 This thing could really, really wake up. I think that's the best way of saying, does it have to go tomorrow? It could have a res day. The stock was up 18 points today. So is it possible it gives back three, four, five points tomorrow? Absolutely. But the point is, if Tesla can confirm the 50-day moving average, 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 theAxisTrader.com, a nightly wrap-up show. Hope everybody's doing well. We'll talk about the action in a minute. If you are brand new to the channel, like, subscribe, share. Come along, right? Come aboard this journey, the daily journey that has no finish line and has no trophies, and it has no prizes at the end is just a never-ending saga of trying to find your edge via an unbiased opinion and technical analysis. There was no video last night. I had some things to do yesterday, and this kind of shows you how crazy this market is. Yesterday was probably the slowest day in 2023. There was literally nothing to even talk about yesterday's session. The channels contracted, there wasn't enough fear to go down, and there wasn't enough juice to go up. The market did absolutely nothing. I literally took one trade yesterday, a bounce on AFRM. We'll get into the pivots here in a second, and here's why we talk about this is the greatest reality show that's not on television. Yesterday was the slowest day I could probably remember in 2023, while today was probably the most aggressive day, or at least top three aggressive days that we've seen for 2023. If you guys remember, going back to two days ago, was Jay Powell's testimony for Jackson Hole, and in that Jackson Hole testimony, he basically said, hey, we don't love where inflation is. We are always monitoring it, and we have no problem continuing to raise rates. That was the language. This morning, you had the July jobs jolt data come out and basically said that based on the data that basically turned around and said, hey, based on what we're seeing here, there was a chance that we can maybe stop raising rates. What the hell is that? How does something drastically change so much in two days? It's obviously nothing. Again, like I've been saying for years and years and years, there's too much data going on, too much presentation on a weekly basis. I really firmly believe somebody gets paid by the word, but the moral of the story is today was probably one of the most aggressive reactions that I could remember to data, July jobs, jolt data, say that five times fast, that you can pretty much ever expect, ever want. I tell you, we came in today, we were talking about it today at Morning Strategy, and I said, hey, listen, yesterday was a very, very slow day. We are three days away from the long Labor Day weekend. Is it possible we have another slow day today? Yeah, absolutely. The volume was dead yesterday. Who knows? Maybe it's going to be dead today. I said, listen, I have no expectations about today. I have no really strong opinion one way. I like something long. I like something short, and we'll get to the pivots in a second, but I go, let's see what happens. Let's see what happens. Yeah, something happened, right? Something happened, and boy, oh boy, has the narrative changed. Has the narrative changed since the last time we spoke? This is now officially, if you guys remember on the video and came out with earnings last Thursday, the queues got above the 50-day moving average, but never closed above there. This is the first close in the 50-day moving average going in from ever since August the 8th. So I want to give you guys, again, if you are brand new to the channel, I want to give you guys the significance of when a stock or ETF or overall market jargon closes above the 50-day versus closes below the 50-day. So let's take a quick history lesson. Again, if you are brand new to the channel, this is going to make a lot of sense just by following little things here, right? So here was October of 2021, right? You see this blue line? This blue line, again, I've always said it, if I can't explain it to a six-year-old by showing little lines on charts, it's a little too complex, right? So look what happened in October 2021. We reclaimed the 50-day moving average or the baby blue line. The market rallied for the next two months, right? What happens when we lost the little blading blue line, right? What happens then? The market went down for the next, oh, 10 months, right? The market reclaimed back the 50-day moving average, right? This is just a very easy visual to kind of get you set up for what's about to happen. We reclaimed the 50-day moving average and look what happened, right? We started to rally, rally, rally, rally, and guess what happened? We lost the 50-day moving average. Guess what happened? You see where I'm going with this, right? Above the 50-day bullish, below the 50-day bearer. So keep on following this. Keep on following along. We're still below the 50-day, below the 50-day, and now we're about to get back above the 50-day. Look what happens, right? We rally. We not only rally, we rally for the next two months. Then guess what happens? We lost the 50-day moving average, right? The light blue line, and we went down and down and down and down and down and down and down and down until the last time, last time, right