 What's going on everybody it's Toss here welcome back to another video so in this video just like always We're going to be breaking down the overall markets taking a look at the Dow Jones the S&P 500 and the Nasdaq We're also going to be doing a trading update talking about what I personally did today in the markets as well as some stocks Need TFs that I'm watching and looking to trade here in the month of October in 2019 and guys the markets got absolutely rocked today We're going to be talking about what caused that and if you guys saw the title of this video And if you were paying attention to the markets yourselves You probably know what caused that drop and a lot of individual stocks that I personally track got hit very hard And we'll talk about that as well So this is going to be a loaded video if you guys do find value in it If you do enjoy this video feel free to go down below hit that like button Consider subscribing if you want to see further content about the stock market trading and investing This is the channel for you and let's get right into a guy starting off with the SPX the S&P 500 index the 500 largest publicly traded US companies. We ended up closing the day down 1.23% down $36 and 49 cents. We finally broke below 2950 today and we closed below it so that's a very good sign For the bears and if you guys have been following my videos for the past couple of weeks We've been talking about this critical level at 2950 which was an older resistance back in the end of April of 2019 We obviously broke above it hit that all-time high We pulled down making it a resistance again And then when we recently broke above it in the beginning of September I'd say we made it a support again So now that we broke below it There's a lot of room to drop here in the S&P with the next closest support I'm personally seeing here is probably around $2,900 flat right if we pull this level I didn't I don't have it drawn out here quite yet But right now I'll draw it for you guys you can see that this was an old resistance back on the 7th of June We broke above it making it a support, right? We actually bounced above it here on the 3rd of September making it a support So right now we have about a 50 point drop to that next support and then after that I'm going to be looking at around 2850 for the S&P to hold and if we go even further down guys You know, we're going to be getting into the 2700s. You know, we have you know 2730. That's a very big level there We also have this level right here, which is pretty prominent at around 2800 flat These are the possible levels that we could be getting to you know If this sell-off continues and I personally think it is going to continue here And if we look on the one-day one minute guys, you can see how aggressive this sell-off was we gapped up this morning The bulls had hope here and then boom the market's dumped right from 2990 all the way down to around 2323 or rather 238 that was about a 50 to 60 point drop from the peak to the low of the day Which is absolutely crazy right and the bears took over here towards the end of the day as well The bulls tried to break us out of that 180 S&P resistance. They failed We ended up making a lower high and then ultimately we tried pushing to a lower low But we didn't so for tomorrow guys, I'm going to be watching the futures the large caps What are they doing right are they gapping down in the morning that could tell me that we did push to this lower low and the down trend at That point is Continuing right if we zoom out a bit to let's say the 20 day one hour you can clearly see this is a down trend right We failed to break out over the 50 S&P resistance, which was a level We were talking about in yesterday's video on this hourly chart We got rejected clearly at a lower high and we dumped if we go back to the 184 hour The only positive thing that the bulls have right now one of the only positive things is we're technically Still on this little uptrend here You know as we can see by this trend line, right? This is technically a higher low from the previous But again, we're seeing a double top here You know We're kind of in this wedge at this point on the S&P where we're squeezing between 2940 right now and that all-time high at around 30 27 So all it takes is for tomorrow to dump down here if we do dump if we gap down That's going to break this uptrend and we're going to be Fully in the process at that point of making that right shoulder that we've been talking about on this channel over the past Couple of videos, which is the overall trend that I am seeing here on the four-hour chart for the S&P That's it's the overall trend that it's forming in my opinion, right? We got the left shoulder the head and again if we dump if we start to break down towards 2,900 flat and of course below that that's going to be the Really the the beginning of the completion of this right shoulder and I think at that point We'd see a lot more downside if we start breaking these support levels So going to the Dow Jones industrial average guys down 1.28 percent pretty terrible day today down 343 Dollars you guys can see we're peaking below that level of support here at around 26 630 which was an old resistance back in the beginning of May towards the end of April So that's a good sign that this theory that I have drawn out here by these trend lines is going to break out or rather Play out right because now if we make our way down to the next support, which