 What is going on everybody is 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 going to be talking about two trades that I made today on the 5th of March and 2019 as well as taking a look at some other stocks and ETFs that I personally see potential in Over these next couple of weeks in March of 2019 and you guys saw in the title today Did I buy some shares of Tesla on the dip that we saw today stay tuned for the next about 10 minutes in this video We're going to be talking about whether or not I did end up buying some Tesla shares But before we do get into all these topics guys for everybody out there that finds value in these videos You enjoy the content here on YouTube Feel free to go down below and hit that like button It really does help to support the channel's growth and if you're new to the channel in general and you want to be a part of our Community feel free to go down below in the description box and join our 100% free Discord group chat as well as our 100% free Facebook group again. Those are both linked down below in the description box So without further ado guys, let's talk about what ended up happening today in the overall market starting off with the SPX the S&P 500 index the 500 largest publicly traded US companies we can see we ended up closing off the day red down about $3.16 down about point one one percent the Dow Jones Industrial average ended up closing the day down about $13.02 down about point oh five percent and the NASDAQ composite ended up closing the day green up about $14 up about point one eight percent So in terms of the closing prices of these major indices that we talk about on this channel You know not much crazy movement, right? Very very minimal Green days and or red days for these, you know major indices here today not much movement whatsoever and what I'm getting from these technicals guys is that we're consolidating in the SPX especially and In the NASDAQ and we're going to be talking about the Dow Jones as well here in a couple of minutes But just to dive into the SPX's technicals really quick We can clearly see based on this 180 day four-hour chart We're seeing some very very strong resistance at these two points right here One stemming back to the beginning of December where we sold off from about 2790 down to about 2346 and once we started to sell off at this point This obviously became a resistance level and the other one is from back in the beginning of November Roughly on the 7th of November in 2018 where we topped off at about 2815 and we ended up selling off all the way down to about 2630 and that obviously made that level a Resistance point as well and we can see you know over these past couple of days I'm sure a lot of you guys already know this but we cover this in every single video just to give a Basis for everybody out there watching and especially the newer viewers We've been having difficulties getting out of those levels and we can clearly see Here on the 10-day 30-minute chart, you know, we had trouble getting above that first resistance back over here You know towards the middle to you know the 20th of February of you know 2019 We were topping off at about 2785 2785. We got rejected down there 2765 We got rejected this next day at about 2790 But then we finally broke out of that resistance, but we got rejected by the second resistance back on the 25th of February we ended up selling off. We held it as a new support for one day This was a point in time where I was saying okay We could potentially start selling or not selling trading rather in between this channel here But again, we saw the day after that we broke out of that support making it a resistance again We had trouble breaking out of it for two straight days Then we finally popped above it back on the first of March here We popped back up to about 2815 got rejected again. This was yesterday guys We sold off pretty heavily down to about 2770 and today we're having trouble again Breaking out of this resistance at about 2790. So it's very clear, you know over these past couple of days guys Ridiculous ridiculous resistances, you know at this level here and this level here in terms of the SPX And another worrisome thing I want to show you guys and we can see it better here on the 30-day 90-minute chart You know, although we're still maintaining this uptrend channel what I'm seeing here is a double top in the SPX We can see the top here again at about 2815 like we just talked about and the second top is roughly the same place at About 2815 and we all know about double tops and basic technical analysis here What a double top really means is that there could be some bearish downside You know in that index in that stock in that future, you know in that ETF Whatever you're doing your technical analysis on just like a double bottom Whenever we see, you know a stock bottoming out two separate times at the same price that could issue a Bullish pattern, you know a double top that can issue a bearish pattern meaning there could be more Selling to come so we got a sign here You know, this could be the first sign of more selling to come which is again the double top at about 2815 The second thing I'm going to be waiting for guys is a break below this support line on this Uptrend channel that we have here on this 30-day 90-minute chart and we also got another Worrisome factor that we broke below the 50s and may so scratch that there's about two signs right now That we're slowly selling off one of them being the double top the second one being the break of the 50s and may on this Chart here the 30-day 90 minute and the third one is going to be if we potentially break below the support of this channel That could issue more selling to come in the SP X the S&P 500 index and of course if we're looking at the 184 hour chart Let's say we do end up breaking this 50s