit nearly $27,000 back in the beginning of October saw that massive sell-off to the start of the new year when the new year started in 2019 we saw the crazy run Right up to about twenty six six hundred which Coincidentally is right where we are right now We saw the sell-off in May and we popped up the month of June up until now and we're getting rejected yet Again guys at this level at about twenty six five hundred to about twenty seven thousand dollars So this is pretty interesting guys, you know, I'm really excited to see how things play out I think this next month two months in the market is going to be some of the most exciting times out there because if We get a rate cut let's say we don't get a rate cut Let's say, you know tensions with China get worse the Iran tensions get worse This has such a strong weight on the market the Hawaii the Hawaii situation the Chinese Smartphone situation right now, you know, there's just so much stuff going on I'm interested to see how the market, you know, is going to react to this if we go back to the 184-hour chart, you know a support level to keep an eye out for on the Dow is pretty much where we are at right now at 26,500 dollars. It was an old resistance back in the beginning of April notice that we broke out of it and making it a new support Right if we hold that level we may be going back up if we break that level, you know 26 200 is going to be the level that I'm personally going to be watching and let's say Excuse me guys. Let's say we break 26,200 you know, we may be going back down to the moving average support levels which are at the 180 SMA and the 50 SMA, you know, we may be going back down to 25,500 dollars, you know, this is a healthy correction zone in my opinion Due to the massive run that we've been seeing here in the Dow Jones and the markets in general You can also see our side was extremely overheated. We've been talking about that in the past couple of videos So this correction is bringing down the RSI to a more healthy level, but it's still, you know Leaning more towards the overbought side as it's sitting at about 60 and for those you guys that don't know the 70 threshold is overbought So 60 is kind of pretty overbought But not as overbought as it used to be because we can see it was at about 84 a couple of days ago So the Dow Jones here Again, just like the S&P cooling off at a resistance right now from those previous all-time highs It's going to be very interesting these next couple of days next couple of weeks What is the market going to do? So going back here To the Nasdaq very quickly you guys can see like I said, you know, we were down about 1.5% today This was the biggest loser in terms of the three major indexes that we talked about on this channel We hit the all-time high a couple of weeks ago in the end towards the end of April in 2019 at about 2879 you guys can see we topped off there the whole month of May we sold off pretty aggressively down to about 6958 dollars We saw the big bull run in the month of June up until right now And we're finally seeing that healthy correction that we've been needing and one of these alarming things that I'm noticing right now Is the NQ is actually breaking a critical support on the 50 simple moving average notice How this 50 SMA over this run that we've been seeing this past, you know, three four weeks The 50 SMA has been a strong support level, right? We've bounced on top of it multiple times We've made higher lows on top of it multiple times and now, you know, you see the the futures are slowly turning red You know, we're selling and we're slowly starting to break under it So if we honestly break back down to the seventy four hundred dollar level That's going to be territory in my opinion that could continue to sell off Or could you know issue more selling off for the NASDAQ notice how the seventy five hundred dollar level has been a resistance Over the past you guys can see it here once in the beginning more towards the end of March in 2019 Right here towards the middle of May, right? That was a resistance and actually in the the beginning towards the middle of June as well three strong resistance levels We broke out of it obviously making it a new support and now we're trending right back on top of it So let's say we break again down into that level That's going to be pretty scary on a technical basis for the NASDAQ We may be selling off even further from there at that point. I'm going to be seeing, you know Hey, we might be testing that one eighty SMA support. We may be going back down to, you know, seventy two hundred dollars Which would put us at this level Right, we may be going back down to let's say seventy three hundred dollars These are just a couple of spots on the NASDAQ that could be hit if we continue this sell off and notice one thing here You know the NASDAQ did again Like I said have the biggest sell off out of the three major indexes and that actually brought the RSI down to a pretty Healthy spot down here at about thirty six out of the, you know Thirty to seventy threshold and down here at the thirty level guys. That's pretty oversold So that's a good indication right now for the NASDAQ but again right now the markets I personally believe they're under a lot of pressure. That's currently just not priced in which is honestly crazy to me guys There's a bunch of negative things out there right now that I think the markets should be much lower than where they currently are Right now, but that's just personally, you know my opinion I know a lot of you guys out there, you know agree with me some others You know think the markets are gonna go up to let's say a thirty one hundred S&P, you know I'm not going to be that guy that just calls that, you know, I'm not some kind of you know genius