 Right, again, we've been saying this for weeks and weeks and months and months and years and years. We're not in the guesting business. We're in the data accumulation and confirmation business and that's exactly what we need. So let me give you guys a couple of names that I do like for balances. 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 Access a Trader.com that we wrap up, show everybody is doing well. So we talked about on the video market for the last three, four days, last four, five days got very, very tired. We identified that again, we're still in a bull market, right? I think again, if you look at this big, big trend, everything was fine. The key point was number one, all of last week, you had to identify that stocks just got tired. There was a really high probability that they were gonna at least test their a rising macro support. And the question is what was gonna happen next? And if you look at today's session on the outside, it looks like a crazy, ridiculous, aggressive, scary session. You look at the scoreboard and it really pops out. You got the Dow down 725 points. That's not a little, right? That's not a little bit. You got a 1% moves on the S&P, 1% moves on the NASDAQ 100. But if you actively participated in today's session, number one, the golden rule is any single time you get a gap down, right? You get a gap down, especially in a rising trend market, no matter how weak it's been over a short period of time. The overall macro trend. So every single time you get a big gap down, right? Or at least any sizable gap down, the initial value is always to the upside. And then you kind of reassess if the channel start to collapse after the opening range highs. And if you guys watched the weekend video, we talked about how important that 355 level was on the cues. And any close below 355 on the cues was gonna be a lot more potential downside bias than just an orderly back test. So this morning, the bulls needed to pass the test. Can you buy the dip? Like you've been buying it for a very, very long time. Can the bulls reclaim the 355 level on the close? And how much were these NASDAQ names? There were leaders, right? How much can they possibly rally back if there was an opportunity to see some macro control? And we got all that answers. We really did. I think today in a weird way was a very smooth, seamless day. You had gap downs coming up very aggressively. You had channels basically putting in like, I don't want to use the word capitulation channel. Capitulation is used usually when there's a downward market for weeks and weeks and months and months. And people are just kind of watching, oh, CNBC is your money safe. The market's in turmoil. I don't want to use the word capitulation. Capitulation doesn't happen off of a top of a range into intermediate support. It comes off the bottom. But the one thing that we definitely wanted to see, how is the psychology going to impact the morning? Were they able to get off the mat? Were they able to sustain some sort of rallying it? Is that rally going to be sustainable for more than one interval? And I tell you, you've got to give the bulls just a lot of kudos again. I mean, you've been hearing that a lot because the bulls have been defending a lot of really, really strong levels. And again, it really does show a testament of number one that the buy the dip theory only works when there's a macro channel going through. Again, macro channel rises in the bull market. Remember, remember big macro bull range. Nobody buys dips when stocks are underneath supply. You try to buy a dip underneath supply and let me know what happens. So it doesn't work. Or at least it's not going to work for a very short period of time until the market finds some sort of tradable bottom. So the idea that the bulls came back today, I don't want to use the word they helped serve, right? Because again, NASDAQ was still down 1%. The bulls still have a lot of work to do to kind of get the mojo back. But today was a really, really good start. And if you take the Dow Jones out of the equation, and if you look at the intraday charts of NASDAQ 100, right? These are the cues right from the word go. Literally right from the word go, it tested the bottom range twice and they just rallied very, very aggressively into the close and you see the SPY as well, right? You test the bottom, the SPY tested the 50 day moving average of my charts, whatever work. But again, if you look at your charts, right? Great part of recording live. But anyway, if you look at your charts, you'll see the S&P 500 held the 50 day moving average and put in a really aggressive move into the close. So you have hammers on a lot of names. Now the question is, what happens tomorrow? Because I really wanted to see a close of the 355 level. Let me just X out of this. Let me just X out of this and I come back in. But I really, really wanted to see a close above the 355 level. We kind of close a little below, right? The only reason I want to give the bulls a little bit of a benefit of the doubt because IBM came out with earnings. They really had really strong earnings. And if you look at the cues today, if you look at the cues right now after hours, they're above the 355 level trading 