 What is going on everybody it stops here welcome back to another video so in today's video We're gonna be doing just like always 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. What did I personally do any day trades any swing trades? We're going to be talking about that in today's video as well as going over my mindset How I'm personally viewing the market as of right now and just like you read in the title Was today another false breakout was today another bull trap in the stock market That is what we're going to be talking about in today's video So without further ado, let's just hop right into it If you guys enjoy the content feel free to hit that like button It really supports me and supports the channel in general and let's get right into it guys So the SPX the S&P 500 the 500 Largest publicly traded US companies ended up doing very well today We can see here at the close it closed at about $22 in the green up about point eight Percent and we saw for those of you all that were paying attention to the markets today We saw quite of a bigger run than that. It was up about 40 points at one point today So pretty solid bounce back green day in the S&P 500 So the Dow Jones even better of a day than the S&P 500 up 207 points here up point eight two percent slightly beating the S&P's point eight percent on the day Very very solid for the Dow Jones here and just like the SPX We had a pretty big run towards the middle of the day We plateaued and then we sold off. So we were up at one point four hundred points I believe in the Dow Jones industrial average, which is pretty good yet again another bounce back here day here pretty pretty good So the NASDAQ here ended up going up a hundred and eleven points up 1.52 percent Absolutely crazy of a day Recovery day here for the NASDAQ we ended up closing I guess you can say about 14 points lower from where we are right now putting us at about a 95 to an a hundred point green day for the NASDAQ so pretty pretty solid bounce back recovery day today in the overall market So let's hop to the SPX and talk about some critical supports resistances some technicals and I'm personally looking at so we can decipher and analyze was today yet again another false breakout was today On a point in time where we thought the markets were going to reverse and possibly come back up You know after all these different red days that we've been seeing we're going to be talking about that guy So right off the bat here. Let's draw out some resistance support levels very quickly So we can understand where we currently stand here So the S&P is holding above the 2800 old resistance now a new support We're at the 180 S&P support here on the 184 hour chart that seems to be where we currently are so judging on Let's say the 20 day one hour chart. Take a look at this guys This is what I'm talking about in terms of a false breakout. We all thought today that Okay, we're having a very strong green day This could be the day that we finally reverse right but judging off of the patterns that we're seeing here on the SPX on the 20 day one hour the down-trending pattern is still 100% intact right take a look at these simple moving averages here The 50 is the green and the 180 is the yellow one here We notice ever since that bearish cross which means the 50 SMA is crossing below the 180 SMA We've been noticing a pattern of lower highs and lower lows for the SPX right we dumped here We had a rebound day and it's kind of like a pattern of having one big dump day one big red day Followed by a green day a recovery day right and let me get deeper into that here We can see the dump day record the red day right Followed by a nice recovery day a nice little green pop here the next day We dumped hard right dumped pretty hard. We gapped down and we ended up recovering that same day Right we ended up dumping and then recovering so we're seeing a pattern here of a dump followed by a recover a dump Followed by a recover and what did we see yesterday and Monday's trading session? We saw one of the worst one of the bloodiest days in the stock market for a couple of months at this point Right and what do we get today guys? We got that bounce back that green healthy bounce back day followed by the Continuation of this downtrend and the start of in my personal opinion the next push to a lower low for this downwards trending pattern to Continue so it did seem earlier in the day that we were gonna break out here But the technicals don't lie guys. We are still down trending. It seems like the lower high here Right has been confirmed hence why the downtrend is still intact So going over here to the five-day five minute We can see it a bit clearer through the price action over the past five days, right? We had a recovery day sell-off little recovery sell-off Recovery sell-off and today was that recovery day and we can already see the resistance at about 2850 for the SPX I guess you can say that's a triple top there with the start of the sell-off again So tomorrow guys what I am personally watching here is just to see if we're going to Maybe gap down in the morning, right? I'm keeping an eye on the futures and I advise you guys to do that as well because if we're noticing Let's say the futures are down in the morning. Let's say the S&P's down 20 25 points. Let's say we're right around here For the futures in the morning that might tell me and it might give us all signs that it's going to be a red Day, it potentially might push to a lower low and we could play TV IX which is a volatility ETF That does very well when the markets are selling off when the markets are really volatile So if we're gapping down in the morning guys, that's going to tell me we're continuing down lower low And if we break 2800 let's say we get to the 2700 level That's just going to confirm this even further for me that the markets are selling off So guys the the proof is in the pudding here the technicals do not lie We are still down trending pretty much on all of these time frames that we're