Key Levels On The S&P Ahead Of The Impeachment Vote

Okay, welcome back everybody! Thank you so very much for your patience and understanding as we were offline for a little bit given the incredible Wealth365 summit last week – that was the largest one ever. Over 90 speakers. Normally we won’t be doing those but it we’re going to kick-off 2020 really strong and we’ll be back in a few months but I’ll be in the normal size and of course we launched WealthCharts which has been undergoing all sorts of improvements and enhancements even just in the last several days. We got another big release coming out tomorrow afternoon and got a lot of big things planned for WealthCharts in the weeks to come so stay tuned on that. So, as we go ahead and we take a look here tonight the thing that I want to focus on for this evening is getting you back into the basics and that’s as we look at the S&P. So, with the S&P; here we were due for a pullback because if you look here you’ll notice that as we take a look at this we really went ahead and had a negative divergence taking place when you look at the fast trigger compared to prices. So, we were due for a pullback now you go ahead and you add in the Coronavirus and you add in the impeachment vote coming up here between Friday and Saturday there’s a lot of reason to go ahead and just take a pause for a day or two not the least of which is that we are in the Killzone here.

So, this is an excellent day traders market some huge opportunities on an intraday basis to be sure but on a swing trade basis right now taking a pause makes a lot of sense. You’ll notice the gap here in the SPY from the other day and that is acting as a resistance area here. But at the same time, we’re holding this really important channel. And gang, I could not emphasize this anymore – this is so important. First of all, we really need to get back above this 328.50 area just didn’t even go ahead and think about breathing a little easier and at the same time, you do not want to be breaking down below like this 322 area on the downside here. So, these are some very important areas, in fact, I’m going to clear off the work here and let’s go ahead and take a look at this again. So, right around that 328.50 and that 322 area these are the areas that are key breakout breakdown points that we want to be really focused on. You’re gonna breathe a lot easier if you get back up here above this high because that could lead to another potential opportunity now we’re gonna have to watch that if we do push out here to the upside do we get it even more of a negative divergence that’s what we’re gonna have to watch out for we’re making higher highs in price and then we’re still going ahead and making these you know equal or lower lows in the indicators then that might be you know due for even deeper pullback but right now as long if for now we’re gonna enjoy that ride back to the upside if we can get back up above this watch that 328.50 at the same time if we make take a look it’s been all the way back since the beginning of December where we hit that channel and then boom did we pop off there pretty solidly. Remember my concept of skipping rock Theory? You know, just like when we were kids you know we used to go ahead and have the water hopefully your water didn’t look like that but a little flatter than that but you know we’d hit there in the water with a rock and the first skip would be the best and then from there you start to watch out till eventually sinks, right? Well, the same kind of concept boy this it was so strong leading up to this hit that first hit “boom!” hits hard, right?

Well, now we’re hitting it again and now it’s kind of petering so if this all of the sudden becomes a resistance at 322 that could bode poorly for longs. So, that’s why it’s gonna be so important to watch these areas. The good news is we have a lot of exciting things coming up in the next several days and starting with the impeachment vote here we’ll get further updates on the Coronavirus hopefully you guys were all watching the websites that you can kind of keep an eye on how those numbers are progressing and the but also the is thank you for going to being so patient to go ahead and return to us we’re gonna do a special event here where we’re gonna be him you come to join us this coming Tuesday and for those of you that don’t know our room is an all-day room now and we’ve got stocks, options, forex, and ETFs we cover everything in the room. It starts at 8:45 Eastern Time so way earlier than I ever used to start and of course, it’s an all-day room that goes to approximately 4:00 p.m. Eastern Time so there’s intermittent broadcasting all throughout that day and in different segments we have some of our different staff that come and hit the options real hard – hardcore technical analysis live trading on the screen in front of you and which is what Ziad and I focus on and so it’s just a really great team of four of us that are in there taking care of you guys. So, I want you to come check it out on Tuesday morning 8:45 am this will give me a chance to go ahead and teach you some things that maybe you’ve fallen rusty on, answer some more questions on how to use like some of the things I taught you during the Wealth365 summit stochastic spikes, IRBs, different types of strategies and tools that we shared with you guys there a momentum shifts in that. So, take advantage that huge opportunity gets the macro perspective, the micro perspective, day trading, and swing trading – the whole nine yards. Come hang out with us just go to becomeabettertrader.com/go again that’s becomeabettertrader.com/go come join us here and that between that and the videos that I do in the days to come that’ll set you off for a much better pace for 2020 here. So we will look forward to seeing you there. So, one more time go to becomeabettertrader.com/go we’ll see you there and then we’ll take a look at these live markets on the screen in front of you, you can’t afford to miss, alright? Take care gang! Have a great night we’ll see you this weekend and then we’ll, of course, see you next week live. Take care, everyone! Bye-bye! English

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