and may support that's going to be at the probably the fourth sign that we're selling off You know more bearish, you know more bearish movement to come in the SP X So keep an eye on those levels guys. We're at critical critical spots right now in The SP X and these next couple of days honestly, they're going to tell a lot You know in a technical basis of what is going to happen, you know over these next couple of weeks in my personal opinion So let's take a look at the Dow Jones industrial average very similar to the SP X We've been having a resistance, you know at those points from the beginning of November and the beginning of December and In terms of the Dow Jones these levels are about 25,800 this resistance which was a new support a couple of days back But now we see we broke below it and this level at about 26,200 from the beginning of November. So what is the Dow Jones? You know technicals telling me right now. Well, we popped up above this Resistance made it a new support. We held it for a couple of days. We broke, you know up here got rejected by the second Resistance we pushed down and at this point in time. We were just simply trading horizontally in the Dow Jones between this new support and the resistance, right? Very simple. We were trading just like this, but yesterday guys We saw the big red day that we had but the thing I'm seeing here that makes me want to think the Dow Jones is Continuing the uptrend pattern is the fact that we're holding our 50 SMA or the 50 SMA support here on the 180 day for our chart and we can also see here guys that we're struggling to get above that Old resistance, which is now a new resistance again Because we broke below it and we broke the support and obviously when we break a support again We probably all know this by now. This becomes a new Resistance, so we're trading right below the first resistance here at about 25,850 right now in terms of the Dow Jones And let me quickly clear this drawing set because this channel right here looks very butchered right now Let me just quickly go to the 30-day 90 minutes We can get a better understanding of what channel we're trading in right now in terms of the Dow Jones It looks a little bit like this right we can see that here and notice We're seeing a double top here in the Dow Jones as well at about 26,200 and if we break this trend line the support to the downside and that's gonna be a big big big bearish push to the downside in terms of the Dow Jones and we already did break below the 50s in May So there's a couple of factors and indicators here that should or not really should that could point to more selling In the Dow Jones industrial average So that is what I'm looking at in terms of the Dow Jones here guys Let's take a look at the NASDAQ composite very quickly This is the only index that ended up closing the day up today green up about $13 up about point one eight percent and Judging off this longer-term chart here very similar to the SPX and the Dow We're trading under or rather we're on top of it now this old resistance Which is now new support from back in the beginning of December at about 71 40 and the one before that in the beginning of November at about $7,200 and again I've been talking about this over the past couple of weeks now It feels like a couple of months honestly You know in terms of the NASDAQ here on this channel that we're trading and struggling to get above that Resistance which we got above it the other day and now we're trading in between These two levels drawn out by the trend lines and let me quickly clear this drawing set So we can get a better understanding of where we're moving on this 30-day 90-minute chart Actually guys, this does look a little bit. Let's see So we can see this is what we're looking at right now It kind of doesn't really align too well in terms of the NASDAQ But we kind of can get the picture here that we're still up trending We're still pushing to higher highs But the thing that I'm looking at you know the thing that I'm scared of is that we did get rejected at that 7,200 resistance yesterday we sold off heavily, but we still held the 180s and may as a support Which is a good sign that we're continuing to push up So what am I waiting for tomorrow in terms of more potential downside in the NASDAQ? Well, I want to see a break below this trend line the support of this trend line as well as the 50 and the 180s and may support levels here as well if we break below all of those guys That's going to be three key technical breaks in the NASDAQ that can push it down more in terms of more downside Right that is what I'm looking at very very simple in terms of the NASDAQ And now let's talk about what I personally ended up trading today on the 5th of March in 2019 And did I end up buying shares of Tesla this morning? Let's talk about it. So the first ETF that I actually traded today was LABU and this is one that I traded a bunch You know a couple of months back it feels like almost a year now But I actually haven't been trading it much over these past couple of months and for those you guys that don't know LABU is actually another inverse ETF It's a leveraged ETF and it trades based upon SPS I bi which is a biotechnology Index we can see that is right here guys the SMP biotechnology select industry index This is what LABU trades based upon and simply guys whenever this index is going up in price LABU is going up in price as well and we can see here guys You know this index is clearly on an uptrend pattern It broke out of its downwards trending pattern the 50 SMA broke above the 180 SMA which shows You know bullish signs in an index stock ETF or future. That is what we can draw out You know from a 50 SMA break above a 180 SMA and we can see a couple days back It pushed very strongly up to high levels at about $7100 and if we take a