My name is cory and today in the stock market, we did see a continuation of that pullback. Ever since we hit my price target s5436. Is this just going to be a pullback, or are we possibly going to see a stock market correction from these levels? First up let’s. Take a look at the s: p, 500 spy etf, so let’s crack open this chart and see what’s going on in the stock market today, alright. So today, on spy, we did go down 0.78 percent and we closed below the 13 ema, and we did close the gap. Remember that our critical support on spy is going to be right at 4 30 and if we don’t see the price action bouncing off critical support at spy 430 that will be concerning and we could actually start losing the bullish trend. But right now we still do have the bullish trend and we still have price action over critical support. Remember all of these price targets that i give you it’s always possible. We see a pullback from these levels because they’re very critical resistance levels remember. I said spy 436 was significant and i was actually shocked that we blasted right through it, like it wasn’t even there on july 12th. However, as you can now see, that level is getting the respect it deserves, and today we see a hard rejection off of that level, basically hitting that number to the t before we saw the selling.
Now, if i switch this over to a one hour chart, you can see that we did fill the gap down here right around 431 dollars and we did start to see it bounce off that level. So we could still find support from that gap fill but we’re. So close to critical support at 4 30 it’s hard to believe that we’re not going to at least test that level before heading any higher. You could see the hard rejection right here, intraday at 436, even though we did break over that level. It was somewhat of a false breakout. Look because you can now see we failed to break above that level at the next attempt and we’re starting to see selling from that level. Now, from the all time highs to where we are today, we’re still only pulling back about one and a half percent, and i always tell you that pullbacks are about a one and a half to three percent pull back before we continue to the upside. If we start getting more than a one and a half to three percent pullback, we will start seeing price action closing below 430, which is our critical support, and then we will have to start being cautious of a possible stock market correction. Remember we follow the price action and we follow the trend and a price action breakdown below critical support will be a warning sign that we could be going into a correction, so we will want to take a lot of risk off the table if we see spy.
Closing below 4 30., but right now, as you’ll, see in my macro analysis this weekend, there’s really no breakdowns in the technical trends on the daily or weekly charts. At this time, the price action is still over critical support and we still have a bullish trend in pulling back one and a half percent from all time highs. After hitting a critical resistance is nothing to be fearful of, and it should have actually been expected, because every time we get to critical resistance, we’re always going to see profit taking and people selling and possibly shorting the market. So on spy watch critical support at 4 30 and if we bounce off that level, we will be looking for a potential re test of 436 and we need to see a breakout to get to our next price target at 441.. If we start breaking below 430, we will have the gap closed down here at 424 in a potential re test of the 50 ema, we still do have other support levels on the way down there, but it will be very likely we’re going to close that gap. If we get below spy 430. so watch that gap close at 424, if you do start to see price action below 430. on the nasdaq 100 triple q’s, we went down 0.81 percent today and closed just below the 13 ema, and our critical support level is down Here at 355, which is our 20 sample moving average now that 20 simple moving average is going to climb slightly going into monday’s trading session.
So look for critical support right around 356. if we break below 356 you’re looking for support off 353 in the 50 ema right around 346, because again that 20 simple moving average is critical support and breaking below. That does mean we are likely going to come back down to the 50 ema, but, as you can tell, the price action is still bullish above critical support and we still have a bullish trend so pulling back from the all time highs on the triple q’s we’re Down about 2.25 percent, which is completely normal, pullback territory, because we’re still within that three percent pullback so watch to see. If this is a pullback in a bull market or if it’s going to morph into something worse, we can definitely see a little bit of increasing volume. But we don’t see that huge wave of selling just yet that it takes for a stock market correction. If we jump back over to spy, we can also see the volume did increase a little bit today. But it was not an enormous spike in volume and you need to see that enormous volume selling to get a stock market correction and that’s. Why it’s called the elevator down so jumping back over to the triple q’s you’re looking for resistance at 359 and 362.7, with our price targets still up here at 367 as long as we’re in this bullish trend, if we lose the bullish trend, that price target goes Out the window and we’re looking for downside price targets on the dow jones, we dropped 0.