I'm not some kind of you know fortune teller, but I my personal opinion again markets are You know a bit. Uh, they're just a bit overextended in general right now There's just a bunch of negative stuff going on So if we go back to let's say this 20-day chart, we're also breaking the 180 S&P here on the 20-day one-hour chart This has been a support over the past couple of weeks and this is pretty alarming You know if we go back to the five-day five minute you guys can see it's been a clear Down trend here over the past couple of days and we're also getting rejected by that 50 S&P right now And there's been a bearish cross on the NQ here on the five-day five minutes So, you know these are just a couple of things that are worrying me right now and kind of you know my thoughts on the markets I think again like I've mentioned this has been a pullback that we've been needing over these past couple of weeks And will it continue guys only time will tell but I do think it's going to continue maybe for a couple of days here But if we get that rate cut I think in the short term that might pop up the markets one last time before we see Another big sell-off maybe a 5-10% sell-off. That's kind of what I'm thinking right now But until we do get that Fed decision in the next couple of weeks. I'm playing it safe right now in the stock market I'm not taking any crazy long positions I'm mostly focusing on Or rather, let me reiterate that I'm not taking any swing positions I've been buying some long long positions and by long I mean, you know three five years out But in terms of swing positions, I'm not taking many. I'm mostly focusing on Just day trading right now these inverse ETFs that I always trade and these market ETFs that I always trade on The channel so let me know down below in the comment section What do you guys think right now about the markets? I would love to know me again I'm being cautious right now and I'm really excited to see what the markets are going to do here in the next couple of Days so let's just go over some stocks and ETFs that I'm personally watching here and some that did very well today because again We are rather I did not trade today due to my Wi-Fi situation and due to me not being at my computer during the trading window Today and some that did very well and One that did very well yesterday that I actually didn't even talk about yesterday because I didn't make a market update video And by the way, I'm building an M1 finance portfolio from absolute scratch So if you guys are interested in that go check out yesterday's video It'll be linked at the end of this video You'll be interested in that if you want to see me build a portfolio a portfolio for absolute scratch with full Transparency go check that out. So you guys let's go to the five-day five minute here You guys can see we bottomed out at about 12 97 and we've been reversing to the upside here We hit highs at about 16 Dollars and for those of you guys that don't know you guys is an inverse ETF that trades on Natural gas whenever natural gas is going up you guys is going up in price and one thing that I'm noticing right now about natural gas As if we zoom in a bit, you know, we saw the big sell-off to 215 and this is actually playing out Pretty closely to what I talked about in a couple of videos ago We hit the bottom at 215 and a couple of videos ago I mentioned how natural gas could potentially pop Retest that 50 SMA where you guys would be an awesome play And that's exactly what it ended up doing and from there if we retest that 50 SMA get rejected and maybe sell off D gas can be another good play from there, which is actually the beauty of these inverse ETFs You can hop in and out of them, you know as the future they trade based upon You know makes its moves and in this case we popped, you know profiting on you guys I didn't profit on you guys, but those that did you know They profited on you guys in the upswing and now that we're testing this 50 SMA We're seeing a bit of a resistance, you know, this can open up an opportunity tomorrow in D gas And let me show you guys D gas right? DGAZ take a look at this, you know We hit the sell-off big sell-off from 203 down to about 170 opening up about a 16 17% margin of profit. We're holding that 50 SMA support very nicely That's been a support over the past couple of weeks and now you know We're kind of trading or I'm looking for it to trade in this zone that I've drawn out for you guys Let's say tomorrow we get that further confirmation of the rejection from natural gas Let's say we're getting hit down to maybe 225. Let's say we start to sell off down Let me show you guys. Let's say we do something like this You know D gas at that point That's going to be a confirmation of the bounce on the 50 SMA and from there we may skyrocket like that So this is definitely one that I'm going to be watching here over the next couple of days to see You know if it completes this move and on the flip side, let's say we sell off We break this level. Let's say natural gas breaks out of the 50 SMA resistance Which would be an extremely bullish move, you know You guys at that point again, which goes up whenever natural gas is going up. That would be an awesome play So now natural gas is at a very interesting spot. So that's definitely one that I'm interested in right now We saw gold today or these past couple of days continue its run We hit highs of about 1442 and if we go out here to the three-year one-week chart Or actually let's go to that 20-year chart guys Let's go back even further take a look at this. I told you guys 1415 has been a resistance and now it seems like it's a new support for gold Take a look at what it's doing right now. We got rejected at Around 1442 now we're selling off and we're about to test