Several markets Rob is watching tonight for the next move

Okay, welcome back everybody, let’s go ahead and take a look at several things quickly. First things first, we are still down below that magic Dow 27,000 area but still holding in strong nonetheless. In fact, right now as we’re coming towards the end of the week we actually have a doji star so a very strong period of indecision bar for me. It’s not locked in yet because we still gotta get through Friday’s close but nonetheless this market is an absolute 50-50 trade right now. Breaking out breaking down, so, with that being said we’re gonna look at some individual plays in a moment but let’s break this down a little bit further so that was the weekly you know the Dow 27,000 chart that’s still holding it’s resistance. Now, we went ahead and, of course, had the impeachment news the other day then the market kind of rallied back because it’s like, “wait that’s all you got?” with the what this was and all the transcripts have been released, the complaints been released everybody’s like this is it, okay? So, the market went in rally back up but you know one political party is really pushing the issue and it’s like, “Oh, so we’re still gonna go down this road?” so we’re under a little bit of pressure here. Now what I’m gonna be watching for is, can the market start breaking out above these some of these key levels here. For instance like on the Dax the 12,315 12,315 area the NASDAQ here let’s just get about that 7,845 the Dow here really the Dow is 2,700 as you know, that’s a big one there. The 1,557 – 1,558 area on the Russell – that’s going to be kind of important and then really this 2,995 area on the S&P.; So, I’d like to get above those areas we still have resistance above those areas but that’d be you know a bullish short-term encouraging sign to see some of the short-term resistance. So, basically, the short term sells not selling so I’d take advantage of that short term oversold condition then looking for long especially with the Nasdaq, you know, coming in 50% off its low today I’d love to see it get back up here above for a potential opportunity but we’re under a lot of pressure right now and you know the institutional indicator is that something I had pointed out before if you look at my triggers they’d been rolling over since way back here and we’re seeing after the results of that now at the last several days. So, I’m gonna get a lot more bullish when I started seeing this rising as you can imagine here. Now, let’s go and take a look at a couple of individual things.

So, crude oil, people are asking me, “hey what about crude oil? what happened to crude oil?”, because crude oil was so big. If you remember, I was very skeptical about crude oil after it had the big gap up so when you have those big gap ups that really exhaust things and so there’s this as much opportunity that the markets found fair market value when the news, when all the news is factored in before the overnight session opens up Sunday evening, then the reality is that a lot of its priced in. So, I came right back over into the meand so all you’ve done is formed a tighter and tighter consolidation in here so we’re still waiting for a breakout. Another big one that a lot of people have been asking about here many people listening tonight is gold. So, as we go ahead and we take a look at gold a goal that I have a great deal of interest in but the problem with gold right now we also have the double distribution right here and there’s really a third layer of it right here, so, if you if you go through and look at all the inventory retracement bars, also, its distribution bars you can see multiple layers of them all in the same area and they all kind of come to pass right where we are right now, see that? So, all three inventory retracement bars of the distribution persuasion all come to pass right here, so, it’s no surprise we got knocked off our block and now this actually forms with today’s close coming in here in about two and a half minutes this basically forms another distribution bar on top of it. So, I really want to see us break out above here or break down below this accumulation bar down below before we get too excited about a next move in gold.

Let’s go ahead and take a look at Apple here. So, Apple, you know one of those fan favorites. Thing is you know it’s we’re talking about distribution bars well there’s two distribution bars back to back that you can see right there here’s a third one so just noticing the the three most recent inventory retracement bars all three of them basically come to pass, guess what? Just like some of the elements we just looked at right in that area, okay? And then you got even deeper resistance back over here, okay? So, you can see why, remember these inventory retracement bars are where one or more is a really institutional retracement bars we’re one or more institutions is now we stop the market from going a specific direction but actually drove it back down 45% 45% or more off that high in this case. So, you see a lot of resistance here with Apple, so, I’m not terribly excited about Apple you see this week a very tight week it’s not quite an inside bar because we did make a little bit lower low but for all municipal purposes that is a consolidation within a consolidation here. So I see students winding up for another pitch but I would not go ahead and want to trade it within these areas that we just talked about as far as Goldman Sachs. Goldman Sachs is another one of these like what the market as a whole you can see even as it was loading the chart there we are just coiling up coiling up coiling up for another pitch and so goes Goldman Sachs, so goes the market, so we’re gonna be watching this. The thing is you understand part about this why I keep telling about the fifty-fifty trade here is why the buys are buying and the sells are selling. The buys are buying and the sells are selling. So, the thing is and we’re just getting tighter and tighter and tighter here, okay? So, you know with all that being said waiting for the breakout or break down and look forward to you know get to that 27,000 27,000 level we’ve talked about as well, alright? So, I’ll go ahead and I’ll save Dollar Tree for another video here because since we’re already six minutes into this one. But, we’ve got a lot of great you know updates on different markets to share with you in videos to come. So, you guys have a great night! I look forward to seeing you in upcoming videos let’s close out our week strong tomorrow morning! Take care everyone! Bye-bye.

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