91 today and the dow jones has a much more bearish looking candle, it’s, fully bearish engulfing and it took out all of the price action of the previous week. All in one day – and we do have a gap below at 3 45 that we’re very likely going to fill from these levels. That’Ll. Take you right into the critical support right at the 20, simple, moving average and close the gap, so that will likely be a fairly strong support level below 345. We still have support at the 50 ema, which is at 343, and our upside resistance is still 348 and 351. On the russell 2000. We dropped 1.23 percent and we’re back down to that critical support at 215.. That is a very strong support level and remember. The russell 2000 is building up a ton of energy. So, if that critical support does break down, we will see the russell 2000 flushing to the downside. However, if we see a bounce off this level, you’re looking for resistance at 219, 222 and 225, that is a critical support. So if it breaks down, you need to be looking a lot more bearish on the russell 2000 and, as you can see here, we’re developing a lot of bearish momentum and a lot of bearish trending as well so it’s very possible on a break below 215. We will see the russell 2000 going into a bear market and that’s, never good news when you see something going into a bear market that has as many stocks as the russell 2000 so watch for that closely, because it could be an early indication of a broader Stock market correction: on the rk etf, we actually were green today going up 0.
11 and we don’t see a spike in volume on selling for the arc etf. That could be good news that we’re not seeing a massive wave of selling in the growth stocks. At this time, and that could tell us that this is not likely going to be a stock market correction but obviously that’s, subject to change. We are finding support right around 116 and below that the next support level will be 112.6 and 109.. Upside resistance is still 120 and 124, so watch to see which direction rk is going to break. If it breaks back above 120, we could start building back up a bullish trend, but if it continues to break down below support, we will develop a bearish trend and we could see rk going much lower, so it’s in that no man’s land in either direction. We have no trending, so watch the critical resistance and critical support to give you an early indication of where rk is headed on the vix. We did see a spike in volatility and we did go up 8.47 percent and closed above 18.2. Remember. We need to see the vix closing above 20 to see a stock market correction and we’re definitely starting to head in that direction. The vix closing above 18.2 is still normal volatility, but it’s definitely a warning sign. If we continue to see the vic spiking and getting over 20, that will tell us we are going to see the elevator down and the massive wave of selling so watch the vix closely.
And this is not the time to be taking on a ton of risk until we see exactly how next week plays out. Remember above 20 we’re looking for a potential stock market correction, and we need to see the vix getting crushed back down below 18.2. To potentially see a bounce off critical support and start heading back higher on the us dollar, we’re still seeing strength with the price action over the 5 ema, and we still have the full bull trend. Remember. A strong dollar will continue to put downward pressure on gold and silver on gold. We did get rejected off of that resistance level perfectly at 18, 29 and we’re back below the 50 ema support level at 18, 14.. Look for support at 1793 in 1776, and we still have resistance above at and a break above that level could bring us to our next price target at 1876.. On silver, we saw a massive wave of selling today going down 2.56 percent and closing below support at 25.7. The next support level is 25.1 and will now have resistance at 25.8 and 26. watch silver closely because, like i said, the strength in the dollar is putting downward pressure and this could be an opportunity to buy it low. But you don’t want to get reckless and try to catch a falling knife, so watch these critical support levels on bitcoin, we’re, currently down 1.4 percent, and we still see the bearish momentum. Picking up, we see the 5 ema, creating more separation from the other moving averages and we are starting to see all of these moving averages with a negative slope.
So remember our most critical support level is thirty thousand, and if we break below the thirty thousand dollar support level, bitcoin will be looking a lot more bearish, because that is a very critical support. Below thirty thousand, you have support at twenty seven thousand and twenty three thousand, and as long as we stay above thirty thousand, you can and probably should remain bullish on bitcoin if you’re buying at these levels. The reason i say that is because this is a strong support level that has not been broken, and that could mean that bitcoin is going to rally off of these levels, eventually we’re seeing reduced volume and we don’t see a huge wave of selling. So it will be difficult for bitcoin to break below critical support if we do see a lot of buyers stepping in at that level. However, price action is king, so a break below support will tell you everything you need to know and we still need to see. Bitcoin breaking above 36 000 to try to get back into a bull trend and we’re, not even close to seeing price action going back up to those levels. So right now bitcoin is still looking bearish, but it is holding up above critical support so again, it’s just in that no man’s land that is favoring the bears, but obviously the bears are not driving it lower, which does make it a little more bullish at these Levels on amazon stock, we dropped 1.
