 What is going on everybody Astos here welcome back to another video so in today's video we're going to be doing an overall market update 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 did today on the 10th of July in terms of my trades as well as taking a look at some other stocks and ETFs that I personally see potential in and that I want to trade here in the month of July in 2019 so without further ado guys let's just hop right into the topic of today's video if you do enjoy this video find value in it go down below hit that like button subscribe if you do want to see further content for me and let's just get right into it guys so today the S&P 500 hit an all-time high at $3,002.98 at the close of the market it was up $13.44 up 0.45 percent the Dow Jones industrial average was up $76 today $76.71 at the close up 0.29 percent and this also hit an all-time high today at $26,983.45 the Nasdaq today guys up 81 points up 1.04 percent and an all-time high was hit nearly at $8,000 at $79.49.5 on the dot so today guys I'm sure a lot of you already know about this but there was a Fed meeting this morning where Powell Drone Powell the Federal Reserve Chairman he pretty much hinted to a rate cut you know increasing chances of a rate cut in the meeting here towards the end of the of July through the 30th and the 31st of July and obviously right now guys you know the markets like I've been saying in these videos they've been pricing in the rate cut like absolute crazy right if we go on the S&P 500 here you guys remember we sold off in the whole month of May you guys can clearly see it here and then once we got that news of a potential rate cut it was literally you know I forget how the news came about but it wasn't even confirmed from Powell the markets you know the markets went like crazy the markets took this as a sign of optimism in a time when the markets needed that optimism and then boom the markets exploded in the month of June as you guys can see you know from 2736 the S&P you know the you know the rally hasn't even stopped yet right from 2730 all the way up to three thousand and two dollars which is absolutely crazy guys the S&P has hit a milestone you know hitting these three thousand dollar you know ranges here so that's pretty much why the markets you know gapped up this morning hit all time highs because we just got further you know further um um what's the word you know further validation that we are most likely going to be getting a 25 basis point rate cut here towards the end of July and if we take a look at technicals here guys on the SPX very good technicals for a bull run here for the continuation of a bull run and for the continuation of this uptrend and let me explain why so we talked about yesterday you know and all of these videos honestly these market update videos on the one year one day for the S&P you know we're holding over an old resistance as a new support right now pretty much with the pop that we saw today guys very good sign here because we pulled back we retested this old resistance as a new support and we popped up and we also broke out of the of the wedge that we were trading in and that I talked about in yesterday's video right you guys remember this wedge that we were in I bet you can see it better on um this 10 day chart we were trading in this wedge and I said you know if we break out of it that's going to be a very bullish run or move rather that's going to be a sign that S&P could continue its run and what happened guys we broke out and we hit an all-time high yet again and if we were to break to the downside that would be a pretty bearish move that would be a break of pattern and we could see more red at that point that obviously didn't happen right so that's a pretty good sign the fact that we broke out of that wedge to the upside on the 20 day one hour here notice how the 50 SMA is still acting as a support we pretty much bounced on it this morning as we popped out of that wedge that is looking good the uptrend is still intact this is honestly a textbook beautiful uptrend here nothing is really you know pointing to us selling off here and honestly the next spot that I'm seeing the S&P and want the S&P to hold is above this level here at about 2990 to about 2995 and that just happens to be you know a resistance spot from a couple of days ago so ideally here maybe we pull back we retest that 50 SMA but ideally you know if we continue this uptrend which I think at this point we will continue this uptrend up until you know July when we get that rate cut I think the markets are going to continue to rally what happens after that guys I'm not too sure quite yet no one really knows but speculation here I think we'll run up until that rate cut and from there the markets I don't know we'll see what happens after that but at least the rest of July I expect that run and hey we might pull back we retest this level pop break above 3000 again and at that point I would like to see the S&P hold 2950 29 or rather 2995 2990 and 3000 I would like that level to be held as a new support so that's kind of the breakdown there on the S&P 500 the Dow Jones you guys can clearly see here we broke out of the wedge again just like the S&P rather not again because there wasn't a wedge before but the wedge that we drew in yesterday's video and the previous video you know we were able to break out of that to the upside right very very bullish move there we're trending above the 50 SMA here on the 10 day 30 minute chart holding that level as a support that is looking pretty good the 20 day one hour here you guys can see again we broke out of that wedge may again hit that high or high and now we're holding that 50 SMA as a support which has been a support over these past couple of weeks that's a very good sign as well and everything that I'm seeing here you know is pointing to further upwards momentum for the Dow Jones and like the S&P we talked about 2995 that old resistance needs to be held as a support in the next couple of days and that level on the Dow is going to be around 26850 right around here you guys can see that was a resistance back on the 21st of June back on the 1st of July we broke above it a little bit we failed to hold it as a support making it a resistance again and now you guys can see if I extend the