in this case is around 26 to you know the RSI is going to be very oversold at that point, right? We may be getting down to the 20s 25 on the RSI then we may see a bit of a bull run here Not a bull run, but we may see the bulls come back try to fight, right? We may see a bit of a rebound here bring that RSI back up and then ultimately I think we'll get rejected again Maybe at this level right when the RSI gets to a healthy spot again Then we might try to end up dumping below 26 to which will lead us to this level at around 25600 right now That's kind of what I'm thinking here with what the technicals are giving me on the Dow And if we zoom in a bit to the 20 day one hour you guys can see just like we talked about in yesterday's video And just like I said for the SPX we got rejected by that 50s to may and that 180s to may on the one hour chart Both of these levels are resistances. We push to that lower low the downtrend is still intact, right? And if we go to the one day one minute, you can see how aggressive the Dow sold off from 27,046 dollars all the way down to 265 guys that's almost I'd say around a 500 point drop about a 480 point drop here from the top to the bottom, which is very very big This has to be one of the biggest sell-offs I don't know if that is true, but I think it's one of the biggest sell-offs that we've had in the markets in the past One month at this point probably in the past one to two months. I don't know again if that's correct That's just me throwing something off the top of my head because again. I watch the markets every day I see the action every single day and this is in my recent memory The biggest red day that we've had and you guys can clearly see I'm right at that point, right? Because we've been uptrending here, you know pretty much for about a month, right? So this is probably the biggest drop we've had so overall that's what I'm looking at for the Dow Keep an eye if we fill down here to 26 to that is what I'm thinking, especially if the futures are pointing red Especially if a lot of these large caps are pointing red Tomorrow so the Nasdaq right now is up 22 points, but it did not close green guys best believe that let me open up My yahoo finance app very quickly we can see exactly what it ended up doing today and today funny thing guys It was one of those days that the Nasdaq actually Didn't perform the worst out of the three major indexes. It was down 90 points down 1.13 percent which on a percentage basis it was actually down the least out of the three major indexes and sometimes It's down well most of the time it's down the most so that's kind of interesting It seems like tech held up pretty well today as a lot of these Industrials got hammered that we'll talk about here due to the manufacturing data being very very weak Nonetheless the downtrend is still intact on the NQ if we look at this four-hour chart We are holding 77 30 roughly right now with the futures being up So that's a good sign that we're fighting to hold that level, but ultimately I think this is going to play out What we have here? Really shown by these trend lines, right? I think we could potentially dump down to 76 flat 75 80 roughly this level right which is a support We've held it in the past multiple times and then the R side is going to be very oversold We might see a breather there bulls might come in run us back up to 77 Then ultimately we might end up dumping from there Continuing the downtrend and thus forming that right shoulder on the four-hour chart that I'm seeing on all of these major Markets if we zoom in a bit here to the 20-day one hour guys you can see we're clearly downtrending right We fail to break out of the moving averages. We got rejected. We dumped We're on our way to that lower low, which would be the continuation of that downtrend if we go to the one day One minute we can see we peak that 78 40 we bottomed out at about 76 90 So that's about a hundred and fifty point swing which has to be in the two percent right almost two percent right there About 1.94 percent to be exact. That is pretty pretty crazy You know for the end queue here from top to bottom so overall guys, that's my thoughts on the market, right? I think there's a lot more downside at this point, especially with this negative data We're also getting I believe the jobs report for September is coming out I believe this Friday, which will also have a lot of impact on the market in my opinion probably positive Maybe negative right or not probably positive either positive or negative based on what the numbers are And that's something that I'm personally watching. So what rocked the markets today, right? Very very simple The manufacturing data came in weak. I have these notes right here That I think are interesting Let me pull them up on my phone very quickly the report underscored how stress in Manufacturing can be amplified throughout the economy Manufacturing has been hit by weak export markets, especially China Which has been engaged in a bitter trade battle, which we know a lot about with the Trump administration Negotiators are supposed to meet in Washington later this month the sell-off hit industrials materials energy and financial stocks the hardest which we'll take a look at some of those right now Financials were weighed down by Charles Schwab's announcement. It would no longer charge commissions on stock and ETF trades That's actually not really relevant to what we're talking about here But overall