 Welcome to Access to 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 the first AccessToTrader.com nightly update of 2024. I hope everybody is having a great holiday season. I want to wish everybody once again a very happy and healthy, right? Happy and healthy New Year for 2024 and beyond. If you are brand new to the channel, guys, thank you very much for finding us. Thank you very much for tuning in, spending some time with us. If you like the content, if you like the daily unbiased jargon, all we ask is again, guys, take a second, click a like, share with your friends, comment. Tell us how you're doing. Tell us about your trading style. Tell us about anything that can potentially help the consumers of technical analysis get better. And that's what we all are trying to get better every single day. If you are on your year one, if you are going into year 200 or anything in between, again, share your experiences. You never know when it's going to help somebody else. So let's talk about today. Obviously, over the weekend, if you logged in at any point on social media, you would see euphoria through the heavens. People who are trading six months a year, this is our year, bro. This is it. This is it. This is it. That's great. And if you're a byproduct of the 2023 rabid market explosion, Nasdaq was up, Qs were up 54%. It's easy to kind of dive headfirst into the Kool-Aid, right? But the problem is we talked about this on the weekend video is the problem is we were up 54%, right? So by no stretch of the imagination, was it a slam dunk, a given, or anything else in between that we were going to continue this massive rally? You know, was it possible that we could get a decline for the year of 10, 12, 14%? Everything's possible. Everything's on the table. But like I said on the weekend video, even if we would retrace back 12, 14% for the year, we're still net up about 40% in a two-year cycle, which is super duper bullish. And the one thing that we did see today very quickly, the whole euphoric dude, right? Dude and bro, you know, we're going to make a killing this year. All that enthusiasm, all that euphoria died quickly on the vine pre-market. When you woke up this morning, Apple got a pretty ugly downgrade today with a price target of 160, you know, down a lot. At one point, it was down almost $9 in the day. I don't remember the last time Apple was down $9 non-earnings days. So that obviously had an incredible ripple effect throughout technology. And again, this market doesn't need news. The point is people are trying to find what was the news that sparked the sale? Guys, we're up 54% in 2023. The market doesn't need news to have a pullback. And that's what we got today, very, very aggressively. Tesla was the second big, was another big story today. They came out with their, I believe it was their fourth quarter delivery numbers. They looked great. They looked absolutely great, right? They looks like, you know, very, very bullish, very bullish on their report. But again, when the market ticks down and the market gets dragged down, you know, and no report is going to help you, right? And the majority of the day, Tesla did a decent job today, not giving a whole lot back today. But the point is, again, it's still swept up in the curb, in the selling curb. So the question is, what happens, right? And there's an old adage, again, one of the many wives tales that's spread on social media and spread throughout the years. And this is it, right? However, the market goes in the first week, it's a really good glance of what the market's going to do the rest of the year. Guys, I promise you, that's not the case. Okay, if you guys remember last year, the first two, three weeks, there was selling, selling, selling, we were up 54% of the year. The same way people talk about Fridays, I never trade Fridays, the worst day of the week. Well, Friday is usually my best day of the week, because Fridays are usually option expiration. And there's a high probability that deep out of the money, coal or put buyers, depending on which way the market is going, they're going to push that stock in that direction with institutional money flow. So there's a lot of stuff, right? There's a lot of stuff, a lot of theories, there's a lot of myths. Guys, every single year is different. Every single start of the year is absolutely different. Coincidence does not make it a solid, concrete wall of information. Everything is completely different. Having said that, we have to look at the data, okay? And this is what the data is telling me from today. If you watch the weekend video, we talked about kind of this, you know, area of 40750s was the 10-day moving hours. This is last night's video. 40750s was kind of the little baby line in the sand, not to the whole formation of the whole euphoric bull market, but just kind of short term, right? A short term situation. What we saw this morning was very different than we saw the previous year. What I mean by that is we got a gap down today significantly below the previous channel, right? And the craziest part about that was there was absolutely no fight, literally no fight. There was nobody buying the dip. There was no put, you know, any type of resistance from the bulls. They just basically just kind of rolled over and died. And if you look at the 60-minute view, right? This was the whole day, right? This was the whole day, literally the whole day. The market gap down, kept on going down, little rally here, you know, double top got rejected, went down, tested the 20-day moving average, and then bounced again. And if you look at where we closed today, we did test the 20-day moving average. We went through it and reclaimed it on the close. So, at least now going into tomorrow's session or the day after, because this, again, it's very possible that we can have an inside day tomorrow. What I mean by an inside day is, especially if you're brand new to technical analysis, an inside day, basically, if it becomes a dead cat bounced tomorrow, it's not going to take out the high of the day. It's not going to take out the low of the day. It's going to be literally on the inside candle of today's channel. And that's not what the bulls want to see. What the bulls want to see is a very early aggression, okay, and start building above today's previous highs. Now, again, before you say it's