trend line a bit you know we're literally right on top of that level right now so ideally here guys tomorrow I would love to see a hold above this level which would honestly hold us above the 50 SMA as well and from there we could continue the uptrend and who knows guys we may be getting into the 27,000 territory 27,200 27,250 that would be nice on the Dow if we hold those levels and overall you guys can clearly see we are holding old resistances now as new supports on the Dow we just need to see obviously if this upswing is going to continue and I do expect the markets to continue to run here at least in the short term up until we get that 25 basis point rate cut which Jerome Powell really hinted to today you know earlier on in the day so the NASDAQ today guys did very well up 1% like we said in the beginning of the video I don't know if you guys can see this because my face is down here but tech stocks green throughout the board are at least the main ones that I personally follow including Netflix, Microsoft, Google, Facebook, Amazon and Apple they were up all good today and Apple is actually the stock that I profited on today and I'll talk about that in a couple of minutes here and for those of you guys that remember I bought Apple yesterday and it was an overnight swing trade but I don't want to get there quite yet give me a couple minutes guys I will get to that but the NASDAQ here very similar to the Dow and the S&P we're at all time highs now and we're looking to hold those old resistance levels from the past year as you guys can see here on the one year one day we're looking to hold those levels as new support levels right this level here we clearly broke above it we broke above 7850, 7900 now we're in the 7950 range now we need to pull back guys retest this level for the uptrend to continue in my personal opinion so hopping here to the 20 day one hour you guys can see we completely popped above the 50 estimate today we're out of that wedge very bullish move here on the NQ we hit that high or high everything is looking like the uptrend is still intact so guys markets right now they're extremely extremely extremely bullish right VIX is down a dollar and six that's the volatility index and the VIX right now guys has been getting clobbered here over the past couple of weeks as is expected because when the markets are rallying hitting highs you know the VIX tends to do pretty poorly as you guys can see you know the VIX went from 36 all the way down to 11 you know from the beginning of 2019 to the month of April when that market when the markets in general were on this big rally and now that the rally is really just continuing we're hitting all-time highs again the VIX is continuing to get clobbered here so let me know down below in the comment section what do you guys think about the markets right now I would love to know your opinion as always and without further ado let's just talk about what I did today in terms of my trades and my trading today guys was very quick very easy because all I did was sell a swing trade that I bought yesterday and that swing trade that I bought yesterday was in ticker symbol AAPL so the whole you know basis of this swing trade the whole idea behind it was entering roughly at $200 as we broke above this resistance the whole idea was to enter as we confirmed that as a new support and for those of you guys that watched my video yesterday I talked about exactly when I entered you know we popped up briefly above 200 we pulled back right and we retested this level as a new support roughly at about $200 and we saw the big pop up to about 201 and I was already entered somewhere around here the 220 to 230 level and from there guys you know we saw the pretty big optimism pre-market today the futures were doing quite well and this really spiked up Apple very aggressively and when I saw pre-market guys the massive run was at 202 right before the market was about to open and then when we got that big green candle this morning you know I was like okay and especially once we started to get into 203 I was up like 1.2% on my position at that point I was like okay this was a very quick move it was overnight right I'm taking my profits and that's what I ended up doing guys so from about 230 let's say 200.30 ended up getting out at about 203 ish 203.1 you can see that's about a 1.3 to 1.4% profit on an overnight swing trade which makes me really happy I'm ecstatic with that I'm content with that and that's all I ended up doing guys you know there were other stocks there were other ETFs that did quite well today but I missed out on those I didn't really take any positions on those I was just simply watching the markets you know after I ended up selling out of my Apple position so let me know how did you guys end up doing today what do you think about tech what do you think about Apple you know what what do you think the markets are going to do honestly I would love to know everything that you guys are thinking down below in the comment section let me know guys I love talking to you all so that's it really for today's trading update and honestly for the rest of this week I'm going to be watching how the market reacts you know are we going to continue to rally which I personally think is very very likely very very possible here and if the market continues to rally I think Apple can also be a potential trade you know to get into tomorrow right we can see there is a lot of room left to run on Apple up to 210 you may be asking yourself why don't you just hold it then right because honestly I just wanted to lock in the very quick profit that's the truth guys and there's never a bad it's never a bad idea to just lock in your profits right that's my personal belief I stick to my plan right if I'm 1.5 percent in the green and I'm very comfortable with that and it's short term why not just take the profit wait for a better entry point so at this point you know let's say we end up you know getting capped at that 205 resistance on Apple maybe we pull back a bit maybe we retest 201 maybe we retest 202 that could be another entry point on Apple or let's say we break above 205 we pull back and we hold 205 as a new support that could be a nice fill from 205 up to 210 these are a couple scenarios that I'm waiting for on Apple that