before this last one, we reclaimed the 50-day moving average and then went on a pretty good run and only to lose it, yada, yada, yada. So here we are, right? Here we are. So today we reclaimed back the 50-day moving average. It's kind of a big deal. Again, it's a most basic thing here in technical analysis. It doesn't mean now that the market has to go up every single day. It's just now that we, your supply became demand. And as long as the market sits and builds and continues to trade above the 50-day moving average, good things should happen. So we are above the 50-day, and as long as the bulls maintain a close, keep on closing above 370, 371, everything's going to be okay. Okay, we had a massive, massive rally today off the charts, right? Off the charts rally today, let's see. A NASDAQ today was what? Up almost 2%, 1.7%. So is it possible tomorrow there's an inside day? Is it possible there's a res day? Or an inside day tomorrow? Absolutely, but the most important part is, guys, and I think you're going to start seeing that a lot of people talk about it this evening, whether it's financial publications, your favorite followers, followers on social media, the significance of the 50-day. We reclaimed it. Now we have to do the most important part, like we talked about on the video's earnings, right? Don't give it back, right? That's the key. Do not give it back because when you give it back, brings in the volatility, brings back the sellers, and we don't want that. Even if tomorrow we do have an inside day, you're going to see stocks that are still below the 50-day, and I'll give you guys several really big examples, you're going to see a lot of names. Even if we have an inside day tomorrow, you're going to have a lot of names are going to start slowly, but surely starting to get above the 50-day themselves. That is the green light. That's exactly what you want to see if you are putting on a swing trade, swing trade, day trade, whatever trade you want to put on. That is the measuring point, the 50-day close, the 50-day confirmation. So that becomes your, instead of becoming supply, that becomes your safety net, and it's a very, very simplistic way of navigating your potential swing position. So that's very, very important. Now somebody asked me today, what happens if we give back the 50-day moving average tomorrow? Ready? I'm going to give you a very, very smart way of answering this question. It's going to suck, right? It's going to suck. We don't want that, right? We don't want that. As much as we trade both sides of the market, it just feels so much better. It's much so much seamless. There's more liquidity. There's more market participants on the upside than there is on the downside. People are much happier and in much better moods. You have inventory. People's long-term retirement accounts are moving higher. None of that applies if we're below the 50-day moving average. And that's why kudos to the bulls when we were below the 50-day moving average for the last three weeks, we were sub-mode, right? We were sub-mode. So it's super and duper important. Again, even if we have an inside day tomorrow, that we continues to close above that 370, 371 level. So let me give you guys some ideas for tomorrow. And then we'll talk about the pivot state. Phenomenal moves, absolutely phenomenal moves. Congratulations for you guys. We're in the webinar, just insane moves. We'll get to that in a second. So let me start out with some of my favorites, right? Tesla. Right, guys, look at Tesla. Tesla closed right at the 50-day moving average, right? Again, let's go through a little history lesson. This is what happens when Tesla loses the 50-day, right? The stock gets hit. This is what happened when Tesla reclaims the 50-day. The stock went on a 130-point run. This is what happens when Tesla loses the 50-day. The stock went from 250 to 212, correct? So this is where we're focusing our attention. Doesn't necessarily have to be tomorrow. We'd like it to be tomorrow. But look at Tesla. If Tesla tomorrow confirms the 50-day moving average, this thing could really, really wake up. I think that's the best way of saying it. Does it have to go tomorrow? It could have a res day. The stock was up 18 points today. So is it possible it gives back 3, 4, 5 points tomorrow? Absolutely. But the point is, if Tesla can confirm the 50-day moving average, and the market price improves the action, especially in the cues, Tesla will wake up. The first close above the 50-day moving average on Tesla, if you guys know, there's only a couple of stocks that go potentially just crazy, right? That's Nvidia, and that's Tesla. Tesla is very, very close to potentially going absolutely ignorant. The second one, and again, there's a whole slew of them, but look at Meta, right? Again, I'm not going to give you guys every single stock I'm looking at. There's like 10,000 of them. But the point is, look at Meta, right? Same thing. When Meta lost the 50-day moving average, the stock imploded, right? When the stock starts getting above the 50-day, and that's exactly what it needs to reclaim tomorrow. If Meta can reclaim the 50-day moving average tomorrow, guys, look how much airspace you have. We started seeing 310, 315, 320 calls coming in for short-term expiration. This