The stock markets spring is about to pop. Watch AMZN for clues!

Well, welcome back everybody let’s go ahead and take a look at what you need to know this weekend. For preparations into the post-holiday trading fun. We’re getting closer and closer to even more fun and excitement in this year as we go into the the last several months of the year it’s gonna be even as good if not better trading than it has been up till now great time to be a trader I told you guys that before summer people were like you’re crazy we’re gonna go off on the summer not gonna do anything its going to be boring in the summer and it’s been anything but boring and I’m telling you this these last several months of the year here are gonna be equally exciting so can’t wait for this last four months to come to fruition. So, as we start off here just a reminder you know we always had people come in at different times and so we have this massive long term resistance here this 27,000 level 26,500 block we’ve got stalled out at that here earlier today and remember, what we really need to do in the big picture is we need to get back above that 27,000 pull back finally make it actual support then we could actually be off to much higher prices but until that happens, you know, that 26,500 level which is where we stalled out today through 27,000 is a real major resistance level. I got to continue to remind you of that because that, well, it’s as you seen time and time again late last year when I warned you guys about the divergences we saw that led to the big sell-off here, then we went ahead and had another divergence over here and that led to another pullback here.

So, it’s real important to go ahead and know when those are coming and where to look for them. So, armed with that picture, let’s go ahead and drill it down now to the daily charts. So, from a daily perspective I told you that these resistance levels were going to be very very important these channel resistance notice the DAX here, the German market, went ahead and hit the top end of the channel pulled away. The NASDAQ hit the top end of the channel pulled away the DOW hit the top end of the channel pulled away the Russell was so weak it couldn’t even hit the midpoint of the channel and closed down below the bottom end of the channel and then the S&P; hit the top end of the channel pulled away I told you I was good really important it’s gonna be even more important going into next week here. because what happened was all of these bars locked in what we call a distribution bar so each of those bars was 45 percent or more off their highs so this is a distribution area we’ve had distribution areas in the past that’s led to sell offs so what we’re looking for right now is what we don’t want to have happen going into Monday is we don’t want to turn around and start breaking back down below the lows of these bars. I’m gonna take a very aggressive stance to the downside if that goes ahead and happens initially the ideal scenario would be to break above these distribution bars and you know the especially if you’re looking for loss. Now, of course, for those you don’t like to walk the stairs up and ride the elevator down then breaking down below and getting down below the speed lines in particular would be what’s your fancy for and looking for you know then bigger swoops to the outside.

So, we’re gonna be watching that area very closely again in the big picture of the noose is tightening on these markets with the falling resistance levels but the rising support underneath here and it’s just getting more and more convoluted especially everything is up for the Russell. The Russell’s is so weak it hasn’t even been able to do that yet. So, that’s why I said that from my perspective would be looking at the Russell today. Now, with that being said so basically on an intraday basis best trades were earlier in the market no surprise usually the first couple hours of the European session they’re from 2o o’clock Central time to 4 o’clock central or 3 o’clock to 5 o’clock are some of the best and, boy, do we have picture-perfect buy-side signals they’re led this thing right up then of course that doldrums period they’re pre US market, you know, market more choppy and then we got into the U.S. session and then what was done in the year you know the European session was up you know undone early on in the U.S.. session we had picture-perfect signals right to the downside had throttling to the upside with my ITP indicators every single thing blue-blue throttling then green green which means numerous of my strategies are all coming together within the market toward the upside. Then, we had throttling into the downside with the red red the double Reds and we had the double red dots here which means numerous of my indicators were coming together saying sell and down the hatch it went. Couldn’t have been a bit more picture-perfect today and in the same time the first couple hours of the US market were the best. First couple hours of European market were best then he had the doldrums and chopped. So, really great stuff on intraday basis, so, if you’re if you’re looking at your charts go back and compare those to mine because you want to be super informed like with my ITP indicators here. Now, as we go ahead and then book equities one of the biggest things, I’m watching right now especially with what I shared with you with the NASDAQ here let’s not forget the NASDAQ, that fallen resistance- rise in support and then a whole bunch of gobbledygook support in the resistance almost in the middle of that I’m really watching Amazon here. So, Amazon on a daily basis is basically coiling up here.

You got one term support underneath us that we’ve been holding nearly religiously but we have massive fallen resistance and so you see we’re just getting ping ponged back and forth here and it’s tightening the noose is tightening on this thing. So, we’re gonna be watching here because we have accumulation bars right down below here and so we’re looking to see where we can break out, break down. Right now, we’re just above that zero line is well on a weekly basis so this is a big deal if you’re long this is you know this is the line that we want to hold, you know, right here we want to hold above the zero here because we cross above the zero that’s where more bullish could happen when we’re down below it that’s where more bearishness can happen. So, we’ve got a real apex kind of forming in here from this kill zone and we’re looking for the breakout, breakdown it’s very unlikely that Amazon is gonna start breaking up sharply and then the NASDAQ is gonna go down sharply so we’re kind of looking for a unison picture between those two things and if it breaks down below then we’re much more likely on the NASDAQ to see us break down below those areas identified for you as well so we’re we watching Amazon very closely going in next week, of course, you saw an intraday basis there’s phenomenal opportunities there as well and you guys just have a phenomenal and safe holiday weekend here in the United States and everybody all over the world no matter where you are. Have a great weekend and we’ll look forward to seeing you and upcoming events here next week. Take care everyone, have a great weekend, Bye bye.

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