 But if Tesla does reclaim this whole channel here, there's at least 30 points of upside. 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 the AccessaTrader.com that we wrap up, show, hope everybody is doing okay. I apologize, there was no video last night. My son was at a track meet in a different town and the bus didn't come, something happened. And anyway, I had to drive an hour there, an hour back. And anyway, by the time I got home, after my daughter's softball game, it was just like a disaster. Anyway, so I apologize about that. So let's talk about the markets, kind of give you an idea of where we are and kind of what I think is gonna happen next. Number one, if you look at the Nasdaq 100, good, very good structure. I think that's the most important part. The first time around when we reclaimed the 50 day moving average, if you guys remember the next day we gapped up, got rejected and sold off and lost the 50 day. It didn't happen again, right? Which was a very, very good thing. A couple of days ago, we had that really big rally and reclaimed the whole 50 day moving average. And now for the last couple of days, they've been resting, they've been building. That's the word we use all the time. They're building, okay? Stocks are not being sold off. And again, the most important part about that is, and you can turn around and say, well, maybe it's kind of the interval where we are. Remember, we are two, three days away, a couple of days away from Memorial Day weekend. If you're like me, and we talked about this tonight, today in the webinar, if you're like me, most of us, I think I could speak for most of us, we had a very, very tough mental year, right? Last 15 months or so with COVID, with everything, it took a really hard stance to kind of stay mentally afloat. And the only thing the majority of us have been doing from the whole time of quarantine and all that stuff has been trading, right? Trading, sleeping, trading, sleeping. So the market has been really good for the most of the time. And our energy level and our focus level has been really, really good. But most of us, right? I speak to all my friends all the time. We're tired, man, we're exhausted. Most of us have not been on vacation for like 13, 15 months. So this weekend, now that the country and the whole world is slowly but surely starting to open up, especially here in the States, majority people are taking this opportunity to go on vacation, the Hamptons, the shores, and anything out there that any beachy resort, people are gonna be gone. We started seeing a lot of that this morning. Once around 11, 11, 15, came around Eastern time, a lot of traders were gone. You could see the volume completely die. And when you look at a lot of charts and you'll see it, you'll see the directional bias, right? You had names like Apple and these are 60-minute charts. Look at Apple, no range today at all. Look at Facebook today, no range today at all. Look at Microsoft today, right? No range today at all. The one that had range is Tesla. We'll get to that in a second. So a lot of people are going to take this next two, three days. And tomorrow, you can see less volume. Friday, you can see very, very little volume. And obviously, Saturday and Sunday and Monday, we are off from Memorial Day. So they keep that in the back of your mind. But if from a technical point of view and from the point of selling pressure, there's not gonna be anybody around to really start dumping a lot of macro names. And that's a good thing. The longer the queues stay and build above the 50-day moving average, the higher probability after Memorial Day when everybody comes up. Most of these stocks that we've been talking about in a lot of videos that's still underneath supply are gonna start to get yanked up. Even names today, for example, like a Tesla, right? Like a Tesla that had a big move here into supply. Again, is it out of the woods yet? No, but again, look where Tesla is right now. Really, literally one day away, two days away. If we have a res day tomorrow, it's literally an inch away from confirming, not a macro channel, but confirming a channel that could take it all the way up to the 50-day moving average, which is basically another 30 points or so. There's a range there, right? If you look at Amazon, who bought MGM today, eight and a half billion dollar deal, you thought this was gonna be the day that they're really gonna start moving it and it had an initial big move here. MGM, again, if you've been following like the whole streaming wars, MGM is huge, right? They have countless of top box office hits. The James Bond series, they have the Rocky Balboa, right? Or the Rocky Balboa series, Rain Man, all that good stuff. So it's a big deal, right? It's kind of a big deal with the whole streaming wars with Roku and Netflix and HBO and Disney Plus. So this is kind of a big deal. And you thought today was gonna be the day that Amazon was gonna finally really go and they kind of yanked the plug. Again, not because there was selling pressure. I just don't think there was a lot of people there to really aggressively push a hire. And the most ironic part was they did come out right out the gate, the 3,300 weeklies, the 3,400 weeklies throughout the week. So it was very, very surprising that the stock didn't get a more aggressive push. When you look at the market as a whole, you have to start looking at other areas as well. Like with the whole meme thing, right? And it's cool. This is your thing, this is your thing. I'm not gonna talk bad about it. I really don't have an opinion about it. You could get some good moves on these things. Again, for everybody's GME and AMC, well for me is Tesla, for me is Netflix, for me is Amazon. So it's not really kind of a big deal if you miss one of these things, especially if you trade beta, but this is a good thing, right? This is a good thing because it's showing you there is speculation money, whether you agree that GameStop should be at $240, do you agree that AMC after the close is at 20 bucks? If you agree these things are legitimately priced or not, that's a whole different conversation. The fact that people are buying or chasing or whatever you want, adjective you wanna use, the scoreboard is a scoreboard. That's a good thing. And that's gonna probably translate into the Russell, right? Like, look at the Russell. Look how close the Russell is to really busting out, right? So you have the NASDAQ 100 who is really doing a great job sitting there and building over the 50-day moving average. And now you have the Russell. And you can see here how many times it's gotten rejected off the 50-day moving average, right guys? 223.30, 223.70, 223.69, right? You got it? If this thing starts building tomorrow over 224 on the Russell, you got the next leg up all the way back up to the 228 area. So you have to like the action in the market. Even names