 What is going on everybody it stops here welcome back to another video so in today's video We're gonna be doing an overall market update taking a look at the Dow Jones the S&P 500 and the Nasdaq We're going to be doing a trading update as well talking about what I ended up doing today on the 24th of May in Terms of my trades that I do any day trading swing trading profits losses We're going to be talking about that in today's video But before we do get into the topic of today's video for everybody out there that finds value in these videos All I ask is to go down below and hit that like button Just gently hit that like button It really supports me and supports the channel in general and if you're actually new to the channel I have two links down below in the description box for you if you want to be further connected with our Community one of them being the Strive smart discord group chat and the other one being the Strive smart Facebook group get in there A bunch of valuable information bunch of valuable people. It's great So let's just get right into the topic of today's video starting off here with the S&P 500 the 500 largest publicly traded US companies ticker symbol SPX we ended up closing the day up $3.82 today up 0.14% so not crazy Not much crazy movement in the S&P 500 in terms of this closing price The Dow Jones industrial average up a bit more than the S&P up $95 up 0.37% at the close and the NQ is currently up around $1.50 right now This is the Nasdaq, but if we're going over here to the one day one minute very quickly So we can see where it ended up closing and ended up closing about five points below from where we are now So if my calculations are correct the Nasdaq actually closed a bit in the red today So overall just based off of those closing prices guys The markets were kind of boring today and if you all were paying attention to the markets today actually They were up a bit more towards the beginning of the day and then they started to taper off take a look here on the S&P 500 we actually gapped up pretty heavily today actually do about 2841 that was about a 20-point gap up from yesterday's close Then we ended up selling off to about 2820 which happens to be one of the resistance levels from yesterday We ended up holding that level as a new support pop back up And then kind of tapered off from the middle of the day into the close of the market So let's hop to these longer-term charts. Let's break down the markets right now What am I personally seeing in terms of technicals? Where could we be headed after this long weekend and for those of you guys that don't know Monday the market is closed It's Memorial Day. So we'll be having a four-day week next week Just throwing that out there for everybody that or anybody rather that might not know so let's just talk talk about this Very quickly. We're noticing like I've been mentioning over the past couple of videos The S&P right now is maintaining the $2,800 level of support here Which was an older resistance from a couple of months ago. We broke the 180 SMA support here on the 184-hour chart very bad sign in my personal opinion and now based off of what ended up happening today We're actually seeing a red candlestick forming under the 180 SMA because again We broke that level of support and now we're fighting to get above it And it's acting as a resistance and we're seeing this red candlestick right here So this is telling me that this is a pretty strong resistance, especially if we go back to the one day one minute We can see, you know what once we popped up this morning at 2841 that's pretty much where we tested that the 180 SMA resistance on the longer-term chart And you guys can see the strong rejection from that level and we failed to get out of that level Later on in the day and if we just go back to the 184-hour you guys can see the rejection was pretty much at 2835 2840 that rough level that we were at in the morning and we ended up selling off So if we're looking on a closer term basis here on the 20-day one hour We're noticing what the rejection today and the sell-off that we saw following Yesterday's strong sell-off and the sell-off that we saw more towards the end of the market today This is looking like a third lower high for the S&P 500 The descending pattern is still looking intact and from what I'm seeing Especially if we break 2800 here the level of support drawn out by this trend line I think there's going to be much more selling, right? If we end up breaking this level to the downside and we get into the $2,700 level at that point we will be pushing to a lower low and just continuing the downwards trending patterns So the first high at 2950 that was the all-time high Second high at about 2890 and if this is the third high 2830 and we break 20 into 2700 that's just going to be the confirming fact in my opinion factor rather Of the S&P selling off quite frankly more than it has already So, you know judging on the five-day five minute. We'll see more of the same, right? We got rejected here by the 180 SMA. We got rejected later in the day again We ended up closing under the resistance. It wasn't looking too great in terms of us breaking out here So let's talk about the Dow Jones industrial average very quickly You know judging on the five-day five minute chart right here We're noticing how this one's actually slightly breaking out compared to the S&P 500 You know if we're going to the 20-day 20-day one-hour chart here We're noticing, you know, the Dow is also in the process of making that potential lower high Take a look the high here at about 26700 the second high at about 25900 and now if this is the third high, you know This is at about 25500 and we may be selling off from