look a little bit closer here on the five-day five-minute chart We actually sold off pretty heavily yesterday from about 70 to 10 down to about 69 40 Which opened up a huge gap in margin of profit in LABU and of course in this index So what I was waiting for today guys Was for a potential fill You know of this big gap that was opened in SPS I bi and honestly guys to be completely honest with you guys I traded LABU this morning on this dip that we see here in SPS I bi and the fact that we held that 50 SMA support from the previous day That was a sign that I wanted to see before hopping into LABU for a very very quick Day trade so we sold off here opening up even more margin of profit this morning in the first 10 15 minutes of the market Open again that opened up the margin of profit on LABU and we can see it here if we go look at the chart We can see it sold off from about $63. I believe yeah at about $63 down to about $60 flat And then once the index was holding the 50 SMA It was slowly starting to push back up This gave me the confirmation to go ahead and hop into LABU for a very quick Scalp day trade and this one was honestly guys about a 10 15 minute trade And I didn't actually catch that much of profit I wanted to lock it in but I caught about 1.2 percent profit this morning in terms of LABU and I honestly still see potential in this one over these next couple of days guys honestly as long as this Index the SPS I bi index continues the uptrend pattern I see potential in LABU, but as of right now, you know based on these technicals We could push back or push down rather maybe to this 50 SMA support at about $57 58 where I'm eyeing up another potential entry point in this ETF so that is what I ended up doing today in terms of my day trade and guys did I end up buying Tesla stock today So Tesla stock is a stock that I personally have been wanting to build in a long-term Position here over the past couple of months, and I've been telling myself I'm gonna get in in the 250 to 270 range over these past couple of months And I really haven't done it but today I finally guys I pulled the trigger and I bought some shares of Tesla stock I was watching this stock very close to this morning I was eyeing it up very heavily because for all you guys that are Tesla shareholders or you follow the stock or You know you just like following the stock in general this stock ended up selling off from about 285 at the close yesterday all the way down to 270 and I'm not kidding guys. I'll have a screenshot right here for you guys I was literally watching it this whole way obviously. I day traded Labu right around here, but I was simultaneously watching Tesla I was flipping back and forth between a couple of charts and we saw as it finally started to get to the bottom here at About 270. I'm not even kidding right now guys again. I'll have a screenshot right up here. I ended up getting in I believe at about 273 or 272 right around here, you know, I bought the shares here I believe like four or five shares an initial position in my long-term portfolio Right around here and right there guys. We shot all the way back up to 284 So no lie I could have sold out of Tesla today if I wanted to with a 4% Profit on a two three four hour move here in terms of the stock But again, you know This is a position that I want to hold for the long term and I'm in right now with about $1,500 or something like that $1,400 and I do plan on adding more to Tesla stock over these next couple of Weeks and especially if it gets back down to let's say the 250 price point I'm gonna be buying some more shares of Tesla stock And I do have some news here and some notes on my phone Regarding Tesla that I really want to talk to you guys about very very quickly So we saw Barclays This is a very very big, you know analyst company bank, you know, we all know Barclays We saw they actually slashed the price target of Tesla from $210 down to about a hundred and ninety Dollars so for those you guys that don't know news flash of Barclays is bear They are they're bearish on Tesla They're short on Tesla and they think that since Tesla shut down many many physical stores as well as them bringing a Model 3 That's cheaper to the market them slashing those margins of profit, you know on their biggest selling cars One of their biggest selling cars this really, you know takes away from the prestige of the brand There was an article, you know Comparing Tesla to Apple and it was called like, you know Tesla is not the apple of cars anymore or something like that because we all know Apple They like having their prices premium right premium products and this bank especially Thanks, since Tesla is slashing the prices of this car to obviously Mass market and to reach a larger market out there. This is taking away from the value of Their brand right we can see here on my notes Like I said, they think Tesla shutting down many physical store locations across the country is a bad sign The price cut is really taking the premium car, you know down to the lower prestige brand of a car There's obviously lower margins on the cars right now, which means Tesla has to sell Way more cars in order to make a more profit at the end of the day But right now guys, I personally think and I'm a bull on Tesla You know based on the fact that they did end up coming to market with a cheaper Model 3 that more people can buy. I think this is a huge huge Huge thing for Tesla guys and this is gonna end up You know bring a lot more customers to Tesla that couldn't previously afford a 50-60 maybe even $70,000 $80,000 car at some points that what you know the model 3 the model x you know The model s you know the model y these cars. They're so so expensive But now there's a cheaper model that people can go out there and buy and I think this is very very good Which is why I