 All right guys, it is July 7th. I'm gonna do my quick pre-market analysis on the S&P 500 and Market opens at 3 o'clock today, and then I am going to see how the market opens what it does And then I'm possibly going to take a couple trades today. So stay tuned All right, it is 12 16 p.m. On July 7th Market opens today at 3 p.m. So I'm going to maybe place a couple trades depending how the market looks This is the S&P 500 Looking at the daily chart. I still think this is in a way of three up. So There's no reason if you want to short there's no reason to everything is pointing upwards the trend is up MACD is up moving averages are above. So if you're swing trading Yeah, go on hourly chart if your intraday Tells you a little bit of a different story I Think this is the beginning of a new wave count. So you have zero one two and three it might do something like that I personally don't think wave two is completely done. I Think it has a little bit more room to come down into wave two before it pushes back up Or could just completely go down, you know, you never know Nothing's ever confirmed in the market But that's my personal prediction that may come down a little bit further before it moves upwards to wave three Looking at the rancor chart. This is what I trade specifically So same deal This is ABC down new wave count zero one two three And I put this box here for the Fibonacci retracement Tell me that it could come down into this area That's why I put this blue line here And if you look to the left it has bounced off this as a resistance and it's done in a couple times resistance and Bounce off support for just a very very shallow balance and so if it breaks If it opens up and I get a red bar, I will probably go Short and just trail my stop to see how far may go down because it may even go down to sixty one point eight Or could just continue to go down and just change momentum because if you look here This is a higher high higher low didn't make a higher high This could be just a little bit of noise and I could continue going up But if you look here at the oscillator in the MACD, you see that this is a Slight higher low, but this is a very steep drop. So it's telling the momentum might be changing and it just may Continues like the plummet so Depending on how it opens. I'll see what this how this opens if it breaks under this support and Continues to if I get a one one bar down I'll probably go short and see if I get a scalp and Then just trail my stop to see how much I could get before if it turns around And then I see indicators to go along and then I'll go along. So that is my analysis on the S&P 500 right it is now 642 PM on July 7th So I did enter a trade today. I will go through that in just a minute and go over my analysis I was kind of not able to completely focus on just trading today And I was up and up and around the house doing things I couldn't just you know, stay glued to my seat and trade So when I saw a trade build up, I took it and made a little bit of a profit I'm sure if I would have stayed in it longer I could have made more money, but I didn't want to stay in the trade for too long today It's Sunday. So rocket volatility is kind of different and yeah, so I'm going to I Captured as much as I could of it During the trade, you know because I entered and I try to pull up the screen capturing software, so Anyways, take a look at it. Tell me what you think So I am in this trade Same scenario I put this blue box here. I thought I was gonna go it took a little time, but finally it's going into The area I expected it to go to I'm up 75 dollars right now My stop was up here. I trailed it To just lock in some games because I really don't want to stay in this trade for too much longer because it's already 635 I've been kind of watching it on and off since three o'clock since I opened and I've you know I kind of just been around the house and looking at things I was come back on check on it and I finally met my conditions. I went into the trade and I'm hoping I go just a little bit further. Maybe I'll try and get to 150 That would be 284. I don't think it'll get that low, but I mean, at least I walked in some profits So we'll see I'm even gonna stop that area 3750, but Still again, I was hoping it could broke past this Support that you know, it would kind of just the next level would be pretty low next level looks like Bounced here a couple of times So hopefully get down here Which would be the 50 That's fair It has a pretty good assumption That it could get down to the 50 there goes Walk in some more games And again, usually I'd keep my my trailing stop way further up, but I just don't really want to be in this trade too much longer I was hoping it would just be a quick market opens meets my conditions get into the trade get out a lot of volatility But they really took a long time for there to be volatility today Again, it is July 7th right now. It's 637 p.m. May just get stopped out right now. All right, there you go stopped out And I still think this could go further down before it starts to go back up but again, I just want to be in this trade for too long. So it says I walked and $63 on that trade not much, but it's better profit than a loss and again it Dates what exactly what I expected it to not exactly it took it went up a little bit down south this trend line And then it started to plummet to go down to this level right here. So I had this circle mark, you know since I did my analysis this morning and And Let's go straight into here Before it goes for a wave 3 which will be way up here. Here it is Right to the Fibonacci level went down for wave 2 And then next I'll go up for wave 3 that's just my opinion and The daily it's still up above the trend line Still will be going up for wave 3 in the daily So wave 3 soon On the hourly chart assuming this doesn't continue just to plummet and then the wave counts off and then That is rethink your wave counts