 What is going on everybody it stops here welcome back to another video so in this video We're going to be doing an overall market update looking at the Dow Jones the S&P 500 and the Nasdaq We're going to be talking about one trade that I made today on the 28th of March in 2019 as well as taking a look at some other stocks and ETFs that I'm personally watching and looking to trade here towards The end of March and heading into the month of April in 2019 so without further ado guys Let's just hop right into it and talk about what happened today in the overall market starting off here with the SPX the S&P 500 the 500 largest publicly traded US Company, so we ended up closing off the day today up about ten dollars and seven cents up nearly 0.4% 0.36% to be exact so a nice little green day there in the S&P 500 the Dow Jones industrial average ended up closing the day Exactly as high as the SPX at point three six percent up $91.87 at the close and the Nasdaq composite here guys up $19.50 nearly 19 20 or $20 at the close nearly up point three point two six percent to be exact here at the close of The market so not an eventful day not too crazy of a day But nonetheless it was a green day today in the stock market So let's just hop back over here to the S&P 500 We can do some analysis on a bunch of different time frames so we can get an understanding of where the markets are pushing Where we could potentially be headed tomorrow so we can plan out our trades accordingly, so quick little run down here with supports and resistances We all know by now especially those that have been watching the videos here for you know A couple weeks couple months and even your new viewers that I've been here for a couple of days We've been talking about these resistances and support levels on the S&P 500 one of them being at about 2790 to $2,800 the next one being at around 2815 and the next one being at around 2860 so we saw the pop a couple of days ago up to 2860 the strong sell-off where we broke below the support at around 2815 making it a new resistance again, and we started to trade between the 2790 support level and the 2815 Resistance level here over the past couple of days and if we hop over here to the five-day five minute We can see exactly what I'm talking about on a closer term basis. We can see the pop of 2860 We sold off below the 2815 level making it a resistance again And we held above the support at around 2790 thus we're trading between You know this horizontal channel here with a slight little break to 2825 a couple of days ago So that is the you know the price action right now in terms of the SPX on a longer-term basis in here in The smaller time frame charts as well So another thing I want to point out to you guys and we talked about this a bit yesterday is The lower highs that the SPX is making on this five-day five-minute chart So we can see again the high at 2860 the next high at about 2830 the next one at about 2822 And we actually made another lower high today at about 2818 and we ended up closing the day at yet again another lower high at about 2815 so what is this telling me guys on a smaller time frame basis here the SPX is seeming like it wants to push down This seems a bit bearish because like we talked about in yesterday's video if a stock an ETF a future or an index is Making lower highs. You know that is a descending pattern, right? But on the flip side if a stock ETF index or future is making higher highs that is an ascending pattern That is an uptrending pattern, but then if you look down here, you see we're also making higher lows, right? We can see the low at about 2788 the support where we ended up holding above We saw the double bottom mat on the 25th of March and we ended up making a higher low today at about 2800 so what is this doing? This is putting us in a wedge pattern here on the S&P 500 and let me show you guys a couple of different things that can happen here tomorrow Really two different things that's really gonna show us the direction of the S&P 500 So the key breakout pattern that I'm gonna be watching for I'm sure you guys can probably guess it is for us to break out of This resistance out of this Downwards trending trend line that I just drew out for a bullish move to the upside, right? If we were to break out here, let's say we ended up opening up 10 points tomorrow to the green Let's say we started running up from there That is a good sign that we are running back up on the S&P 500 and we're solidifying The push and at that point if we were to break out of that wedge You know this downwards wedge here This would show us a further confirmation of the uptrend on the longer-term chart here And we can solidify the bounce on the 50 simple moving average at that point right because as of now We've been consolidating on the 50 SMA but we haven't really seen a full-on bounce a full-on push out of that 50 SMA support and out of the 2815 resistance that we are currently at so if we hop back to that five-day five-minute for the second scenario That could potentially happen. Let's say we get rejected by this. We continue to push down tomorrow Let's say we open up five points to the red something like that And we end up breaking the support of this wedge, which again is right here That's gonna be a pretty bearish move and we're gonna be looking to test This level of support from there at about twenty eight hundred dollars