 What is going on everybody? It's Stas 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 also going to be talking about one trade that I made today on the 15th of January in 2019, as well as briefly looking at two articles talking about JP Morgan and Wells Fargo's earnings reports that did come out today. So for all you out there that don't know, we are in the midst of earnings reports, earnings season right now in the stock market with a lot of the big banks reporting earnings this week. We have Bank of America, I believe later on this week, Goldman Sachs, and a bunch of other big banks. So it's very important in my opinion guys to keep an eye on earnings to gauge how companies are doing in terms of their financials. Are they missing expectations? Are they exceeding expectations? Or are they right in line with expectations? And why you need to keep an eye on this guys? Because this will help you gauge the entire economy and gauge the entire stock market on how things are doing, right guys? Because if most companies are missing on their earnings, that is not a good sign for the economy as a whole. And of course the stock market, but if a lot of companies are killing their earnings, blowing earnings out of the water, that's a very good sign for the economy and of course the stock market. So before we do get into this video, smash that like button if you guys do enjoy this daily content that I'm producing, it really does help the channel grow and I do appreciate it a lot from you guys if you do smash that like button. So let's get started with today's video. So I'm sure you all know this by now, but today we had yet again, another green day in the stock market despite the poor earnings from these banks that we're going to be talking about a little bit later on in this video. So we see here, the SPX guys was up around 1.07% up around $28 on the day. The Dow Jones was up around 155 points up around 0.65% on the day. And the NASDAQ I believe was up around 110 to 120 points at the close. We can see here guys, it opened up the day roughly at around 6575 and did close the day at around 6680. So it was up around 100 105 points at the close. I do believe that was around a 1.2, 1.3% day today in terms of the NASDAQ. So this bull run, well not really a bull run, but this recovery run that we've been seeing from after Christmas December 26th to be exact, is still intact guys. If we take a look at this 20 day one hour chart so we can see a little bit closer of the action that's been going down since this day that I just talked to you guys about the 26th, we can see it's nothing but an uptrend of higher highs and higher lows. And remember in yesterday's video guys, I was talking about this pattern in the SPX of, you know, it's gapping down during the opening of the market and then closing right by where it topped off the previous day, right? You know, remember we were talking about this, right? The gap down here and then it closes at the resistance from the previous day, the gap down here and it closes right around the resistance from the previous day, but today we actually gapped up and we pushed up to another higher high and we broke out of that 2600 level. That was a kind of a resistance level, right? We had trouble getting above it here, here, here and the fact that we pushed above it today is just insinuating that this uptrend is still intact guys and especially since we bounced on the 50SMA here to make yet again another higher high. So what do I want to see guys in terms of a rejection in the SPX? Well, I want to see if it does end up getting rejected at this previous support, which is now a new resistance at around 2620 with the next one being at around 2635. So these are two levels guys that if the SPX does break out of these levels, the next resistance would be at the 180SMA right around 2650, maybe 2675 at that point. But again guys, since it is getting a bit over bought, earnings season are coming out pretty strong over these next couple of weeks. A lot of big companies are reporting earnings and if they do report poor earnings, right? This could have a negative effect on the stock market, thus having it being rejected right around this level. But again, only time will tell we have to wait and see what these companies do report. If the majority of them are bad in terms of the earnings guys, that gives me the fundamental reason that the stock market is most likely going to be heading down over the next couple of months. But we have to wait and see again what these companies are reporting. So the SPX guys, major resistance right now, literally the level we are at right now at these two trend lines, watch those very, very closely guys. So if we take a look at the Dow Jones, very similar situation, we are at a resistance that was a previous support back in June from this sell-off that we saw right around $24,100 is the support that was a support, right? And obviously since we broke beneath it, it is now a new resistance and that's the level that we are at right now in terms of the Dow Jones. So if we do break that level guys, the next level I'm going to be looking at is at around $24,400 and we can maybe say $24,200 before $24,400 as well. So there are a couple more resistances for the Dow Jones to break before it is in a full-on reversal pattern to the upside, right? So we would