Rob’s Latest Thoughts At These Key Levels

Okay, welcome back, everybody! Well, what exciting time in this market but there’s still these key areas that we have to go ahead and watch. So, every level that I’ve been sharing with you has been important in some way or the other. For instance, Dow 27,000 of course what a monstrous level that had been for the longest time we’ve been looking at that since basically last year and then we talked about the increased of velocity and frequency of the moves back up here which is why I was focusing on long side trades only as you know up in these areas did not want to get short with these accumulation bars in the backdrop. I want to wait till we got below those before looking for shorts. That was the right call! So, as we go ahead and we take a look now, as I said, as long as we stay above Dow 27000 I’m looking really for long side trade it’s only it’s not that there won’t be a select shorts in there but I don’t want to go against this overall trend. The real issue here is now this Dow 27,400 level as I had mentioned in the last several videos the 27,300 to 27,400 is this massive resistance and as I’m making this video for you here at the end of the day you can see we pulled back more than fifty percent off the high. We actually have one of my institutional retracement bars of the distribution kind and here we are right back there by that 27,400 so 27,400 has not been made a support level yet. So, just like it was so important to see 27,000 even become support – push up, pull back, sort of take back off – that leads to opportunities same thing and then the S&P; I recalled I wanted the S&P; 3000 and that happened way back over here where we did push up, pull back to and then took back off and then since this time it’s been off to the races to the upside. So, now where we’re at with this is we want to look at 1,600 on the Russell.

The 1,600 is a super-important level to go ahead make support and the 27,400 level on the Dow. Those are the levels that I really want to get through everything else is looking pretty good right now and I would love to see a test of the 80-50 80-100 area on the Nasdaq to see that hold and then start to take back off but right now the real things I’m looking at is Dow 27,400 make that support because after that it’s blue skies as far as the opportunities and the markets still climbing a wall worried here you probably as most people saw the news announcement from Morgan Stanley talking about how they expected the hey “Don’t celebrate the move , don’t get really excited about this because returns are expected to go ahead and be much lower in the future here for basically the next decade.” Well, great time to go ahead and be an active trader because if that’s really the case and based on this portfolio theoretically that they’ve laid out if the markets only going to look like this well then by actively trading around it in more active areas keep that money working a lot longer, a lot harder, and outperform the “Said it and forget it” routines. So, a great time to be an active trader nonetheless. But there’s still a lot of wall of worry, right? There’s China, there’s impeachment, all of these things in the market just continues to climb and that’s a sign that I just want to continue to be long. I am very mindful the fact that we have these distribution bars though today and so I just want to keep everybody on track. 1600 on the Russell and 27,400 on the Dow. I’m still only focusing primarily on long side trades but these are the levels to really beat before getting gangbusters from here, okay? So, that you know and then also one other viewer question that came in was like you know what are my thoughts on Apple here? So, Apple has been great it’s broken through distribution bars , it’s had reverse inventory retracement bars, all sorts of great moves to the upside. My ITP indicators, my “Rob in a box” basically for months. Apple has been straight up, okay? But with that being said, last week we locked in the big green bars on both daily and weekly charts and at that point I’m looking for a pause to refresh.

The indicators are still locked in there very strongly to the upside but you’ll notice that right now this week is the doji star and the last two days are effectively doji stars as periods of indecision, so, I’m looking for this market start to take back off back into the direction the uptrend not gap up there so I don’t want just to shoot up here and then try to take off but I’d like to see us kind of pull back a little bit and then starts to take back off through these previous levels. Then I’ll entertain the trades because see we’re pretty highly cooked here. We’re almost parabolic on the weekly chart here as well so a pause to refresh would not hurt that’s why I’m not looking to identify any fresh buy signals on this after earlier in the year noting the WSI indicators being up there and the “Rob in a box” tools being just buried, so, right now time for a pause to refresh but that’s why not a fresh buy here and the fact that people are asking about it here instead of when I was more excited about it down below with the indicators firing enough makes me even more concerned. It’s like, “Okay if you don’t believe it here, you don’t believe it here, but now you believe it”, that is of course usually indicative of you know pressure as well start to come in and the last of the people are coming off the fence. So, that’s why I’d like to see you know pullback, alright? So, keep these key things in mind, gang, because these levels are super important just like when you saw when we’ve broke the levels I told you about on the S&P; before. Look what happened here we broke to 27,000 look what happened, well now we’re at that next major bastion on the Russell and the Dow and then from there there’s a lot of blue skies of opportunity and why I’m only focusing on the long side as I mentioned. So, key thoughts I want to make sure you guys were updated on to hopefully keep you on the right side of the trade here because a lot of exciting times ahead and looking forward to having you with me. Have a great evening we’ll see you in upcoming videos. Bye-bye!

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