and from there. We're gonna be looking to test 2790 which we were able to hold above on three separate occasions in the past couple of trading days And if we were to break that level that's going to be super bearish in the S&P 500 And if we go to the longer-term chart if we were to break that level like I just showed you guys the next spot I would be looking to see the S&P go to would be roughly at about 2740 which was a previous resistance back and what was this the beginning of February in 2019? Obviously, we broke out of that level making it a new support So just keep an eye on those levels guys for the S&P 500 Super super important on a technical basis there in terms of the Dow Jones like we said up point three six percent on the day Up nearly ninety two dollars at the close and we talked about yesterday How the Dow Jones was showing kind of a similar pattern to the S&P 500 of lower highs But on a longer-term basis not just on the five day five minute like we saw on the S&P 500 where we see the lower highs here the Dow Jones was making lower highs more on a Let's say a 30 day 90 minute basis, right? We can see on a longer-term chart the high on the Dow Jones was at about 26,200 the next high was at about 26,000 flat we saw another peak here at about 25,900 and now over these past two three trading days We've been having difficulties breaking out of this 50 simple moving average Resistance we're seeing a bearish cross right here the 50 SMA crossing below the 180 SMA Which is a bearish sign and this could potentially be that fourth lower high where honestly if we were to get Rejected and do something like this tomorrow That's going to be a super bearish sign for the Dow Jones industrial average So hopping back over here. We can kind of see how bearish really it's looking like on a longer-term basis And we talked about this a couple of weeks ago how this is more of a Not really a traditional head and shoulders pattern because I understand how this is obviously a higher You know right shoulder than the left shoulder is here But we could potentially be forming something similar to that right obviously It's a little bit of a different variation because this one's a bit higher But you guys kind of understand what I'm saying here right the left shoulder the head and let's say we were to sell off aggressively break this 25,000 foot five hundred dollar support level here tomorrow and we were to test the next support level at about 25,200 which is roughly five six hundred points lower from where we are right now You know that pattern is going to be pretty much a head and shoulders pattern here on the Dow Jones Which is very bearish if we were to break down here and this could institute more selling in terms of this Index which again is not going to be great for the Dow Jones in general So that is what I'm looking at in terms of the Dow Jones Honestly, this is looking a bit more bearish than the S&P 500 with especially with that Bearish cross that we are seeing right now today, you know on the Dow Jones Although, you know, honestly, we did have a decent push towards the end of the market today We're still seeming a bit bearish on the longer-term charts here So let's go over here to the NASDAQ composite guys to see what ended up happening today What let's just start on the one day one minute just for a you know a brief analysis of today's market action So we ended up opening up roughly at about 7,300 We saw a nice spike to about 7,370 than that huge tank down to about 7,300 dollars flat We saw the double bottom then we ended up closing on a nice little upswing just like the S&P and just like the Dow Jones And if we're just judging on a 30 day 90 minute basis here for the NASDAQ composite We're seeing something similar right these lower highs are forming. It's seeming a bit bearish We saw the 50 S&P crossed below the 90 S&P or not the 90 S&P the 180 S&P Which again is a bearish sign and we're seeing lower highs forming the high at about 7,500 second high at about 7,400 Third high I guess you can say this is at about 7390 and this right here The fact that we're still trending below the 50 S&P and let's say we do something like this We get rejected this would be solidified as the next lower high Which would make this very very bearish of a pattern so in terms of the NASDAQ Let's just take a look at some longer term Resistances here. I want to just quickly clear this drawing set because there's a lot of lines here It might be a bit confusing So let's just hop over here to the 180 draw out some fresh lines so we can get a better understanding of what you know The overall you know sentiment of this index is looking like actually. No, I don't want the 180 I want the 180 so let's see here. So, okay, we'll top that about 7,500. That's a resistance there Okay, so it seems like we are holding above right now the 7,350 dollar Support level which was a resistance from back in the middle of October of 2018 so keep an eye on this level if we were to break this tomorrow Let's say we were to continue this bearish trend that we are currently on on a shorter term basis in the NASDAQ You know, we're going to break this level here in this support and the next spot We're going to be looking to be headed to is going to be is it about let's say 7,300 dollars because that does seem like it was a support Let's see if we zoom in a bit here We can see yes 7,300 dollars was a