could potentially play out here we saw crude oil this morning went on a ridiculous move it filled that gap completely this really just happened overnight so I wasn't really able to capitalize on it and that's the one thing that kind of sucks trading these inverse ETFs that trade on futures a lot of the time if you don't hold the future overnight or rather the ETF overnight you can miss out because a lot of the time these futures make their moves overnight so example here you know crude oil yesterday it closed I believe at like $58 towards the close of the market and let's say you were to buy UWT you would have made all of your money overnight if you were to buy UWT that goes up whenever crude oil is going up right you would have made a whopping 11% today which is absolutely crazy right and if we go to crude oil very quickly so I can show you guys that it made that move overnight take a look here one day one minute let's see guys you can clearly see it right take a look at this time period this morning 7 10 which is July 10th 2 a.m eastern standard time I was sleeping at this point right you know 5870 we ran up all the way from 5870 to about 5950 when the market opened so that move that UWT move was pretty much made overnight and again that sucks when that ends up happening it's ideal if that happens during the market so you can capitalize on it without taking that massive risk of holding an inverse ETF a leveraged ETF overnight but you win some you lose some guys and you miss out on some that's just the reality of trading right that's just the reality of things here so now at this point guys it's a bit tricky right because the RSI is overbought we're at a resistance right now at this point I would love to see it break 60 and hold 60 as a new support see that RSI get to a healthy spot and maybe fill up to 63 but that might be too big of a move and too short of a time for crude oil so I don't really know guys at this point I'm just going to be watching it I think the move has already been made there no sense of chasing it but natural gas at this point this one's looking very very good we're breaking out of the 180 SMA we're holding that 180 SMA we held it as a support we're breaking out of this downward channel that we were talking about in yesterday's video and that I have illustrated here on the chart very very bullish here guys we broke out you know everything is looking pretty good right now for natural gas and for you guys and the thing here also that's looking pretty solid guys is that we're inching above the next resistance spot which is about 248 well at this point we're still a bit under it but we were inching above it you know at this point in time kind of at this point right it's actually more towards not 248 I guess you could say it's more at like 245 literally exactly where we are right now so this is a level where you know if we pop out of it we could be filling up the next gap to about maybe 254 maybe 255 so that could be the next move on natural gas and if that does end up happening guys you know you guys which goes up whenever natural gas is going up that is going to be the play that I'm personally watching and at this point guys you guys is actually at a pretty healthy dip buy so hopefully natural gas doesn't make the move overnight so we can capitalize on this tomorrow maybe pre-market hours heading into the open of the market because if we're dipped we're dipped now down to about 19 bucks high at about 20 that's about a six percent margin of profit there if you guys is able to bounce and fill up to about 20 bucks so I'm watching that very closely here AMZM Amazon really played out exactly to how I ended up calling it out on Sunday's video but the sad thing is guys I didn't even play Amazon I played Apple but again you know you can't play all of them you miss some you lose some you you you win some that's just how it goes right but all I'm saying is that it went according to plan although I did not end up trading it remember how I was talking about if it broke 1950 it could fill the gap up to 2020 and now maybe to the next high which is at about 2050 you know these are things that ended up happening on Amazon but now it's a bit overbought we may be pulling back who knows here guys but I think the boat has sailed right now on Amazon and this if you're hopping in right now you may be suffering a case of FOMO fear of missing out guys so let's take a look very quickly at some stocks that have just been going crazy and that those stocks have been the semi stocks guys MU in particular oh my goodness guys my long-term portfolio is thanking me now because MU I've been down on this position for I don't even know how long at this point probably like a year I bought in in the 50s and you guys saw what happened it went all the way down to $28 I was down quite a bit and now we're finally starting to get some of the money back although I am still red I'm viewing this as a longer term position so it's not really bothering me but I think it's worth taking a look at for potential trades right now obviously we're a bit overbought here if we pull back that would be ideal retest that 50 SMA that is what I'm watching here on MU you know AMD very similar right we're actually killing it on AMD right now you know it's you know we bounced off that 180 SMA at 29 bucks we broke that downwards trending you know resistance here very good breakout but at this point again just like MU it's a bit overbought ideally I would like to see a pullback and a retest at the 50 SMA that could be a potential entry so those are just a couple of stocks and ETFs that I'm watching right now guys let me know down below in the comment section what do you think about them what are you watching what are your thoughts on the market again I would love to know so if you enjoy this video feel free to go down below hit that like button drop a comment subscribe to the channel if you haven't done so already if you want to be further connected with our community the two links the StriveSmart discord the StriveSmart facebook are linked down below and if you want to follow me on instagram that is linked down below as well so I'll catch you all in the next video thanks again for watching peace out what is going on everybody Astos here welcome back to one of their videos