impossible, well, this is the stock market. This has still been the rabbit stock market we've seen from 2003, just because the calendar and the date is showing as 2024 doesn't mean we can't easily reclaim back today's channel and start going back to the five and 10-day moving average. However, there's a flip side of that as well. And this is kind of where you really understand that the dynamics that, hey, gravity is real, right? Gravity is real. We don't have to have a bounce and reclaim today's channel. Gravity is real. And if we start losing 20-day moving average, and right now the low of that 20-day moving average is $400.24, that's today's lows. So if the bears start reclaiming back today's lows and start building in any close below 400, that's when you have a problem. Not for me. Not for anybody who trades both sides of the market. If you're a permable, right? If you're a permable, buy the dip no matter what, bro, and nothing bad will happen as I'll keep continue buying the dip. Number one, revert back to 2022 and tell me that worked really well. But number two, if we do get a close below 400 bucks on the Qs, then you can see it, right? The whole premise of the PS60 theory is stocks trade from supply to supply and demand to demand. So here's a perfect example of stocks trading from demand, right? Closed on Friday, the 10-day moving average, traded to the next demand zone, which is the 20-day and held. So any close below 400 on the Qs, well, the next demand zone is 390, right? 390. It's not a misprint. It's 10 points on the Qs. Again, I know for those who started in 2023 and enjoy this incredible magic carpet ride, you say, well, there's no way that's going to happen. The buyer is going to come back and buy the dip. Well, they weren't there today, right? They weren't there today. And the whole point is if we do close below 400, maybe we'll go on a straight line, but below 490 is the next support. So kind of give you guys a little bit of a fact that what the bulls need to do tomorrow is to reclaim today's highs and the bears need to confirm today's lows for more selling. And as you can imagine today with this, you know, big, big move down with the Qs. At one point they were down 2%. They closed a little less than, I think it was down 1.6%. Yeah, 1.6%. They closed down 240 points. As you can imagine, anything that rallied, anything the NASDAQ 100 that rallied got hit, you know, got absolutely hit. I mean, looking, you know, looking Netflix got murdered today on NVIDIA. Great job for all you guys who caught the pivot on NVIDIA, went about $7, $8. Tesla gave up its gains, you know, gave us a nice little move downside at the open. All of them, everything got hit today, Amazon, Meta, you name it, they, you know, they basically had it. So today's line was saying is obviously applicable going into tomorrow's channel for technology. However, however, not all was grip, right? There was plenty of market, plenty of money going into other names just because money got pulled from technology doesn't mean necessarily mean all the time that the market needs to get pulled everywhere. Usually it does, usually it's a very uniform either selling or buying, but the good point for the bulls, right? If there is a glass half full kind of point of view of a bullish bias going into tomorrow's session is what the other stocks did, what other groups did. And if you look at some of the other groups, you'll kind of get it, right? Look at, you know, look at the banks, right? Banks had a really, really strong day today. Citibank, what nuts? Goldman Sachs, highest close in this whole formation. Looks like it's going higher. Really good move there. You had the casino stocks, right? Casino names are really, really strong today. Look at win, right? Win, really big move today. The win is actually one day away from reclaiming the 150-day moving average. Look at Las Vegas Sands, right? Las Vegas Sands, big, big multi-month move today. Really, really strong there as well. Look at the consumer cyclical names. They might not be something that you're going to day trade, right? But look at the consumer cyclical names. Kellogg, right? They make cereal. Procter & Gamble, right? Another big move up on Procter & Gamble. Again, not sexy looking charts, but the point is the rotation went into those names. Look at the biotech names today, right? Look at names like Avi. Look at the move on Avi today. We had this thing over the weekend. For all you guys who have traded today, great job, right? Look at Avi. Went nuts today. Look at a name like Insie, right? Had a big breakout today. Both those names need to, you know, if you're a biotech trader, they deserve your attention, especially into any week open. Look at a name like Hymns, right? You guys know Hymns. Come on, you know Hymns, right? The ED company for him and her. The ED company, you know Hymns and hers. That's what she said. That's what I said, right? Look at the stock here. You know, really big aggressive breakout here as well. So there's definitely areas of bullish action going into tomorrow's session. I am a mega cap, mega cap technology trader. So I really don't care about the rest of these stocks. But the point is I am definitely watching the queues tomorrow. I'm watching Tesla. Tesla can't rally tomorrow and starts losing this bottom channel. Can have more weakness. I'm watching the video for tomorrow. Keep this in line. Like I said a few minutes ago, there's a very good chance that we do have an inside day, quote unquote, dead cat bounds day. If that's the case, then we'll definitely be playing ranges, being a little bit more patient tomorrow. But if the queues start confirming back down and start losing 400 and stable 0400, we will have a second day of selling bias. That's it guys. That's it. Now that the euphoria, all of the, you know, the whole we're going to kill it bro this year and all the, you know, and all the, you know, all the other stuff that people were so excited for going into today's trading session. Now that it's out of the way, that's it. It takes just another trading day like everything else tomorrow back to business. Again, technical analysis over everything. And as long as you embrace that, technical analysis will embrace you. Guys, have a great night. Have a great day tomorrow. God bless. Welcome to 2024. And with God's help, I'll see you all tomorrow. Take care.