seeing here, right? So longer time frames just keep an eye on the 180 SMA and the $2,800 level roughly of Support here for these different support levels on a longer-term chart. So the Dow Jones Industrial average here. We ended up breaking the 25 What is this 500 level of support? That was yesterday if I'm not mistaken. We got down to about 25 200 We ended up breaking above that level remember a support once it's broken beneath of it becomes a resistance We ended up breaking that resistance and now towards the end of the market where we ended up closing at it Seems like the Dow is holding yet again the 25 $500 level as a support here as we can see from the larger-term charts and just like the S&P 2500 guys the Dow Jones is the same thing pretty much in terms of technicals on the smaller-term charts The downtrend is still intact on the 20-day one hour here What do we notice the bearish cross just like the S&P? We're noticing a sell-off day followed by a recovery day sell off recovery sell off Recovery sell off to that lower low yesterday again one of the bloodiest days that we've seen in months Followed by today, which was a bounce back green day with the confirmation of the rejection at the 50 S&P resistance and now we're in the process of Pushing down lower low for the continuation of this downtrend. So what am I doing? I'm watching the futures I'm watching. What's the Dow looking like pre-market hours, right? If we're down 100 points pre-market 150 Let's say maybe even 200 right this is going to bring the Dow down It's going to gap it down and most likely at that point We're going to be selling off at market open for the continuation of this pattern and just on the 5-day 5 minute Just like the SPX we see the same thing right the lower high is starting to form with their resistance at about 25,000 680 ish here. We got a triple top now We're selling off looking to get down below the 25 500 level of support to continue the downtrend So guys again the technicals do not lie I think today was yet again another false breakout another little bull trap here making us believe that Okay, maybe the markets are going to recover to the upside But again it tricked us towards the end of the day with that rapid a little sell-off that we saw so the Nasdaq Pretty much the same right in terms of technicals. I'm sure on the smaller term charts But on a larger term charts here. What am I watching? I'm watching the general area of 7300 to about 7400 as the new level of support roughly where we're trading right now We're holding that level as of right now And this is a level that stems back a couple of weeks ago towards the beginning to the end of really for the whole month of March in 2019 this level was a support right so we're trading there now if we break below that level the next one We might be testing as let's say around 7200 which was an old Resistance at about from about the beginning of March now We're looking to potentially test that if we end up selling off So just just like the SPX the Dow let's quickly look at the five-day five minute here We can notice that this is a lower high from the previous We pushed to a lower low yesterday after that massive red day And now we saw the sell-off towards the end of the market on the Nasdaq so we can see it's looking a bit bullish right here We're reversing so the key on the future here is to see are we going to gap down below the 180 s You may support and if that does happen guys if we break that support and we slowly start to trend down Maybe into the mid 7300s that's just going in my opinion going to gear us up for a big sell-off red day Tomorrow so keep an eye on that and just like the 20 day one hour guys We're noticing the same thing here right we're noticing the 50 SMA is a resistance We're getting rejected by it So just keep an eye for the push to a lower low and let's say the markets Miraculously break this downtrend channel tomorrow if we start to break out especially on the SPX and the Dow This can be a very bullish move on the markets and at that point my stance my my thought process is going to change But as of now, right? I'm just going off of what we're seeing here in terms of the solid data Technicals that we have here on the screen and that is what they are telling me right these Technicals these candlesticks these moving averages all these really do is they paint a picture in my head Right of what the market and of how the market is reacting, right? You can notice if a market is panic selling by how quick the candlesticks are dropping, right? We can notice when it's consolidating when there's not much fear There's a bunch of things you can take out of what the technicals are telling you so let's do a quick Trading update today not going to lie to you all it was it too crazy of a trading day for me because with the markets being This volatile like I've been mentioning in my previous couple of videos I haven't really been making many swing trades because the overall trend of the market as we can see here and on the SPX and the Dow the overall trend is down So I don't really find value in trading swing trading holding for a week two weeks three weeks when the market is Down like this, right? But once the market if the market breaks out again, that's when I'm going to be swing trading again But as of now just many day trades is what I've been doing guys, right? So kind of I Was kind of expecting This little pump up that we had here because yesterday even in the yesterday's video the previous couple of videos I've been talking about how every time we push to a low or low we rebound, right? And I figured especially since the futures were up today. I figured in the pre-market session I figured that we were going to recover today and then end up pushing up, right? Which is why if you look on this, what's it called the 180 chart here? You notice Actually, no, this might have been on a 20-day one hour You notice I put this little arrow here because I was looking to see if the markets were going to fill