355.50. So I want to give the bulls the benefit of the doubt. You're going to see a lot of hammers going into tomorrow's session. That's bullish, right? That's a bullish item. The only thing that bothers me, the only thing that bothers me is that organically, we didn't close, we didn't reclaim this macro area. But at the end of the day, if things start kind of reclaiming 10 and 11 o'clock channels tomorrow, then we'll know this quote unquote bottom today was valid. And then we can start looking more aggressively to the upside. So this is going into tomorrow, at least at the open. Again, things change very, very quickly, but at least at the open, I want to give the bulls the benefit of that, right? I, you know, based on today's hammers, and you look at a lot of charts, you'll see hammers everywhere, right? You see Amazon, right? You see an Amazon big, beautiful hammer. You see on the video who splits tomorrow, who splits tomorrow, big hammer, authorizing support. And by, by God, let me look at the stock today. The stock was up 25 points. Stock was up about 35 at one point. Which is an absolute monster. And if you look at a lot of the names in the NASDAQ 100, despite, you know, despite the, you know, the NASDAQ 100 being down 1%, a lot of strength. You had Tesla up, right? You had Tesla up, you had NVIDIA up, you had Netflix up, you had Netflix up, you had Roku up, Apple again, right? Apple is still down, but it has such a big, big run. It's kind of still getting its wind, kind of getting its wind beneath its feet. So the idea that the bulls kind of survive today, not only do they survive, at least for the time being, and today's low will definitely be the line of the sand for any macro selling down the road, assuming there is not, assuming there is some. So we at least have a line of the sand. And if you are a longer term trader and you are long overnight or just long in general, you have to use today's lows as your max pain kind of going forward. And if you look at a lot of names, despite still a lot of technical damage, remember, we sold off about a week straight and especially gapped down very aggressively today. So you're not just gonna have breakout charts. So tomorrow's session could be a little tricky. And the reason why I say that, based on the hammers, the second day, if it plays out correctly, it should be continuation of today's bounce. The problem with bounces is, well, the bounces problem of bounces are, you have to use the previous day's low. And if you look at a lot of these stocks from the previous day's low, some of these stocks are 12, 17, $18 from the previous day's low. So you can't really technically turn around and say, well, I'm gonna continue this bounce. I'm gonna use today's lows and everything would be great. I mean, again, how many of you guys can risk $18 on a roll call? How many guys can risk $80 on Amazon, right? So it's a little bit tricky. So going into tomorrow, we kind of have to do what we did today, wait for the channels to give themselves a little bit of breathing room, determine the distance between the new pivot and the next supply zone, and kind of continue taking cash flow and try to keep a runner until the next area kind of gets tested. So it's gonna be a little bit tricky tomorrow because remember, the downside channels are way below today's lows and the upside channels are very, very tight. So a lot of you guys, especially if you're trading in the options market tomorrow, especially if you're a new trader, probably not gonna be your day tomorrow, I believe is gonna be better of an equity traders, kind of a cash flow market, just because to take advantage of the ranges. And the last thing you wanna do tomorrow, especially if you're an options trader, turn around and say, well, Tesla's at six 40, six 45, six 50, I'm gonna bet the seven 50 next week calls. Why? How? How can you possibly be so arrogant to think and he gets this little to think that just because you think it's gonna go, it starts to take out three days worth of selling or maybe even more, but at least three days worth of selling and a lot of names are going to be just like that as well. So if you're an options trader, remember not only are you fighting time, not only fighting price action, you have to be right like literally now, not even tomorrow, you have to be literally right now. So be careful if you're trading on the options side, if you are an options trader for tomorrow, make sure you really know what the hell you're doing because if you're wrong, if you're just taking out of the money, that's assuming you think, you know what's gonna happen next week, you're gonna find yourself in a really, really ugly situation and you don't wanna put yourself in a situation that you are there to guess, right? Again, we've been saying this for weeks and weeks and months and months and years and years, we're not in the guessing business, we're in the data accumulation and confirmation business and that's exactly what we need. So let me give you guys a couple of names that I do like for bounces, possible bounces tomorrow. You had some of these stay at home stocks acting really, really well type. You guys noticed that chewy peloton? They acted pretty well today. There was, you