59 and we’re very close to re testing. Our support at our 20 simple moving average at 35.60. Amazon still has the full bull trend and we have not yet hit our price target at 3800, so it is possible. We bounce off. This strong support level and continue to trend higher in this bull market. If we see amazon closing below a 20 simple moving average, that does mean we could be coming back down to 3 500 and below that we’ll be looking for support at the 50 ema at 34.45 on tesla stock. We were down 0.98 today and we still see tesla selling off on decreasing volume, which is a good indication, because that means there’s not a lot of sellers there’s, just not a lot of buyers either. We see the price action closing below that critical support at 648, which does increase the probability tesla is coming back to 626, but remember we did break out of our resistance trend line which could now act as support, so there will still be support on tesla around 640 dollars, we now have upside resistance at 648 658 and our strong resistance level up here at 692 and remember. We need to break above 692 to start running in a bullish direction and we need to break down below this resistance trend line to start seeing bearish momentum so watch for a break below 640 to bring us back to 626 and below 626. We could be coming back down to 594.
, we did lose the bullish trend and the price action is below critical support. So again, tesla is in one of those situations where it could go either direction so watch the critical support and the critical resistance and see how the price action is going to behave at those levels on applesauce we dropped 1.41 today and we did see apple coming Back down to the 5 ema, remember: apple broke above the 148 price target for two days in a row which does mean it’s possible. We are going to 156, we still have the bullish trend and we still have price action well above our 20, simple moving average. So look for support levels on apple at 145, the breakout level at 143 and our 20 simple moving average right around 140.. We need to break back above 148 to start seeing bullish momentum carrying us to 156 on apple stock on the financial sector. We were down 1.37 today and we still see the financial sector struggling. The price action is back below all the moving averages and we still can’t maintain a bullish trend and we still don’t even have a bearish trend, so the financial sector is still chopping around and the last thing we saw the financial sector do was form a higher High and a higher low on the daily chart, so as long as we’re forming higher highs and higher lows, it is still possible. We see the financial sector regaining strength soon, but right now we just see it chopping around and we don’t see a strong trend in either direction on the industrial sector we drop 0.
89. Today and again, the price action is below all the moving averages. We were very close to regaining the bullish trend on the industrials, but we did see the price action getting flushed out near the end of the day. If the industrials can get back over the 13 ema, we could see that bullish trend returning but watch the price action closely, because as long as it’s below the 50 ema, that will be a bearish indication on the healthcare sector. We saw the most strength of all. Today, going up 0.27 percent closing back over the 5 ema yet again and it’s still in a very strong bull trend, so the healthcare sector is still looking very strong. The energy sector got absolutely destroyed today, going down 2.83 and it’s still looking very bearish. All of these moving averages are very negatively sloping and we’re very close to having a full bear trend with price action well below the 50 ema, so look for a potential bear market coming to the energy sector. If we don’t see the price action bouncing from these levels soon and getting back over the 50 ema, so jumping back over to the s p 500, we can definitely see a lot of volatility coming back into the market with the spike in the vix and the Close above 18.2 continue to watch the vix closely, because if it gets back over 20, we could be seeing a stock market correction, and that will be your indication to take off all of your risk and get ready for much lower prices.
But right now we still see spy and the triple q’s and the dow jones maintaining bullish trends and we still have price action over critical support and we don’t see the massive increase of volume on selling just yet. Obviously, everything is subject to change, so you still need to watch the price action each and every day and know these critical levels and pay attention to how it’s behaving you don’t want to assume anything in this market, and you still do want to remember in the Bigger picture, we do still have bullish trends on the daily and weekly charts check out. My macro level analysis this weekend where we’ll dig into the weekly charts, and you can still see that we are looking bullish in the larger degree. Obviously, if you’re a day trader, you don’t care about the bigger picture, but if you’re a swing trader or an investor, you need to understand that this market is still bullish, and these are all just little volatile blips on the radar and they’re just pullbacks in the Larger degree of a bigger bull market so stay focused and stay objective and follow the price action in the trend. Also don’t forget. I have my trade alert service that only trades the t triple q is called the bank trade alerts and it’s very simple to follow. All you need to do is execute the trades and you’ll receive all the buy and sell alerts via email and text message and i’m currently running a 50 off promo code for your first month.
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