[Music] he [Music] don't worry you will eventually figure it out you might not approach it the same way everybody else is but all you got to do is keep working at it and eventually you will get your butt in that seat on Wall Street so that you can begin to make some money guys it was a blood bath in the markets today I'm going to take you into the heat map of the S&P 500 here in just a minute uh as I said in my last video we're going to be in a news driven cycle and so even though we're down today don't uh get too comfortable shorting the markets because we could easily get get a pop now going into this weekend on my mind has been that potential Biden news of him stepping down from running for president and the markets wouldn't like it because it's a factor of uncertainty that has yet to be priced in and so we could get still another leg down on Monday now if that news comes out Sunday night and we do drop Monday night it is my opinion that we've actually come down enough to begin to take some risk positions I myself am going to begin to take some risk positions on the Magnificent 7 and I'm going to take you into four magnificent 7 charts and I'm going to tell you right now that some show a potential for a further and heavier selloff and so I want you guys to be very careful I'm going to show you where I see the lines in the sand there's a lot that's been priced into the markets but there's a lot that goes into the markets and one of the factors that we're going to be looking at going into the next two weeks is Q2 earnings are still ahead of us and we've got a lot of the magn 7 yet to report for instance Google which is next week we're going to be watching that one I created a new channel today for one of our local celebrities put in 16 I have dubbed him the Spy Lord because he loves to trade the Spy this is an area where he has focused his attentions and it actually is one of the things that I strongly recommend for beginning Traders not to chase every single stock that's on the move but find something that they can learn the pricing of and slow master and gain confidence in understand the price action from dayto day and that chart and it'll begin to make sense to you now uh Michael is his name pudding 16 is his handle and he's got an interesting backstory he used to be a coal miner he lives in the Virginia area I believe and he is a musician and so at the end of this video I'm going to play one of his songs Just introduce you to this guy he is a valued member of the stock Josh fam and he's going to help a lot of you guys trade the spy from day to day and giving trade alerts in his own new channel making some money on the spy with the Spy Lord AKA Puttin 16 AKA Michael Michael welcome aboard now this is the stocks with Josh show we had a good day in the markets it was a transition from an extremely bullish Market at the beginning of this week which we were on high alert for a breakdown been talking about the fact that this could easily be a bull trap for the last two weeks and sure enough we eventually came back into the ascending bearish wedge that the S&P 500 has been in for a long time now that we're in that wedge we're going to be having to look for a place to bounce and I want to remind you guys this is not just the fullblown capitulation moment when you go into distribution when you make a new recent High which the market absolutely did you can see a 2% swing on the spy in a week and that's what we should expect the minute everybody loads up on the bare position the market will reverse and it'll go back up higher and the minute they load up on the call position it's going to fall again that's what this environment looks like and why is all this happening because a lot of value's already been priced into the market some would argue that it's priced to Perfection and anything can cause a selling Cascade to begin and so you need to remain on high alert and the number one way to protect yourself in this environment is to make less trades and to control your position size because when a market is trending it's essentially easy money and we've been in an easy money environment for quite a while as the S&P 500 has been climbing and climbing and climbing we really only had one 6% correction in the last year and a half and a couple minor 2 and a half to 3% Corrections and so it's not been a tough environment to go with the flow to the upside but now that it's going to get choppy you can make a lot more money in this environment because of the volatility and the liquidity and the stocks changing hands but you can also lose more and so you want to take some caution and you want minimize your position size now in the stocks with Josh patreon I had some Amazon calls yesterday that did not go well uh it was down 50% today Amazon is still under pressure and I'm going to take you into the chart and show you the bullishness and the bare case that I see in there I'm leaning bullish next week on Amazon but I'm expecting one more flash down potentially on bad news over the weekend and then I believe that we could possibly move higher with some volume the buyers have not come back in but where I was able to make up for it on was Good Old Faithful Tesla ATM paid me because I jumped into some puts in the morning time loaded up more on those