the manufacturing data came in weak and let me show you guys some stocks I got rocked 3m being one that I personally own it got crushed down 4% today down about six dollars You guys can see we got rejected by moving averages This one's testing the low that we're seeing here on the four-hour chart at around 160 Watch this level as a support if we dump this could be a potential short again Because I do think there is going to be pressure on these industrials heading forward right if we look at Honeywell This one got rocked and not as much as 3m, but it was down 3% here down $5 if we look at cat caterpillar CAT down 3% down about four dollars so you can see some of these got hit hard I didn't look at the banking stocks today, so I don't know how bad those got hit, but let's take a look at some banking stocks Okay Bank of America down about 2.5 percent. That's a pretty big red day in terms of a bank Let's see Wells Fargo WFC down about 2.7 percent So these are getting hit pretty hard on an individual basis JP Morgan not as hard But still 2% that's a sizable chunk there Goldman Sachs Let's see what they did 2.19 percent in their red down about four dollars and fifty four cents So you can see some of these stocks here guys. Let's take a look at Boeing I don't know if this one got hit Boeing not that bad down about 1.5 percent down five dollars and fifty three cents So you can see guys a lot of these stocks have big weight on the Dow Jones, right? Which is why the Dow Jones was down a bit more than the Nasdaq today And if we look at tech very quickly you can see it held up right apple actually closed green up 62 cents today Amazon It was only down 26 cents, which is pennies on the dollar compared to how big that It literally is pennies on the dollar compared to how big that stock is right Facebook down two bucks That's a bigger red day, but still not as bad as those the ones that we just talked about Google 13 bucks You know Microsoft got hit decently here 1.4 percent nonetheless It's still holding this horizontal pattern. So this could be a potential play right Netflix was actually green today guys We can see some bulls are coming in but ultimately the downtrend is still intact. It was up 1.96 dollars a dollar 96 today up 0.73 percent so those are just a couple of stocks that You know did decent today in terms of the tech and ones that did terrible due to that manufacturing data Coming out so let me know down below in the comments. What are your thoughts on that? What are your thoughts on the market? What are your thoughts on tech? What is your thoughts on everything right now guys? I love talking you down below in the comment section. Do not be shy drop that comment So what did I personally do today? I traded my bread and butter whenever the markets are red and that is TV IX guys I talk about this in every single video if you guys are in the discord chat And if you guys follow me on Twitter and if you're on my Instagram you see I send out watch lists every morning That's something I'm starting to do now and TV IX is always in my watch list because I'm always watching it And by the way if you guys want to see those watch lists every morning Follow me on Twitter follow me on Instagram follow the discord group chat and the Facebook group I post them on all those platforms and all those platforms are linked down below So back to what I was doing in this morning. I traded TV IX again, right TV IX. This is a volatility Etn it goes up whenever the VIX is going up and whenever the markets are dumping the VIX today guys was up 15% up $2 and 32 cents again the markets got absolutely rocked S&P down 36 So when the S&P goes down again the VIX goes up. What does TV IX do? It does very very well So we can see here, you know, once we got the news this morning about the manufacturing data once we got that I knew it was going to be a red day, right? Especially with how aggressive the markets dumped, right? If you're in the market long enough you kind of build an intuition of these types of things, you know When you get the negative catalyst when you get the price action, that's very very aggressive almost like panic selling You know, this is something that it's almost a no-brainer, right? Once I started seeing this dump I was like, okay, this is aggressive. This is panicky This is something that is obviously going to push up a lot of these market ETFs that go up in the market sell-off like TV IX Right sqqq is another one, but I didn't trade that and that's kind of what prompted me to take that position, right? And if we go to TV IX very simple, right? We got the initial dump off I didn't end up getting in here guys mistake. Honestly, I should have right away I should have gotten in but I Kind of got scared a bit. I didn't want to catch it too high. It was oversold or rather overbought I kind of wanted to wait right? I wanted to see if we were going to pull back hold the higher low if the markets were going to continue to sell off Which in my head my intuition was telling me they were but I wanted to get the confirmation that they were got the Confirmation held the higher low here on TV IX as I got the confirmation of the market sell-off on the SPX We held the 50 SMA support here and I ended up just starting to scale in. I think it was at about like 13 78 1380 something like that and Honestly guys, I was feeling a bit more risky today. Typically I'd sell on the next upswing But I actually ended up holding it today And