have to break this one, this one as well as this one and then of course break the 180 SMA resistance as well. So just like the SPX guys, this one is making higher highs, higher lows, it bounced on the 50 SMA and it's continuing the uptrending pattern that has been on from the 26th of December when we saw that massive sell-off in the month of December in general. So taking a look at NQ guys, this one broke the top of this channel that we were talking about on the 180 for our chart here and we can see guys, this red trend line is indicating that channel that I'm talking about and had been talking about over the past couple of videos, right? We had trouble breaking out of that channel here, here as well, here and now we just bounced on the 180 SMA, pushed for a higher high, thus pushing us out of that downward trending channel. But this does not mean guys that we're reversing to the upside quite yet guys because again, there are a lot of other factors right now that could potentially push the stock market down, especially with earning season being right now. So I guess you can say on a technical basis, we broke out of that channel, but it's still in that same vicinity of where we did break out of this channel last time, which followed by another lower low in terms of this chart guys. So I really wouldn't be surprised if we did peek out in the NASDAQ right around this level in these next coming days, once this run does start to come to a halt because it is guys, I know a lot of you out there think this run is going to last forever, but literally we've done this in the past, right guys? It might have not been as long as what we've been experiencing from the end of December, but it's been pretty decent, right? We can see this one lasted from 11-22 up to around 12-3. So that lasted about 11 days. This run right here from 10-29 up to around 11-8. So we are due, in my opinion, for a pullback and especially since we are at the top of this channel, even though we did break it guys, we are still technically at the top of this channel, which is a solid resistance point. So all of these indices guys, they're still at major resistance levels. They're all at the top of their channels and with earnings reports coming out, the economy is slowing down, all of the stuff that we've been experiencing with China, the trade war, Trump, Fed, everything that's been going on, I do still see downside coming guys. And this is something that we all have to just wait and see what happens, right? We can't predict the future, obviously. We just have to see what the data is telling us. We have to see are the Fed's going to raise interest rates again. We have to see is Trump going to come to a trade war agreement with the president of China. There's just a bunch of things right now that are just up in the air still in the market. And I do think these will drag the markets down in the next couple of days slash weeks. So let's talk about what I traded today very quickly. Then we'll talk about those two articles. So for those of you all that are in the discord chat, you know that I traded GUSH today guys. This was a very quick 2.2% trade in GUSH. And for those of you guys that don't know, GUSH is an oil and gas based ETF and it trades on XOP. And whenever XOP is going up in price, that's when GUSH is going up in price. This is why, you know, you can see the charts are very similar, right? Take a look at XOP chart and take a look at GUSH's chart, right? It's pretty much the same exact thing because they really just move in the same direction because GUSH copies what XOP does in a simple way of, you know, stating things, right? In the simple terms of putting it, right? GUSH copies what XOP does. So why I got into GUSH guys? Well, I got in because of this pullback that we saw from around 1208 all the way down to 1180 opening up around a 2.3% margin of profit. And once I saw GUSH holding the 180SMA and starting to push back up and ultimately breaking the EMA and the 50SMA, that is when I saw potential upside in a reversal pattern and, you know, a continuation of the uptrend from the previous day here, guys. So I ended up actually getting in a little bit early on this GUSH trade. I got in at around 1182, I believe, you know, once we did start to peak above the EMA and once we already bounced on the 180SMA and from 1182, guys, it moved pretty quick up to the previous resistances at around 1209. So I didn't actually end up adding more to my position, right? And I always talk about scaling into your positions. Well, this time, guys, it moved so quickly that I didn't even add or even have time to add more to the position. So from about 1182, you know, I set a limit sell at this previous resistance at around 1208, I believe my order was, and we obviously hit 1201. So they ended up filling at 1208 right there. But from 1182, we can see the profit was right around 2 to 2.2%, right? I think it was like, yes, see, it was around 2.1% on the day. And for those of you guys that don't know, my daily goal is around 3% on the low side. I did get a little bit lower than 3% today. And yesterday, I got a little bit lower at 0.4%. So the past two days, in terms of my profit, you know, they haven't been too great, right? But I'm still happy with what I'm able to get. And I always say that profit is profit, guys, right? Any profit you can pull