 Hey everybody, this is Hari Swaminathan from Option Tiger. I wanted to do a market update video because there's something going on and I'll get to what the cause is and you can see that the market, the S&P has basically sort of flattened out and this is a just a moving average crossover 5 period and a 15 period. So you can see that the 5 period is now trying to come down below the 15. Now as we can see just in the last six months, there's been quite a number of times where this has happened where the 5 period goes below the 15 and then it comes back up and you know goes up. So basically if you know the chart is bottom left to top right. So it's a bullish chart and so unless something materializes in terms of some kind of big news this kind of a pattern is to be expected. But there's something going on in the markets and that's pretty heavy and everybody's talking about it. So I'll cover that. So right here you can see that the 5 period is just about to sort of hit the 15 and perhaps may go down below it as well. And so you know the only up bar, really nice up bar, this one as you can see was on low volume. So wasn't very convincing. So that's as far as the S&P is concerned. This was a nice little bounce. You can see that very high volume and the bounce was very convincing and it took it up. But now we could potentially enter into a somewhat of a downward move like for example this one. But and so the question is what's exactly causing it because we did hit all-time highs and so the big deal is oil and if anybody's been following oil, oil is the futures are slash CL and so oil's been getting hammered and so you can see that the chart is the just the opposite which is you know top right to a bottom left. And so it's a bearish chart for the last six months and it's also been somewhat predictable and somewhat inversely correlated to the S&P and so but now oil is seems to be having an impact on the overall market itself and so we might see a direct correlation going forward. But what's happened is this particular point yesterday and that's why it was all in the big news today and today oil was down two and a half, two and a quarter percent again today. So this is pretty serious stuff because that's a big move for oil two and a half, two and a quarter percent and so what's happening was yesterday was this and if you can see the charts clearly the previous point of support was right here and so if you did a drawing this is what it would look like and let me just draw a trend line here so we are clear and so yesterday's support was broken in a very convincing way. So this is what so that's the trend line we are looking at and so you can see yesterday it clearly breached it and then today of course it breached it on very high volume. I mean this is pretty high volume. This is one of the top three or five highest volume in the last six months and so the question is what's going on and so you know it could be a little bit of oversupply but for the most part the analysts are saying that this is a reflection of demand in the global economy or the lack thereof rather and so this is what is and this has been driving the markets from yesterday from the last two or three days oil's been really driving the market so if you want to get a cue on what's going on with the S&P or what we can expect I think we should look at the oil and even today was a very volatile day. I was watching oil it started out in the positive actually today this morning and so if you looked at an intraday let's say one day five minutes of oil so this is what we are looking at and in the morning you can see that it was you know the futures were going up and then suddenly after the general markets opened you know it just started crashing and then this would have been a good trade actually all through the day because this was going down very rapidly at this point during midday. So oil is what is happening right now so this is just a quick market update and if you want to get a cue on what's going on with the overall markets look at oil you can look at oil by a couple of different methods one is slash cl is the futures the other one is the etf as well us o and you'll see that it's a very similar chart so that's it for the update for today we'll speak to you soon thank you