Buckle up for the next big stock market move. Here’s what Rob is watching now!

Ok gang, welcome back! Well, before I go ahead and answer the question on some of the stocks we’ve been looking at as far as next opportunities, some of you look like you saw what we were looking at and enjoyed them and other people missed the first move, didn’t believe it and what not now we’re looking to see where other opportunities may present themselves. So, we’ll go ahead and give you some updates here accordingly in a moment, but let’s first take a look at the bigger picture here. So, first things first, it’s important to note that this entire week has been effectively an inside bar. Very tight ranges for those you that are intraday traders, you already know that and so, as we take a look we’re coiling up here and you can see in fact we’re right there in the speed lines on the weekly chart. We are also below the speed lines on the daily chart and yet we have lots of rise in support coming up right underneath of us here. So, this is called a kill zone. So we have a kill zone on the daily chart and we have an inside week on the weekly chart. So this is a market coiling up and, of course, there will be plenty of news soon enough to go ahead and go around. So, a couple of things that I’m watching – so, do we go ahead and break down below last week’s low? Is one thing I’m kind of watching here or do we start to break above last week in this week’s highs? That’s the very first thing I’m looking at to help me determine short-term direction. So, I’m gonna watch them very closely. From an ITP perspective, we’re kind of pushing down towards that zero line so I’m a little bit concerned about that. I’d like to see us start to pull away from that so basically be more like over here. In fact, let’s just pull this back a little bit further here. So, you see we’re pulling away from that zero line here that’s where you get some really great continuation opportunities. Gravitating back towards the zero line on the TRP, (Trader Rescue Package) that’s not where we really want to be and that’s reflected by here in ultimately I said being caught in the kill zone. So, we’re caught in the kill zone out here on a daily chart. We are effectively in kind of quasi kill zone because we’re in the speed lines here with the support underneath but really what we are is an inside bar on that weekly chart so it’s real important that you know to see on that and that’s why I’m looking at those key levels I was telling you about for further breakout, breakdown otherwise, it’s just “50/50” trading and better left to intraday short-term trades and even there, with the tight ranges that there’s been, on an intraday basis that even can pose its own challenges for those trying to take swing intraday trades, if you will, versus short-term day trades.

So, armed with that information, there a couple things people have been asking about next opportunities in SMPS, well you can see here we got to target two, we died horrible death I went to target two on the opposite side then we went to target two on the other side and now we’ve been stuck there, okay? And just remember, in order to be looking for fresh long side trades now we’re gonna want to get above that target two and hold it and start to take back off until such time as that, this is just making a bunch of daily distribution bars here and so more and more distribution piling up and so that’s just a big fat area of resistance until such times we can get through and see its support start to take back off. So, watch those areas very closely here in relation to target two on TRP. And then as far as Adobe is concerned that’s the other one as I mentioned in the video the other day we got up there to target one and so that’s a natural place where you start to take some of your position off, pull your entire position, being different people are different in their goals, but we’ve had a very nice run on this and I said this entry back over here that I identified for you was just a re-entry from the initial entry back down below. So, this is really a market that’s short term tired here and so what we’re looking at at this point is we really want to get up above this 447.33 area and for 448 because that’ll also that’ll give us above the IRB and then that would get us above the target number one then we could look to see if we will start to make a move up towards target 2 but right now that short term opportunity is over at the moment until we can show fresh reentry signals up over here. Officially it’s still on the buy from back over here but target 1 was achieved and so what I’d like to do as I was mentioning let’s see what that weekly chart of the SPY will do let’s see what that daily chart of the SPY will do and then perhaps the rising tides could start to lift all ships if it breaks out to the upside.

So, I wanted to give you the update on that and show you what’s really happening here and how we’re basically coiling up here in the kill zone on the daily chart and the weekly chart be an extremely tight to the fact that it’s an inside day or inside week (excuse me) over last week and that is this a market coiling up getting ready for big moves and, so, looking forward to the next ride and we will go ahead and keep you apprised to some of the opportunities as we go forward in the coming days. You guys have a wonderful night! I look forward to seeing you in the live trading room tomorrow morning and in the upcoming videos. Take care, everyone, bye-bye!

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