it actually benefited me very much because let's say I ended up getting in at 1380 I did get in at 1380. Let's say I ended up selling at about let's say we got out at the peak at about 1420 that'd be a nice 3% and I'd be ecstatic with that right but I actually held it through this this time and I sold off on the next run up and I ended up making close to 4% on the trade as we started to break out of This resistance right we got about 4% on that so that is very very good right typically my days They're not 4% you guys probably know this if you watch the channel Religiously right and I know some of you guys do watch the channel every day and if you do I really appreciate you guys typically I'm doing 0.3% trades, you know, I have a red day the next day sometimes You know green day followed by another green day typically that's kind of how it goes right? It's not these massive gains of four or five ten percent every single day But sometimes I do get those days where four percent is my total for the day and that's great Right because that puts me ahead on the week by a sizable margin Even if I get, you know a half percent loss here tomorrow 1% loss whatever it may be overall on the day. I'm still or rather the week I'm still going to be up which is very awesome when you do get one of those nice trades where you get a nice cushion To kind of kick off the week and that's kind of what I ended up doing today So to transition into what I'm watching guys It's very simple right with these markets closing at levels where I think there's more downside and with these weak mark manufacturing data Points that we got right and with the with the jobs report coming here on Friday You know I'm waiting to see if the markets done more and I'm looking to trade again TV IX which is what I traded today SQQQ which goes up whenever the Nasdaq is selling off and SPX sets s SPX s which goes up whenever the S&P 500 is selling off this market ETFs watch list This is going to be my bread and butter honestly guys with the market selling off here. It's going to be kind of risky To take a swing trade unless the markets find a bottom which at this point I'm just being very very cautious about right because I'm not looking to force anything I'm looking to be like okay. This is looking like a bottom on this stock this market Whether it's the S&P the Nasdaq the Dow and then maybe I'd enter into a swing But again, I just think there's more downside Which I'm going with my gut here and then that that's going to lead me to trade these more than the typical swing Trading of large caps that I like and that I think is my bread and butter over the past couple of years of Trading right but the thing is guys you have to be adaptable as a trader You know sometimes when these markets are dumping aggressively and you can't really swing trade you have to be like okay Maybe I'm going to hold some of these market ETFs for a day or two even though that's risky, right? But you could do it maybe I'll hop in and out of these inch or day instead of swing trading maybe take those profits and Hold them for when the market recovers and then you could put swing trades put it in swing trades, right? These are some things that you could potentially do right? I'm going to be watching maybe these industrials, right? We talked about cat We talked about honey. Well, you know, I'm gonna be watching financials, right? I'm going to be watching 3m for potential short plays, right? Maybe some put options I'm going to be watching tech. We saw Microsoft MSFT. This one's holding the 180 SMA seems like it's on a horizontal pattern You know this one can easily fill up to 140. Let's say we have a breather day the markets run up one day This can definitely gap up about one two percent in a day I mean you guys saw it fall one point four percent in a day and we've seen it go up one point four percent in a day So this is definitely a play that I'm watching, you know Apple Of course I'm keeping my eye on it because it had a strong day-to-day despite the markets getting crushed which sometimes guys It's odd right because the markets get hit and you'd expect Apple to get hit along with it Which is why it's kind of weird that it you know, it was green today But nonetheless, right, you know, we might be breaking up to all-time highs here, right? Who knows? That's kind of what I'm watching. So that's it for this video guys I kind of wanted to keep it more compact, right? Keep all the information compact I hope you guys found value in it If you did feel free to go down below hit that like button Consider subscribing if you do want to see further content for me and let me know down below in the comment section Again, what are your thoughts on the market? What individual stocks are you watching and do you like it when the markets drop? I love it when the markets drop me personally because I like shorting stocks not really shorting stocks the traditional way But trading these market ETFs that go up when the markets sell off. It's not shorting, right? But I shouldn't really say that term because it means something else, but I'm looking for it to mean Trading TV IX but just just scratch that that's kind of confusing But I like taking my profits and funneling it into long-term dividend stocks dividend growth stock That's one of my strategies here in the market and I'd love to know what you guys think about that, right? So I'll catch you all in the next video. Thanks again for watching. Peace out