here Especially if we get that full-on rejection by this 50 simple moving average resistance here on the 20-day one-hour chart So going over to the 184 hour chart. We're actually back into the 25500 level of support now We broke out of their resistance this morning with the gap up and now we're trending and trading in between the horizontal channel of about 25500 and 26200 again on the Dow Jones, but still like I mentioned, you know the 20-day one-hour chart is showing us This may be the continuation of the descending pattern Especially if we start to push down more on those lower time frame Charts, so we're just holding 25500 guys I think we sell off more at these levels to be honest is judging off of you know these patterns And if we do we'll be down and testing $25,000 flat in no time in my opinion in terms of the Dow Jones here So judging on the NASDAQ very quickly You know, we're noticing a lot of the same the bearish cross here on the 184 hour chart The lower high slowly starting to form from the previous which was about you know 300 points higher from where we are right now And it just looks a lot like the S&P and the net the Dow right like I mentioned for the most part You know throughout the year these markets kind of move in unison, right? Except for that one time like I mentioned in a couple of videos ago where that one What was it Boeing stock ended up dragging down the the Dow one day and the Dow was severely red But the S&P was green. That's that's an example of you know when the markets may not be Going up or down in unison, but for the most part, you know, they're mostly moving in unison So if we're looking here on Let's take a look maybe at the 20 day one hour, you know, again, it's a lot of the same, right? The high here at 7800 second lower high at about 7615 and if this is intact This will be the fourth lower high at about 7350 and the third one is at about 74 78 So the pattern is just ascending descending dropping dropping moving averages are pointing down Everything is looking in terms of the technicals pointing to more selling from what I'm seeing right here And I'm sure a bunch of you guys just judging on these charts that you're seeing on the video will agree with that So five day five minute I'm sure it's showing a lot more of the same selling off selling off We're noticing the start of a bearish cross here candle six are breaking below again They're looking to head to the low of about 72 78 if that ends up getting broken beneath of that's going to lead to more selling So the market guys to be honest ever since we had that low volume day a couple of days ago I forget whether that was on Tuesday or Wednesday, but we had one of the lowest volume days in a long time in the stock market And ever since that day, I feel like the markets have just been pretty weak, right? We saw the big sell-off yesterday pretty big chunk of a sell-off today We were really struggling to break out of those resistances break into some higher territory In the markets, which is just telling me the market's pretty weak right now I don't know if it's because the long weekend ahead. I don't know if people just you know, weren't buying Weren't trading. I don't know what's going on guys, but the market has just been pretty funky So let's talk about What I ended up doing today in terms of my trading you saw in the title of the video that I made a mistake today guys I made a mistake and we're going to be talking about that in today's video regarding ticker symbol d r i p so d r i p um This one kind of it was pretty uh of a frustrating trade for me today because I thought I made a mistake originally And then I ended up missing out on a bunch of money which which ends up happening sometimes guys, you know, I can't just be a baby about it and You know just complain but the whole point of this youtube channel is for me to document these times So you guys can you know hear my my my thought process and maybe you guys might relate so Let's talk about what I ended up doing today So we noticed the big sell-off overall on drip and for those of you guys that don't know You know drip is an inverse etf. It's inverse is gush and it trades on xop is the ticker which is an oil and gas etf Whenever xop is selling off that is when drip is going up in price and we notice here You know on the five day five minute xop's been getting hammered and drip has been going higher and higher and higher and I was talking about how Yesterday that I was getting a bit of fomo on drip fear of missing out and I know I'm a bit more experienced But just because I'm experienced guys doesn't mean that I don't struggle with some of these you know these things such as you know fomo You know jumping into a trade too early stuff like that at the end of the day You know, I'm still human too, right? I make some bad decisions I make some stupid mistakes and again these videos are to document those different things so again yesterday I had a bit of FOMO on drip and for all you guys that don't know to give you some context drips been up Like 25 percent and literally the past two days It was at $10 on the 22nd of may guys literally and now it's up Exactly 25 percent to the peak of $13 and 47 cents So initially here, you know, we got the pullback like I said down to about 12 22 And if we're just looking at the moving average here, that was actually a pretty healthy pullback It brought the r side down it bounced on a higher low So everything at this point was looking intact, right and here We saw the pop-up. I ended up not getting in on this entry on this pop-up entry We got the pullback from about 1307 down to about 12 66 And I ended up building a little position here at $12 and I believe it was like nine Was it 90 