The market bulls are losing hope. Here’s what they’re watching now!

Okay, welcome back, everybody. Let’s go ahead and take a look at the markets first things first, the update I always like to give you guys here at Dow 27,000 still holding as major resistance here. We’re also taking a big bite into that accumulation bar that we had from last week. So, we’re gonna be watching here very closely, are we going to hold inside this accumulation bar as we did before, given the opportunities for multi week realities and retest back up here, or, this time are we going to fail through that distribution opening up a much darker place for bulls. As we go ahead and take a look at the individual stock indices you’ll see that we went ahead and we actually failed those key resistance areas that I was telling you about. We never did go ahead and breakout above the top end of the channels and, of course, Russell has been continuously painfully weak and we couldn’t get back about the channels which we were told before that the bulls were holding on for dear life hoping that that was going to happen and their hopes were dashed here once again today. This is also the reason why we put in place like in our options alert program we had told everybody on you know for going into Monday morning at 6 a.m. Central time we told everybody that what needs to happen is we need to get through that to 29,550 area to go ahead and look for trades. Well, what did we? We got up here just shy of the 29,550 area then locked in a distribution bar at that area and “Dingdong!” the which was dead going into today.

So, this is why these levels are so important and we could talk about in foresight what we’re looking at. So, with that being said, a couple of things that the markets and all of us will be focusing on are these accumulation bars both on the weekly basis that I showed you and then of course the daily charts have these accumulation levels. You’ll notice there’s a key accumulation bars like for instance on the Dow. This is very long-term support that we’ve held very well previously we’re making another run at that support so we’re gonna break through this support this time and one of the other things we’re gonna be watching in addition to like the Dow proper, we’re gonna be looking at the Russell because the Russell has been notoriously weak during all this process even when the other indices were more bullish. The Russell was not and even here we need to put that in perspective. Here you can see that we are below the channel on the Russell while we were in the channel on the NASDAQ in the channel on the Dow in the channel on the SP we couldn’t even get through the bottom end of the channel, so, that weakness and we watch the Russell for cues because nobody else does and so I always point that out to you what’s happening with the Russell because a lot of times that leads the market. So, with that being said it too is challenging its key support levels right here, so, the Bulls are clinging on for dear life hoping that we’re gonna hold those areas, but if we break through those areas you know those are the kind of things that can trigger deeper sell-offs, so, we’re going to be watching those and if we get through those cumulation areas that’s also going through massive long-term support in fact, you can see here like on the Russell, we’re already through that long-term support and if we get through that on the Dow here and if we can see much deeper corrections and put them in perspective what that looks like you remember on the weekly charts here we’ve got these rising and support levels. And if we can break through that, well, that can lead to much deeper corrections so we have a long way to go to get back down where we were in December. So, bulls are quite nervous at this point. So, watch those rising points here and dry yourself trend line from some of the most recent higher lows and it gives you an idea of pain points that you may or may not be able to tolerate beyond.

So, those are a couple things in the midst of all that there are some stocks that are still holding up well but before we get to that Goldman Sachs is one other thing that everybody’s going to be watching here. You’ll notice on the daily charts we hit target number two and then locked in an accumulation bar at that. So far, we are holding target number two just like hit target number two to the upside over here on the daily chart then we went ahead and turned around fired off sell signal and went right down to target number two over here. But if we break through target number two, we know that’s where also these markets can really get away from us fast. Not to mention filling that $200 level. So, watching Goldman Sachs to the downside here below the 194 area is going to be another key thing that people are gonna want to keep an eye on if you’re long and hoping to hold. There are some bright spots here still in the markets things such as Walmart here. Walmart’s still holding up very well despite the chaos the one big thing we’re watching with Walmart right now is we’ve got some pretty heavy resistance in fact that’s target number two like how we were talking about a little bit ago you saw Goldman Sachs how important those were got right up to target number two pullback and that made actually a distribution bar here as well. So, we’ve got a lot of resistance from right above us and then today’s bar made a new level of distribution. So, from right here at today’s close right through the high set here in September this distribution bar here these are all major resistance but it’s holding up comparatively speaking to the other markets. So, looking to see if it will stay in this area here and start to eat away at the 120 area and not get down below the 114 114 1/2 area okay? So, we’re looking for bright spots if the market as a whole rebounds, stocks like this could have relative strength wise push back up, okay? So, those are a couple things we’re looking at you guys have a great night look forward to seeing you in upcoming videos and talk to you soon! Bye-bye!

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