support where we bottomed off once and then a couple of days ago twice So that's going to be the level. I'm going to see and be looking for are we going to break below if we do break the 7,350 level tomorrow So just keep an eye on those levels and of course this 50 s may acting as a resistance if we do get rejected and do Something like let me show you guys like this This is going to be pretty bearish in terms of the NASDAQ composite So that's what I'm looking at in terms of the major markets today guys just like the past couple of days You know, it wasn't too crazy of a day right sometimes when we have these swings on the market of 1.5 2% either to the upside or the downside we get really excited It kind of spoils us because we like those days. They're super eventful. I'm not going to lie to you I love those days, right? I love when the markets are roaring to the upside or the downside But you have to understand there's going to be days where things are just flat out boring, right? The market goes up point one point three percent, you know, it's just an average day today today was one of those days I'm not complaining, right? You know, I still love doing this analyzing charts trading But of course I do and I'm sure a lot of you guys do like the more interesting days where we're flying up 2% In the market stocks are going up like crazy going down like crazy We can play, you know, I inverse ETFs market ETF stuff like that. Those are more fun But again, these are days where they're slow and they're gonna happen guys throughout the week throughout the months It's just how the game goes. So let's talk about what I ended up trading today And again, like you saw in yesterday's video I was being patient yesterday and that carried over into today I'm being patient still in terms of taking any swing positions. I'm still in Nvidia holding those shares I'm up about a dollar per share right now. Nothing too crazy I have not yet added more money to that position just holding on right now And again, let's just talk about what my plan is with Nvidia very quickly The idea here is to end up selling off at 185 add more money at about $180 and if we were to break the 50 estimate support tomorrow or in the coming days, whatever That is where I would end up cutting my losses in Nvidia ideally down about two 2.5% from where we are right now. So that's the only swing position that I'm currently holding. So What did I end up day trading today guys because I do day trade most of the days here in the stock market I didn't see any action too much in the morning But I did end up seeing a pretty nice pattern a nice setup throughout the day in UWT we can see UWT ended up closing up only two cents But it did actually, you know gap down towards the market open to about $16.52 and it traded all the way up to about 1740 So although it really didn't move at all in terms of yesterday's close It still had a pretty nice move throughout the day due to it gapping down all the way to 1638 so for those of you guys that don't know UWT is a crude oil based ETF It goes up whenever crude oil is going up in price So let's just hop over here to crude oil very quickly and see some price action, you know in terms of this future So let's go to the five-day five minute We can see if those you guys have been following crude oil did hit highs of about $60 was it that was the high I'm pretty sure right. Let me just hop back over here. Yep. It was the high at about 60 30 We ended up seeing a you know a nice little of resistance there And we sold off pretty aggressively all the way down to about $58 and 20 cents And this was actually this morning and we did sell off all the way down to that level and we started to see a Reversal pattern on crude oil heading into the morning and this sell-off here is what ended up opening up that margin of profit on UWT and the whole idea with my trade in UWT was I wanted to see if UWT was going to fill the gap from that resistance at the market close yesterday If you guys recall UWT close at about 1740 and in terms of crude oil that was right around here, right something No, it was that's not true. Actually. It was right around Let's see on the five-day five minute yesterday. Let's see at the close yesterday. Yeah, right around here is where UWT and crude oil ended up closing we gap down opening up that margin and that is why UWT really gap down pre-market hours due to this dump here and the fact that we started to reverse in Pattern pushing back up filling that gap. That is what caused UWT to push up And that is where I ended up capitalizing on it and you know as crude oil started to fill that gap back up UWT was following that as well and we started to see some nice price movement here in the morning I didn't get in here. Like I said, I didn't catch any moves in the morning But I actually got in on this third dip or the second dip rather to about 1692 we saw that dip We popped back up and we started to really confirm a Higher low from the previous the uptrend at that point was continuing crude oil was still filling the gap So I got in roughly I believe at about $17 and I sold off on the cross here of the 50 above The 180 SMA or the EMA rather above the 180 SMA. I ended up selling off roughly at about $17.21 and we can see it wasn't too crazy of a move there was about a 1.1 to 1.2% Profit, but let's say for example, you're trading with $10,000 right, let's say