puts after confirmation came down to critical support around 238 and rode them back up on a nice play rode them up on a nice play cashed them out and dropped only to Runners going into the weekend I'll take you into that Tesla chart here as well in just a minute of course one of the big payers today was sqqq which I put on Alert in the last two weeks is saying it's finally time to go inverse on this market and sure enough the market capitulated and the sqqq came up to my first takeprofit Target at $8.50 I will tell you that as the days go forward we're going to be looking to add to the SQ QQ position because I believe ultimately when we've come back around 10% on this Market which I believe is very possible maybe not that far a bare minimum move back would be 6% but between 6 and 10% pullback from our recent all-time highs when we finally get to that point I want to be in my full position on the sqqq because I believe that we can ride it up 124 to $16 would be the ideal range to begin to take some profit on the sqqq let me know in the comment section if you made some money on the sqqq or on that Tesla play in the Discord today all right let's jump into some charts let's look at some big Tech plays and what's going on with them first off you can see that it's really been an ugly Day Some of big Tech ended the day flat those could potentially be signaling some reversal coming into next week uh that some of the selling pressure has been taken off and they've fellen a little bit neutral going into this weekend uh however it was overall an ugly day nothing was really strong going up today Eli Lily had a little bit of a dead cat bounce but again it was a definitely a red day now if we go into the Spy I just wanted you guys to see obviously we moved outside the top of this channel we moved out slowly we took the stairs up and we took the elevator down and this was the Target that I gave you guys yesterday of negative - 2.65% and I want to remind you guys that the uh custom spy flare in the Discord signaled uh on the day before that today would be another down day and we had a nice down day with it altogether we've come back around 3% and I think personally that the bounce that I'm going to be watching for is at 54530 that's where I think that we will possibly hit Monday and then begin to move move our way back up now now ultimately you can see by the path of my arrow that I am just seeing that between now and the next couple weeks it's going to be choppy I told you guys this in the last video we're going to remain chopping it up between 563 and 542 ultimately until we eventually abandon our ascending wedge and make a bigger move down to this 5117 but we're not going to try to go too far out too soon because this period of time is roughly going to be about a 4 six week period of time all right let's jump into my first uh bearish play on watch for next week now it's going to be Nvidia now I do want to warn you that any position bearish or bullish can be difficult to take right now because we have pulled back a lot and it wouldn't be unrealistic for us to bounce now I want you to specifically take note of the middle of this channel we've broken through I want to remind you guys that when you're on the bottom half of the channel you're you're the price is being controlled more by the Bears than by the Bulls okay so price is breaking down now ultimately I see the potential for some choppiness going into next week and I want to try to get into a put position around 119 to 122 I'm just going to be watching it here this is where I'm going to be watching for failure it's not so much a specific price as much as it's candles that begin to show rejection and that's where I'm going to want to take a put position for this next big leg down if you take a big step back you see that we're actually in a bullish descending wide price action parallel Channel and that if we got all the way down to around this 109 to 110 price right beneath support at 111 if we touched that well then we'd be in a place where possibly we could bounce and begin to work our way back up I want to remind you guys of the last couple times I've covered Nvidia I said the last time once we got rejected under 13 that we should expect this move down and then we've gotten rejected under 124 expect this move down and I'll just tell you guys again the area of specifics that I'm watching is this 116 I'm watching right now 119 and 116 for rejection for this final leg down and the potential of then a more significant bounce to go back to the top of the range now before I show you the next chart which is going to be Netflix I just want to make a brief comment in my yesterday video I predicted that Netflix needed to come down that it looked like it was setting up for failure going into earnings and it had a very volatile day and when the price briefly recovered people were like ah Josh called it wrong well when I take you into the chart you can see that I did not call it wrong giving it just until this morning and we got the capitulation that I was calling for and in my point of view this is potentially just the beginning of the move down on Netflix yes they beat earnings but you've got to remember A lot's been priced in at the this point the Market's looking for really strong forward