know, this delta thing apparently is really, really contagious. Again, I'm hoping for the best. I tried to get the word COVID out of my brain. I'm trying to get back to life and back to normal like a lot of people. So the last thing we wanna hear about is stay at home stocks. You know, this might close down, that might close down, especially in Europe. We don't wanna hear that, but you know, it had a great run today. It held the 50 day moving average and traded. Look at this candle, sick candle. And when ranked to the 10 day, if it could confirm the 10 day, hey, who knows? Maybe it goes back into this 86, 87 level. Same thing with a name, for example, like a peloton, right? You got peloton as well, had a really, really big move. If they could start reclaiming this whole channel here and start reclaiming this on the close, who knows? If this market continues to bounce in the next several days, you could get a strong move up there as well, that looks good as well. Even a smaller name like an SGOC, I know there's a lot of social media kind of rumblings about this thing. Look at the channel here, it's been rejected at the same area back to back days. If this thing can reclaim, you know, who knows, maybe this thing can shoot up as well. Other than that, you know, names, you know, like a roll cool, right? I'm watching, you know, I'm watching, you know, maybe it could reclaim the five day moving average. Maybe Tesla is one day away, maybe taking out a couple of these channels as well. I don't think it's going to be tomorrow, but what's cool about Tesla is we had a pivot today to the short side that it held the double bottom, and then we had a pivot today to the upside that really got pretty aggressive towards the afternoon. So what's cool about trading beta is you don't have to be a bull or bear, okay? You just need to be kind of confident in trading the channels and make sure there's enough space. So really a pretty cool day today. Oh, by the way, we also caught a bounce today, really beautiful bounce today off the 50 day moving average on Square as well, but some pretty good natural pivots today. And let's talk about them, right? Let's talk about them, AMC. I know it went green in the day, but AMC 32 of the builds below can flush, not the move to 29 that I was thinking, but it went down about a buck, okay? It went down about a buck. And now this 31 level is going to be very, very important going forward. So for all you guys who are in, you know, what they call gorillas, bears, what are they called? Anyway, I don't know. Anyway, so this 31 level, that's your do or die, okay? You don't have to, you know, you don't have to guess 31 down the road will be a do or die. And if any close will 31, it's gonna have some problems. So, but you know, again, nice little move, nice little move on, nice little move on AMC. Let's see what else we had here. Roku, nice move on Roku, 403 it needs to build. Initially it went to about 407. It closed really, really strong. You can see in the after hours, it's trading around the 410 area, nice move there. I think the majority, I think the majority, come on, putting in the wrong browser. I think the majority of our pivot state was the upside. There was a couple of downside, one AMC, one Tesla, but everything else was to the upside. You had Netflix 530, 531 needs to build. Here was Netflix, right here was Netflix. It took out that 530, 531 area. Trader, you know, a trader as high as like 535. Again, you can see so much supply here. It's not meant to be a $20 move just for taking advantage of channels. Tesla, here was a short pivot, 626 held three times. That's the 50 day moving average. If it builds below, it can flush, right? We thought we could get to the 620 level. It got to 621, right? So here was the 620 went right to the 621 level which was a double bottom here. So the 620 is gonna be huge, huge going down the road. And then we had a pivot back to the upside. I'll show you that in a second. Take on the way down 620 is the next stop trade at 621. And basically that was the theme of the morning. It's all about patience and letting channels develop. That's exactly what we're gonna do tomorrow. Wait for these channels develop and let the market tell us which way is right. So Netflix reports after the close, 531 needs to build. You can see here how to push to that 535 area. Take on the way, it adds up. Roku, take on the way. And here's the channel in the afternoon. 644, 645 needs to build. And here was the Tesla channel. I quote a piece of that as well. So here's the Tesla channel right here. Took out this whole 644 area and then went right to the 647 and changed later into supply. Again, it's not supposed to be $10, $20 moves because there's no upside, there's no upside of channel expansion yet. When you have a week of selling, you're not gonna get these massive $10, $15 moves unless you're talking about NVIDIA and speaking about NVIDIA, they are splitting tomorrow morning. So it should be around that 188, 190 area somewhere like that, do the math. But anyway, just again guys, stay calm every single day. Business as usual, up, down are different. The channels and technical analysis are our best friend. Guys, have a great night. I'll speak to you tomorrow.