ended up buying some Tesla stock today. So let me know down below in the comment section What do you guys think about this? You know, is it a good time right now to buy? Tesla stock. Are you bullish or are you bearish? Do you agree with Barclays? Do you think the price of the Tesla stocks are going to go all the way down to a hundred and ninety dollars per share? That's about let's see. We probably can't even go that low, but that's probably another 40 percent lower or 30% lower from where we are right now That is a big big downwards move if we do end up pushing down there So let me know down below guys in the comment section I would love to know and now let's quickly talk about some other stocks need TFs And I'm personally watching and looking to trade over these next couple of weeks So we're going to be talking about Cron here first and foremost Cronus group This stock as well as ACB aurora cannabis, they did absolutely amazing today Cron up about 10 percent up about two dollars and 24 cents We're pushing up here now We're testing that previous resistance roughly at about well not really quite yet in the next dollar We're going to be testing it, but we're right in that area of about 24 dollars to 25 dollars so in terms of Cron right now guys if we end up breaking this level this one could potentially run up even more and potentially test a new all-time high but if we do end up pulling back tomorrow, which is what I Ideally want to see and we hold that 50 SMA support and we slowly start to scale in maybe at about 22 50 to 23 dollars, I think that could be a very good entry point on this continuation of the uptrend for Cronos so ideally guys, I don't want to get in at these levels unless we break out of the $25 mark for a breakout. I really want to get in at a lower price here on the pullback So we can have more margin of profit to grasp on the upside and if we see ACB very quickly You know this one was up about 12% and it's in a very similar scenario, right? Are we going to break that previous resistance at about $8 and 30 cents for a breakout? Or are we going to pull back here and bounce again on that 50 SMA or maybe on this previous Resistance as a new support at about $7 and 90 cents that could be a nice entry point for ACB but I'm going to be watching for the breakout or the pullback before entering Into a rara cannabis and we can see guys unlike Cron a rara cannabis Actually has a lot more margin based off of the previous Technicles here because we do see it went to about $12 and 50 cents back towards the middle of October So those two marijuana stocks guys, they're probably the hottest marijuana stocks out there in the market right now I'm watching both of those ACB and ticker symbol CRON another one. I'm watching is ticker symbol BIL I Billy this one right now guys is trading above an old resistance new support at about $18 and 50 cents and we're out of resistance right now again at about $19 and 30 cents so tomorrow I'm going to be watching for a break back into the 1950 range break back into the $20 range to ultimately hold this resistance as a new support at about 1950 and from there if we slowly start to fill the gap back up to about $21 that could be a nice little margin of profit that we can capitalize on of about five six to seven Percent on ticker symbol BIL I so another one. I'm watching guys is ticker symbol WMT Walmart, this is one that we've been talking about and we saw a bit of a green day today on Walmart guys up about point four nine dollars point four nine forty nine cents up about point five percent and it seems like we're still holding this higher low Based on this trend line from the previous low at about $93 and 50 cents so basically guys I want to see a break above the 50 SMA here on the 184 hour chart and ultimately a trigger above the $100 price point and from there if we go up above $100 guys That could be a nice fill back up to about 104 Which would offer about four or five percent margin of profit and if we get to about 106 That's gonna offer around a five to six percent margin of Profits so tomorrow guys, you know, I'm watching Walmart. I'm watching the marijuana stocks ACB and cron for potential pullbacks to get those entry points. I'm watching LAVU for a potential pullback and if this is a double top in the markets Which it is based off the technicals if we further have or rather if we have a further push to the downside in the markets I'm gonna be trading TV IX which you all know is my go-to ETF when the markets are selling off pretty much This one follows the SPX the SPX sells off TV IX is pushing up in price So keep an eye tomorrow guys if we do break those levels I was talking about earlier on in the video TV IX is gonna be an absolute killer It's gonna be going crazy guys, especially if we start to sell off back into the $2,600 level $2,500 level, but let's not get too far ahead of ourselves because that is all the way down here We're gonna be playing it day by day to see are we gonna start pushing below the first support that we talked about then the 50 estimate If we break below these levels TV IX is gonna be an absolute killer So I hope you guys enjoyed this video drop a comment down below Let me know what you ended up trading today. Are you a holder of Tesla stock? I would love to know I am now officially a long-term investor in Tesla I've been waiting a while to do this But again long-term investing takes patience guys You sometimes need to wait for the right price to get in and I've been waiting to get into Tesla for months on top of months On top of months now, and I finally ended up doing it today So I hope you guys again enjoyed the video drop a comment leave a like subscribe if you're new hit that notification Bell so you're notified every time that I do make a video. I'll catch you guys in the next video peace out