 Try to look at names that are correlating with the Nasdaq 100 again, especially used to be trade on Nasdaq 100 names And if the Nasdaq 100 starts building above the 10-day moving average 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 getting your buddy welcome to another edition of the access a trader calm nightly wrap-up show Everybody is doing well. Hope everybody had a good day of trading if you are bringing to the channel Thank you very much for spending a few minutes with us To getting to know us to kind of understanding our content of where we are coming from or at least where I'm coming from But more important guys. Thank you very much. And once again, we appreciate it like subscribe And share help along the cause of unbiased technical analysis. Let's get right into it I think tonight's update is going to be pretty direct and right to the point Okay, so we had this really great run Of about a month and a half two months worth of run We came back into rising support on the 20-day moving average if you guys remember yesterday just an absolute phenomenal day Tesla and the video the cues everything under the sun just imploded into the rising 20-day support And if you watch the last night's video, I kind of didn't have an opinion right if you just go back to last night's video I really didn't have an opinion or a strong sense of what the market was going to do because we were so close to the 20-day moving average It was super duper important to see if the market can bounce off the fifth of the 20-day moving average Or if it start if it started breaking down below the 20-day We kind of would know it would be a bigger move back to the downside and the market You know to the market pretty much say grind it up the whole day, right? It grind it up grind it up grind it up and you'll see here This is going to be a very very important Measuring point or point of reflection going into tomorrow's session You see now three days in a row that the cues have got rejected off the 10-day moving average everybody see that guys You got three days in a row that the cues got rejected at 365. This is it absolutely Tremendous and important level for the for the bulls going forward if tomorrow they could finally reclaim the 365 That means this whole area here this whole back test Into the rising 20-day moving average will be reclaimed and the bulls can reclaim back that the 10-day moving average It's got rejected three days in a row then we can start going back to upper The upper channel in this 372 upper Bollinger band. There's the flip side to this as well, right? And it's a very very basic flip side today was an inside day Okay, as much as the Nasdaq rallied 1.6% and today was literally the first day that the Dow Jones has seen green in the last seven days That's a very very important area to understand the most important part was this was an inside day for the bulls and meaning It didn't take out the previous days high again They got rejected off the 10-day and it didn't take out the previous days low So I could literally let I was saying this in the webinar today I could literally speak to a hundred people in a room divide them 50 at a piece and I could convince I can make a very convincing Argument for tomorrow's session that hey, we had an inside day We're gonna resume going lower and I could also make a really really good argument that we held the rising 20-day moving average Just like we did on May the 5th that we talked about yesterday and now we're just one day away of reclaiming the 10-day That's kind of where I'm leading doesn't mean no happen But that's kind of where I'm leading the only problem was when you go through chart after chart after chart You'll notice two things okay You'll notice that a lot of these stocks were really really oversold in the last two weeks And they just had a dead cat bounce a lot of them right not all of them But a lot of them and another very important aspect in kind of a discussion kind of preparing for your day for tomorrow is The most basic essence of technical analysis and we discussed this In nausea for years and years and years if you've been watching this broadcast There's no possible way a stock for ETF or index wherever the case may be can go higher If it doesn't start building above the previous day's channel. Well, that's the problem. We didn't despite this rally here We did not get above the previous day's channel, but we're close right again Somebody's gonna turn around say well closest is is important in hand grenades and and was it called the shoe horns A shoe throws a little bit cold. So it's really not that important until we reclaim the 10-day moving average or lose the 20 It's gonna be deemed Delta neutral However, the way we did close today you are going to start seeing many more names Starting to creep up towards the top of the channel than the bottom of the channel because while we closed You know within striking distance of the 10-day moving average. Here's the problem again Here's the problem look at names for example like Amazon right Amazon is very very strong Didn't take out the previous day's highs at Microsoft pretty strong didn't take out the previous day's highs Tesla Right dead cab bounce no way near the previous day's highs look in the video, right out a nice strong day Inside day didn't take out the highs didn't take out below. So tomorrow when you're doing your watch list tonight Try to look at names that are correlating with the Nasdaq 100 again especially to be trade on Nasdaq 100 names and if the Nasdaq 100 starts building above the 10-day moving average The stocks that are above the 10-day moving average already have a higher probability to Expanding versus the ones like an Amazon or a Tesla not that they can't go higher tomorrow At least continue this dead cab bounce from the bottom range But a lit thing has still need to do a lot of work just to get back into their supply zones So for example look at some names that are oversupply apples oversupply Metas oversupply Letter you today had an upgrade really really big move had a great run in earnings big move today on upgrade That's oversupply. So it's very very important to concentrate on those names. Is it possible for example? Tesla has another date dead cab bounce absolutely right absolutely for Tesla to really go nuts again It would have to reclaim the 10 just like the Q's again It's almost like a mirror image of the Q's But is it possible that Tesla gets another dead cab bounce tomorrow and just trades into the 510 They moving average for some cash flow absolutely So when you're doing your watch list and I guys try to find names that are above Try to find names that are above supply They're not a lot. Okay, there's always always remember when you're getting a pretty big sell-off Like we did in the last two weeks You're not going to get an Exorbitant amount of charts, but the ones that are obvious are standing pretty closely Well, look at a chart for example like Airbnb, right? Airbnb has been actually holding up fairly fairly well We discussed this chart in the past in the last couple weeks or so all it needs to do is get above this channel here Keep an eye on this thing look at a name like Roblox right Roblox the same thing one of those scenarios that again another chart They got rejected at the top of the range three times again I'm assuming if the NASDAQ starts waking up tomorrow Well, why can't Roblox right? Well, we're definitely watching Roblox above this top of the channel as well Look at a name like ENVX It's a name that we discussed a couple of weeks ago It finally had a really really big breakout today The most important part of is if you look at the weekly view right if you look at the weekly view You could see that it went the consolidation was going all the way back to January, February March, right? So this is a very very big breakout This is a name that you want to watch either in into a rising dip of this I'm a profit taking tomorrow morning or above today's ranges So there's definitely things to do meta has been holding up really really well. It's closing at the top of the range So we're definitely set up tomorrow But the key metric the key number to watch tomorrow guys is the cues nothing will happen I give you my word if the cues get rejected once again at the top of the range at the 10-day moving average at 365 I'm telling you everything else is gonna start getting hit and start going lower. So 365 tomorrow guys It's do or die. It's a very very important level if we could close Especially above the 10-day moving average that's going to reclaim supply And if you've been watching any of these videos or any of the ps60 workshops You kind of know that it is the birth of the trade And so the most important level there for the bulls is the reclaim of 365 the bearers if they want to Seize another opportunity for the market to go lower. They have to keep rejecting them there If not, we're going to have another bull parade. So I have to cut this a little bit short guys. My son has Basketball practice tonight guys have a great night everybody. We'll see what happens tomorrow We have a dead cat bounce today a lot of names still didn't reclaim the previous channels But this is what's great about the market. You don't need to recreate greatness every single day Yesterday was very aggressive a lot of value today's just a lot of dead cat bounce Let's see if the dead cat bounce could technically seize this supply and we could further a further massive run that we are holding In 2023 guys. God bless everybody. I'll see you tomorrow I'm sorry for the little bit of a short video, but daddy duty calls and I got a run. Have a great night