that had a really big run, right? Just to give you an idea, like there is no really big selling pressure, right? And NVIDIA had a really big run. They announced the 441 stocks, what they announced earnings tonight. And the stock is literally down three points. It went up a little bit, went down a little bit, but look after the close. The stock is down three points, nothing. So there's sellers, make a long story short, sellers are comfortable at these levels. They're saying it's okay, right? It's okay if the market doesn't go down. It's okay if your stock doesn't back test. It's okay, nobody is around. It's like the old adage, if a tree falls in the forest and nobody's around to see it fall, doesn't make a sound. Who cares, right? That's the whole point. Nobody is around. And I think for the next couple of days, is there gonna be some value to the upside? I believe so, yeah, absolutely. I think there's gonna be some value to the outside. But I don't think for a second, if the market does back test and back test, obviously any day it can back test, you're not gonna see any selling pressure. You're not gonna see any violence. You're not gonna see the scenarios that we saw a couple of weeks ago. You know, let's throw the baby out with the bathwater. I want to be out of every position where below the 50 day moving average, this market's rigged, it's the market makers, it's this one, it's that one, it's Biden, it's Obama, it's Trump, it's everybody between. It's never us, right? Remember, it's never us, right? So it's something else. But now we're in a completely different area. The market feels content, right? To stay at these levels, the Russell is an inch away from really breaking out of the 50 day moving average. And now again, as we talk about every single day, it's going to be a stock picker as a market, right? For the rest of the week and obviously going into next week. And if you look at some setups going into tomorrow, you have pretty good value, right? Tesla would obviously, and again, I don't know if Tesla's gonna go tomorrow, but the point is Tesla took out, if you've been watching this broadcast for the last several, you know, even the last several weeks, you kind of know the areas that it took out, right? It took out this 597 level we talked about. It took out the 615 level we talked about. And it stopped right at this whole area here on the May 11 highs, right? And today's highs are literally about a dollar and change apart. If Tesla for the next several days, and we did see some really big call buying coming in for the 650, 660s for next week's 700 calls. But before we talk about 700, Tesla really needs to get above this channel here, whether it's today, excuse me, whether it's tomorrow, whether the next day or never, we don't know. We don't want to anticipate. If Tesla does reclaim this whole channel here, there's at least 30 points of upside into the 50 day moving average. And any close above 662 or 660 area, you can see that 700 sitting right on top. But again, before it can do all that, it needs to reclaim this little channel here to go back to the upside. Names like ZS, ZS had a pretty good move today, right? On earnings, we had a nice little bounce play on ZS today into rising 60 minutes support. But if you notice here, right, it had a big, big move. It's not like they sold it into earnings, right? And it didn't close at the high, but here's the common denominator. If you look at the high here, 199.50, the high here is 199.50. If you look at today's high, 199.70. So you could turn around and say, ah, it's a triple top, triple top. Yeah, okay, you could say that. But I think if it starts reclaiming a 200 level, you have at least $12 to $16 worth of upside. You have to watch it. Maybe it rests tomorrow, but this is a name I definitely want to watch for the next several days, Space Jam or Spaceship or everything else in between. It's sitting there as well. It had a big, big run on the landing, on the takeoff, whatever the hell it is. It's gotten rejected here back to back days for the last three days. If it starts reclaiming channels and order flow comes in the option side, can you see a move to 29? Yeah, very possible, absolutely. Even a small EV name like a solo, right? Even a name like this, actually, you know what? It actually looked better, forget about solo. It actually looked better when I was charting with TC2000, leave this one alone. Zoom I kind of like as well. Zoom is getting in a very, very tight channel. Maybe this thing wakes up. And I know a lot of people believe that this trade is kind of dead, but keep this in mind, even after everybody goes back to work and there's a full workforce back at it again, this is company's gonna be around. I use Zoom pretty much all my friends use Zoom. My kids still use Zoom on different class projects. So I don't believe it's gonna be the same rabid growth that we saw during quarantine. But again, I don't think this thing goes away. So I'm still watching this whole channel here for the next couple of days. And you guys remember this stock FUTU, right? Had this really big run up. I think that's something to do with Bitcoin. I could be wrong, such a long day, I don't even remember. But it's such a big run up. It's very, very close. You can see here, it got rejected off this linear regression line. If this thing starts reclaiming these channels here, you could really get a big run here. So it's just definitely a name, definitely a name we want to watch for tomorrow. I think the key for the rest of the week is, again, except what you're seeing, okay? If volume dies out within the first half hour, hour 45 minutes, it's not that it's a slow market. I think people again, are really trying to get over their mental side of COVID and trying to just go on vacation. I don't blame them, okay? I'm also going away for a long weekend. So I get it. I think all of us need a break. I think all of us deserve to break. And especially in this trading business, and just to give you a piece of advice, you don't need to burn out when you're on a bad run. You could just be so locked in into this business and all you're doing is trading and sleeping, trading and sleeping, trading and sleeping. Eventually, just because it's such a mentally intense business, it's going to naturally burn you out. So you do have to be a better friend to yourself and kind of take a little bit of time off. And there's no better time off that we are about to get on this long weekend into Memorial Day. Guys, I just have to run. Again, if you were watching this broadcast, my daughter and son have 3,000 softball and soccer games and basketball games, literally in the week. So I got two, I literally have two back-to-back softball games tonight with my daughter. Guys, have a great night. You'll get some rest tomorrow is another day and should be a pretty good one. Guys, God bless. I'll see you tomorrow.