up and get Past that arrow, right? And we ended up doing that We got all the way up to 2850 and you can imagine during this time period a lot of the large caps were Recovering so I was focusing on Apple in particular this morning because this one kind of has been beaten up harder than a lot of the other Larger cap stocks that you can imagine, right? Apple's literally down about 10-15 percent at this point From the 215 peak that we got after earnings and this was literally about two weeks ago guys So in a matter of two weeks, this one's down about 15 percent here And I noticed how we were holding this 180 level of support here and we could go in the 180 We can see that right we were holding the 180 ish level of support from yesterday's session I noticed how again the futures for the SPX were gapping up. I figured okay Maybe Apple here could be a nice bounce back play today for a quick little day trade So on the one day one minute we can see here Apple was consolidating pretty choppy trading here in the middle The beginning of the day we went down to 185 back up to 187 retested that 185 support Back up to about 187 and when we pulled down to 186 and we slowly started to consolidate and pop and break out from here I noticed this is a higher load from the previous right? I'm noticing it slowly looking like it wants to fill the gap back up to 187 7188 roughly So this was just a little gap fill play that I ended up taking on Apple I scalped it very quickly literally from about I believe I got in at about 186 85 ish up to about I know I got 1% so I ended up selling roughly towards the top of here not really the top Roughly, I would say at about 188 90 ish a little bit under 1% on this Apple trade And I was doing this because again at this point in time I realized the technicals were telling me this the market was looking to bounce back today And it doesn't surprise me right because we saw a ridiculous red day yesterday We were down three and a half percent in the Nasdaq right so for the market to come back a little bit today, right? You know push up a little bit. It didn't it didn't surprise me whatsoever, right? So that is what the trading update is for today guys literally just Apple right a AP L So let's just talk about very quickly a couple of stocks here that I'm personally watching Over these next couple of days so ba ba. I think ba ba if I'm not mistaken. They just reported earnings today So earnings, I don't think they're out quite yet Because the stock doesn't seem like it's moving too much our earnings tomorrow actually that could be my mistake 515 yep earnings are tomorrow my mistake So ba ba is definitely one that I'm watching tomorrow, right? If they report good earnings This may be a solid day trade play day trade play, especially since let me double-check it They are reporting before before market central standard time So this could be a good one to watch out for tomorrow if the earnings are solid if they beat on EPS and revenue This could be a potential trade tomorrow another one that I actually haven't talked about or covered whatsoever Was uber is uber rather uber stock? IPO'd for those of you guys that don't know the IPO'd a couple of days ago literally Like five days ago or something on the 10th of May We can see the IPO at about $42 popped up to 45 sold all the way off to 36 dollars We're seeing a bit of a reversal here a bullish cross now We're looking to hold the simple moving averages as a support higher lows We're breaking up here consolidating towards the after hours. So just keep an eye on uber right IPOs I personally don't invest in them But I don't really mind a day trading them because a lot of the times they are pretty volatile You can get pretty solid gains out of them literally this one went up 7% in a day, so I'm just keeping a knife. We maintain above these moving averages here Let's say we can get a play above $40 maybe a quick little day trade up to 41 42 if there's you know momentum upside tomorrow uber I think can be very very Solid so uber and baba those are two that I'm watching tomorrow TV IX of course if this plays out like I think it's going to in terms of the markets Continuing to sell off TV IX is going to be in store for a pretty solid day We got the pullback today of about 10% opening up that margin if the markets are selling off if we're seeing futures Especially going down right in the morning This can be a very solid play and this one could be a runner for tomorrow So TV IX uber Ali Baba, you know, maybe Apple Amazon Facebook these large cap stocks. Let's say the market does do well tomorrow. These would be very good But if my personal Theory for tomorrow plays out. I'm really not going to be playing any large cap stocks I'm mostly going to be playing TV IX and maybe getting into some other Safer swing trades that I'm personally looking to make here So actually on that note tomorrow I'm looking to make a video on three stocks that I'm looking to actually swing trade During this turmoil of a market we're in during this trade war Market so keep an eye for that video tomorrow where I go more into depth on these three Swing trades, right and let me clarify myself, you know I've been saying that I haven't been swing trading recently and that's true I haven't been but there are a couple of stocks that do much better in times of volatility Volatility like this than other stocks do so that's pretty much what I'm going to be covering in tomorrow's video So that's it for today's video guys If you enjoyed it feel free to go down below and hit that like button It really supports me and supports the channel in general subscribe to the channel if you're new hit that notification bell So you're notified tomorrow when I do upload that video on the three picks that I'm looking to swing trade and Drop a comment. Let me know what you guys did today. I would love to know. I'll catch you all in the next video Thanks for all the support all the love. It means a lot. Peace out. Have a great night. I'll catch you all tomorrow