looks really, really good. Look at Apple, right? And again, it's not exactly the same setup. Apple still has to get to the 50-day moving average, but you could see here, right? You can see that once we are above the 50-day moving average on the Q's, not everything automatically starts ripping, but slowly but surely, every stock slowly but surely starts moving up. And once they start reclaiming back the 50-day moving average, it's full steam ahead. That's exactly what we're looking for. So if Tesla could get going tomorrow for a day two, that'd be insane. If Meta could get going tomorrow for a day two, that'd be wonderful. But the point, this guy, is the longer we continue to build above the 50-day moving average, the higher probability, more money flow, institutional money flows are going to come in, more retail is going to come in, and we can potentially have a very strong rally going into the fourth quarter of 2023. We'll see, right? We'll see. We'll see, said the blind man, we'll see. So let's talk about today's pivots. To say today was a strong day would be an understatement. I think that's an understatement here. So let's start, right? Let's start. We'll go one by one. Did everything confirm? No, but the ones that did really went nuts. So let's start off with NVIDIA, right? And before we even talk about NVIDIA, they were coming for the 500-weeklies. They're coming for the 520s for next week. They're coming for them, right? They're definitely coming for them. Now, this was the pivot, guys. 470 needs to confirm. Yesterday, nonstop 480 calls. Yeah, NVIDIA confirmed, right? Let's just say NVIDIA confirmed. So NVIDIA got above this channel here at 480. Went to 491. If NVIDIA prives and proves above today's channels, this thing should test the earnings high. So definitely, definitely keep an eye on NVIDIA. A 21-point move on NVIDIA. Dollar Tree, I was waiting for an earnings low play, still didn't confirm. I traded this AFRM. AFRM is pretty good. AFRM needs to confirm 1832 earnings highs. It did that as well, right? So it took out 1832 and took out this whole channel here and traded all the way up to 1940s. This thing starts putting in a base above 1950s. It should start going high or a beautiful move on AFRM. Coin was an animal today. So yesterday, yesterday would got us through our attention even though it was a really dead day yesterday, what got us our attention was somebody kept on coming in yesterday with the 79 and 80 weekly calls on Coin. Coin was trading like 72, 73 today. I'm like, well, why are they coming in for six, seven points out of the money, especially with three days expiration? We got our answer today. We saw, let's see here. We got the Bitcoin and other crypto related, I'm reading this right from the news, Bitcoin and other crypto related assets were sparked by a favorable ruling for the gray skill Bitcoin ETF. I have no idea what the hell that means, but that's what happened, right? That's what happened. So Coin, 75, 60 needs to build. I would say so, right guys? I would say so. So here was Coin, right? So it gets above 75, 60 and this ruling comes out and this thing just rallies 12 points, just absolutely going nuts. Again, congratulations for all you guys who caught that as well. Guess Jeans, we talked about it. I believe we talked about it on the weekend, update 2390, 24 needs to confirm earnings highs. Again, not as sexy as the others, but nice vote, right? Took out the 2390, 24 traded up to 2450. Again, slower mover, but a beautiful move so far on that. HLIT, I was watching for earnings low and they were confirmed. Car gurus below 1750, never confirmed. And then let's get to these, let's get to this big guy right here, right? So there was a two, you guys remember the video I did on Wednesday night, right? And I said it was building a flag here. Let's see which way confirms, right? The flag? Well, the cat's out of the bag. We already know which way confirmed, but here was the trade setup. 241 to the upside, 234 to the downside. Yada, yada, yada, the stock's at 257, which is one day away from confirming the 50 day moving average can go absolutely nuts. And an Oracle, I didn't trade any Oracle. It looks like, nah, I didn't do any. I mean, it got upgraded, but it really didn't price approve. We talked about, let me see where Oracle was. Upgraded today at 2045, initial supply zone. Yeah, it went up very, very small. Oh, and Carvana. Last one was Carvana. CBNA 4573 needs to build, and here was Carvana. Went all the way up to almost 48 and still looks higher. Listen, today was one of those sessions that if you were watching 10,000 stocks, there's a good chance 9,800 of them probably goes nuts, but boy, oh boy, today was very, very cool. I'm not usually a one to be really thrown back by the price action today, but boy, oh boy, this price action today was pretty damn aggressive, most important. Technically, bulls stood up, took all the punches from the bearers the last three weeks and reclaimed back the 50 day supply. Watch Tesla tomorrow, guys. Watch Meta tomorrow, and watch everything. Let's see if we can get, if we get a week open, let's see if the bulls can trap some shorts, go red to green and confirm today's channels. You guys have a great night, God bless, and I will see you all tomorrow. Take care.