that long-term support from a couple of years ago at about 1415 to 1420 as well as the support here on the 20-day one-hour chart on the 50 SMA So if we actually hold this level, you know, this could be an awesome play Tomorrow, you know on the ETF that we talked about a lot on this channel, which is ticker symbol JN UG Jnug saw the sell-off from $13 down to about 1190 Roughly 12-ish dollars. It seems like we're holding that 50 SMA here nicely at the close as well as this 11 You know 80-ish level of support a level 1160 1170 ish level of support So if we do get that pop tomorrow in gold, let's say tomorrow, you know, we wake up The futures are doing very well for gold. You know, they're popping up a bit. This can be an awesome play I'm a bounce back play really a continuation play on this uptrend that has been on over the past couple of weeks And it's crazy to think guys if you were to buy a thousand bucks of Jnug a couple of weeks ago towards the end of May You would have doubled your money You probably pretty much would have made on a thousand dollar profit if you were to sell off here at $13, which is absolutely crazy So Jnug is definitely one that I'm watching here over these next couple of days, you know, sqqq as well This is one that goes up whenever the Nasdaq 100 is selling off So let's say the Nasdaq which typically sells off a lot quicker and a lot heavier than the S&P and the Dow Jones Because these tech stocks which the Nasdaq is a tech heavy index these tech stocks typically sell off Pretty quickly compared to you know Some of these other blue chip stocks and this sends the Nasdaq down again Heavier than some of the other indexes the S&P and the Dow which pops up the sqqq etf Heavily right and this ETF goes up three times what the Nasdaq is selling off So let's say the Nasdaq is down two percent one day. This ETF is going to be up six percent, right? That's pretty much how it works. So let's say we have another red day tomorrow This is going to be one that I'm watching as well as SPXS, which goes up whenever the S&P 500 is selling off those are two that I'm watching and a volatility ETF is TVIX this one trades on the VIX and it does well whenever the markets in general are Volatile and heading in a downwards direction notice how today the VIX popped about a dollar and two cents and for those you guys I don't know the VIX is a volatility index. It's the stock market volatility index It was up seven percent today nearly up a dollar and two cents That is why TVIX did very very well and hit about a four point five percent day markets were read That was a perfect formula for TVIX to do well So tomorrow if the markets are down if we see the futures are down TVIX can be a very good play Especially if there's more volatility in the markets like there was today So those are just a couple of ETFs that I'm watching mostly gold and natural gas Those are the two main ones that I'm watching as well as these market ETFs that I just talked about and again guys I'm not really focusing too much on swinging stocks at this point I'm mostly focusing on day trading very short term These market and inverse ETFs due to the markets being in my opinion in a very very Kind of a tricky spot at this point. I kind of want to see what's gonna gonna happen You know with the rate cut situation, you know I want to give it a couple more weeks to see how that plays out how the market ends up playing out in these next couple of Days, I think that's going to be very important You know when deciding what I'm going to be trading so very quickly guys before I do end off this video Let's take a look at some stocks, you know Apple today got rejected the past couple of days at the 200 level of resistance Now we're selling off about the test 195, which is a level of support, you know Amazon today was down $35 down about 2% if we see this guys, you know, we're breaking the 50 SMA here It seems like we're about to test that 180 SMA support Facebook down about $3 and 76 cents today down about 2% we're about to test Excuse me that 50 SMA support as well, you know Google down $30 today a decent move to the downside today for Google down about 2.6% we can see clearly Google has been rejected by that 180 SMA So you guys can see, you know some of these big stocks You know some of the large cap stocks that have a heavy weight on the market and especially the Nasdaq They did poorly today, right and all their technicals You know with exception to Facebook the technicals on Facebook aren't looking too bad But for you know Apple, you know Amazon and Google the technicals aren't looking too hot right now, right? So I'd be careful guys, you know, especially with swing trading some of these companies, you know If the markets drop, you know these companies can drop heavily as well So that's it for today's video guys If you enjoyed it feel free to go down below and hit that like button if you want to see more content for me Feel free to subscribe and hit that notification bell so you're notified every single time that I do make a video Drop a comment down below. Let me know how you guys ended up doing today What are your thoughts on the market? I would love to know and again I mentioned it a little a little bit ago. I made a video yesterday talking about the new series that I'm starting out building a portfolio from absolute scratch on M1 finance you're going to see it linked up here somewhere on the screen here in a couple of seconds go click that full Transparency what I'm buying what I'm selling my philosophies my thought processes behind behind all of the investments And this is more of a long-term investing portfolio. So go check that out subscribe to the channel if you're interested I'll catch you all in the next video. Thanks again for watching peace out