you take a position with $10,000 you guys might think 1% is not a lot but 1% of 10,000 is about a hundred dollars Right, so if you know if I took a $10,000 position I would make a quick little $100 on that trade really from 17 up to $17.20 so that's what I ended up doing here in terms of UWT and Honestly, that's going to segment into what I'm watching for tomorrow. I'm going to be watching closely UWT and crude oil to see whether or not crude oil is going to continue this push up to the previous Resistance at about $60 and 30 cents. There is one barrier. There's a resistance there before we do get to that spot Which is this 50s and a let's say tomorrow we were to break out of this level I think this can definitely run back up to $60 and 30 cents and if we were to test the next high which is at about $61 and 30 cents UWT at that point is going to be up a ton It's going to open up a ton of margin and that ETF and that is why I'm going to be watching That one tomorrow. So speaking of ETFs guys gold futures today Actually ended up dumping a ton. So gold is actually on my radar Probably more honestly at this point than crude oil due to the massive dump that we did see in gold and I'm looking to see tomorrow if we can get a pull if I can get a What's it called a bounce back play on Jnug? So let's just take a look at the technicals here on gold We got topped off at about 13 20. Literally. This was yesterday or this morning Yep, it was yesterday roughly and we ended up gapping all the way down to about $1,295 and notice how this level is a support from back in the 14th of March on the 14th of March We were at this level and also back in January of 2019 This was a resistance level and honestly and obviously since we broke out of that level it became a new support So we're holding above two separate support levels right now on Jnug or gold futures rather Which is very very critical in my eyes for a position tomorrow in Jnug, right? So if we were to confirm the bounce there, I think Jnug is going to be very very good And we can see you know on the one day one minute We've seen some strong consolidation right around that support that I just pointed out to you guys Over the past really all day pretty much right all day today We bounced and held the support right we held it here Held it here We dipped below it a bit But then we pop back up and continue to hold it from about 1 p.m Eastern all the way to the close of the market which was obviously three hours after 1 p.m Eastern standard so gold futures are looking pretty interesting right now and for those of you all that don't know this is the ETF I'm interested in trading tomorrow Jnug this one it took a big big dip from about $11 and 67 cents All the way down to here, which again opened up that massive margin of profit of about 17% so if we do get that rebound and gold this one's going to be a very good play Tomorrow so Tesla I talked about Tesla this morning. I really do like the way Tesla is looking right now So we've been talking about it how That it bounced and held the I think it was the 270 What was it the 275 support roughly and now it's looking to break out of the 280 resistance Which again was a resistance from back in the middle of October and we're looking to trade it up to the 180 Simple moving average here, which has been a resistance in the past We can see both moving averages the faithy and the 180 they've both been Resistances and now that we broke out of the 50 SMA resistance We're looking to hold it as a support and ideally 280 as a support and trend up to the 180 SMA which is going to put the shares roughly at about 288 maybe 287 and from where we are right now that can offer a nice little 3-4 percent Margin of profit so Tesla T s la I think it's very interesting here And let's say we break out of this level and do something like that Which you know, I guess you can say it's a little far far of a shot right now because we are still at 278 Let's not get ahead of ourselves, but let's say over this next two three weeks We break out of this pattern this you know pattern you can see from this trend line here That's going to be a huge bullish pattern in Tesla I'm going to be watching it very closely for a long-term swing trade at that point if we do end up Getting out of there. So those are just three four ETFs. I'm watching and let's say tomorrow We do end up breaking down like I talked in the beginning of this video Let's say we do end up seeing a bearish move TV IX like always guys I'm going to be watching to play that one very closely because that's one that goes up when the markets are selling off Very interested and really I play that all the time when the markets are selling off Aggressively so let me know down below what you guys are trading tomorrow I would love to know are you swinging anything overnight? Let me know down below in the comment section if you guys enjoyed this video Feel free to go down below and hit that like button guys It really does support me and supports the channel in general and why not subscribe if you're not already subscribed So you can keep in tune with all these videos the market updates trading updates trading tips investing all those different videos that I upload if you're notified when they come out you can watch them right away and get that valuable Information so I thank you guys again for watching. I'll catch you all in the next video. Peace out