from the market, that is a successful day in my personal opinion. And I'm very happy with the 2% that I did end up, you know, taking today. And I was very intrigued by this pullback on Kron. And I almost pulled the trigger on a Kron trade earlier on in the day, but I didn't do it. And from this pullback, I'm talking about this massive one right here from 1386, all the way to 1310, I saw a higher or lower right here, I was about to jump into the trade. I would have made a solid gain right here. But again, shoulda woulda coulda, you didn't make the money if you didn't take the trade, right? So I didn't take the trade here, guys. But I figured I'd share this one anyway. And for those of you guys that did end up trading Kron today on this little bounce back, this, you know, big pullback and bounce back play, you know, shout out to you because that was a pretty solid move in terms of Kron. And I kind of did wish I pulled the trigger because if I did, I would have made around 4% on the day if I did buy in right around here when I was thinking about buying in. But, you know, no excuses, guys. I didn't buy into this trade. Therefore, I did not, you know, make money on it, right? Very, very simple. So let's talk about these two articles talking about JP Morgan and Wells Fargo's earnings report very quickly before I do end off this video. So let's take a look what happened today. And JP Morgan, I believe, they did report their earnings first early on in the day. And just to sum it up very quickly, guys, I'm not going to go through this entire article, I just want to just go through these bullet points very quickly. JP Morgan missed on their earnings, right? You can see it right from the headline, JP Morgan misses profit expectations for the first time in 15 quarters. So that's a pretty big stat there, guys. Typically, JP Morgan is very strong in terms of financials. They're hitting their profits a lot. And the fact that, you know, we see here, they missed their profit, you know, this could signal the slowing in the economy based off of, you know, this earnings, right? Obviously, you know, it's not based on one stock. But if we see a bunch of stocks missing profit, like JP Morgan did, you know, this could signal expectations of slowing economic growth. So we can see here, JP Morgan Chase posted quarterly profits below analyst expectations for the first time in 15 quarters. The banks generated $1.9 per share and profit for the fourth quarter of 2018 below the $2.20 per share average estimate of analysts surveyed by refinitives. So that's a pretty big miss, guys, about a $0.22 miss in terms of their earnings per share. Let's see. The biggest shortfall appeared to come from the New York Bank's trading division where fixed income trading produced $1.86 billion in revenue compared to $2.2 billion estimates. So they missed huge on that particular metric. And let's see. Analyst Peppered Bank managed management Tuesday on how it sees loan losses developing in 2019. The firm set aside $1.55 billion for credit losses, an 18% increase from a year earlier, and $250 million more than the analyst's $1.3 billion estimate. So pretty much, guys, they missed on their profit for the first time in 15 quarters. They missed on earnings per share. And they also missed on their revenue for their trading division. So not too great of a quarter for JP Morgan. Let's take a look at what Wells Fargo did. So Wells Fargo beat analysts' expectations in terms of earnings per share, which is a pretty good metric, rather, but they missed in terms of revenue reporting $20.98 billion in revenue in the quarter, this past quarter, in 2018. So earlier, guys, Wells Fargo reported fourth quarter profit of $1.21 per share. They missed their revenues right there. Profit of $6.1 billion was down from $6.2 billion recorded in the fourth quarter of 2017. That's just issuing the slowing in growth of the banking sector. Right, guys? The profit missed. Well, it's a smaller profit from the same quarter a year ago, not too great of a sign in terms of growth. And of course, banks aren't growth companies per se, right? They're more of value plays, right? They're not going to be growing a crazy amount year over year. But the fact that they didn't grow at all is not too great of a sign in terms of Wells Fargo for their profit. So very brief, very quick, guys. They hit earnings per share. They beat expectations on that, but they did not beat revenue. So not too great of earnings reports for JP Morgan. I would say that Wells Fargo had a better earnings report than JP Morgan, because at least they beat in terms of earnings per share JP Morgan missed on profit and earnings per share. So not too great of a report for JP Morgan, a little bit better for Wells Fargo, but still not too great of a report for them either. So that's pretty much it for today's video, guys. If you did enjoy it, feel free to smash that like button, leave a comment down below. Let me know what you guys think about the earnings season. What companies are you looking out for? What companies? What stocks did you trade today? I would love to love to know as well as subscribe for future content and turn on that notification bell so you guys get notified when I'm posting these daily update videos. So I'll catch you guys in the next video. I hope you all have a great night. Peace out.