cents or it might have been it might have been here actually I'm yeah, I actually might have gotten in on this first little pump at $12 and 90 cents We ended up selling off and I was pretty deep not deep in the red But I was down about 1.5 2 at this point and we popped up I noticed how at this point in time You know drip was actually looking to make a descending pattern of lower highs here the high at 1305 You know the the the lower high here at about 12 88 and at this point You know, I was down again on my position and I was getting a bit frustrated with myself because I figured at this point I'm an idiot, you know drip is selling off here drip is selling off I I just suffered a mean case of FOMO. It's up 30 percent. Why am I hopping in right now? It's it's overextended all these things were going in my head kind of making me frustrated Right, and then we started to sell off even more down to about 12 75 ish And at that point I was down like I think it was like 2 percent if I'm if I'm uh, correct A little bit less than 2 and for those of you guys that don't know, you know, I'm more conservative So if I'm taking a loss of like two three four percent, you know Sometimes I do take losses like that, but it does kind of frustrate me You know, even when I take a loss, it just frustrates me guys I don't know how to explain it. It frustrates me no matter what type of loss I take even though I know it's all part of the game I'm just really just telling you how it is and really just being honest with you guys right now So ended up uh taking a little loss on drip here I kind of cut it a bit too early and then literally guys This is the part that I'm sure a lot of you can relate Right after that it ended up flying up literally five six percent and I missed out on a ton of profit And that was the kicker at that point, you know, I was just really mad at myself because You know, again, I get a bit frustrated every time that I lose a little bit of money. That's just how I am You know, I get a little bit frustrated And then to see the stock literally bounce up five percent right after I got out That makes it even worse guys for a lot of the time and I know I'm being a bit emotional It's part of the game though. And uh, you just got a little bit there, right? So I'm looking to bounce back from this. I guess you I guess it's not really a mistake It's more of you know, one of those things that just happens I don't I don't know if it's a mistake guys But because I didn't really do anything wrong at this point because I did get out with about a two percent loss Which is where I do minimize or take my losses typically at two percent But I'm just frustrated that I lost money because I got out literally right before it popped But that's just how it is guys and it did frustrate me to the point where I just stopped trading for the day I don't know why guys. It's just how it is today Kind of a frustrating day, but that's just honestly what ended up happening took a little bit of a loss today on drip And that's just it guys. Let me know down below in the comment section What did you end up trading? Have you been in the situation before? I'm sure a bunch of you guys have been in This situation. So what am I doing? You know in terms of stocks and ETFs heading to this next week at this point I'm waiting for a further market sell-off and I'm looking to trade more of these inverse ETFs and these market ETFs that Really do well in times of volatility and in times of the market sell-off So I'm looking to trade ticker symbol TQQQ and for all you guys that don't know TQQQ is an inverse ETF that goes down when the markets are going down So it pretty much follows the NASDAQ in particular and it just moves the way the NASDAQ does So let's say we have a bounce back day. This is one that I'm going to be trading on the flip side Let's say we sell off right sqqq This is one that goes up when the markets are selling off In specific the NASDAQ I'll be trading this if the markets are selling off and don't freak out guys. They actually did do a Reverse split we can see from ten dollars up to forty one dollars This happens sometimes especially in these leveraged ETFs as they decay over time They do these reverse splits. Don't freak out that it says 300 percent today That would be crazy because if this moved 300 percent, that means the market was ugly, right? So That's kind of it guys. I don't want to spend too much time on this video But that's pretty much it. So if you enjoyed this video Actually, wait before we do end the video If you want to talk or me to talk about a specific stock in sunday or monday's video I don't know when i'm uploading that video quite yet because um, we do have monday off So I might push it to monday But if you guys want me to talk about a specific stock drop a comment down below right now And i'll get to it in the next video if you enjoyed this video Feel free to hit that like button and if you're not yet subscribed to the channel hit that red button Hit that notification bell so you're notified every single time that I do make a video and be on the lookout for tomorrow's video It's actually coming out at 10 am eastern standard time talking about my experience in kind of the stock market How much money I started with and kind of how I built up my account What I was doing a couple of years ago to build up the account so go and and and be in touch Tomorrow for that video. It's actually premiered. So you could probably go. Yeah, see that On my channel right now and hit the notification bell so you know when it's coming out and that's pretty much it guys I hope you all enjoy the rest of your weekend. I hope you all did well today I'll catch you all in tomorrow's video. Peace out