guidance for Q3 or Q4 or it's time to take profits so unless Netflix Apple Nvidia is going to crush it in Q3 and Q4 then it's time for Wall Street to uh trim some of their winnings over the last year and a half and that's what the Market's dealing with and that's why we might assume going into all of big Tech earnings unless there is a massive news surprise more than likely Wall Street may use it as a profit taking op opportunity and if we go into the Netflix chart this is kind of what we saw there so this is an extremely ugly candle guys this giant Wick has yet to be addressed how will it get addressed well it's going to break beneath 633 and we're going to move all the way down to 574 now we may not do that in a single day obviously it took this is a weekly candle it took one two three four candles to get up to that price point it might take the next four weeks to get down to 574 you can see that I've got some clocks set on my trading view account and so if we actually break the price of 650 uh to the upside then I'm actually going to go long on Netflix but if we break the price of 632 I've got two alarms here 632 or 628 to the downside it's going to Signal me and I'm going to be looking for positions to take Netflix to the downside and again it could take four weeks for it to come back to that price all right the next one up is going to be Tesla which is my bread and butter I just want to tell you an interesting news story uh Elon is now getting into the candy business that's right he wants to sell candy bars and I don't know uh what to take from this is he trying to supplement Revenue what exactly was he thinking we know that there's high margin on chocolate Mr Beast is doing it and apparently elon's getting into chocolate and candy as well hopefully anything that he can do to push that stock price up is good for me let's go check out the charts and see what they're saying okay in my last video guys I told you that we had to watch two areas we had to watched this 246 which was absolutely critical support and I said that if we lost it then we were going to be coming down to the bottom of this range this bullish descending Channel we did lose it and this was where I rode puts down this morning I caught them again uh after about an hour and a half after morning rode them all the way down to 238 and then I alerted here it was time to get into calls now we made a nice uh percentage point from here back up to 240 but this was an area of rejection this was an area where I notified everybody was my third takeprofit Zone and we have finished the day sort of flat between these two price points I'm just going to say that I would expect more pressure but if we end up having bullish Divergence here on Monday or Tuesday I would say that it is worth me taking a risk especially if we got anywhere near this 238 to 236 Price Zone I see that as a place to take risk and to go long on Tesla again and I will tell you in very clear terms please take note of this if you're going long on that scenario you want to put your stop loss right beneath 236 because if we press through 236 and we open a candle beneath 236 and we close it well then we're going lower but personally I don't really see that right now I see on the Tesla chart I see this entire area as opportunity to take risk on Tesla now now as far as a long-term bull Trend I'm going to remind you that the only way that we get a long-term bull trend on Tesla is if we get this close on the weekly time frame above 253 that's the only way we're going to make it up to 270 at the moment right now I'm just simply trading the range on Tesla and so I think there's opportunity because we've gotten pretty oversold on Tesla and this is where I could see us getting a better move back up to at least 246 which was a major area of structural support now we may come back back test it and see how it performs in the future if we can get back above 246 well then 253 comes back on the table if we get rejected there we get essentially a pretty strong Rejection it means that we are likely going to come all the way back to 236 that's how we will play it guys in the future all right the last play has been one that I've had conviction on and I have conviction on and it's Amazon I actually think these guys are over sold I think that there's obviously profit taking they came out with some pretty good news here recently about having one of their very best Amazon days and I think that it's oversold and ready for a bounce but like I've been saying in this video the markets are pricing in some more bad news they're waiting for that to come out before they can take the markets higher and one of the very first stocks that I'm going to try to ride higher is Amazon because I believe that there is bullish Divergence in the charts it's still under the control of the Bears I do not want to be tardy to the party on Amazon so let me show you guys my game plan there all right before we get into the local time frame I just want to show you the big picture view that we've got the price moving in this wide ascending Channel now ultimately ascending channels are bearish because they ultimately do break to the downside which means that if we get a daily a couple day candles to open and close beneath 179 then the very next Target to the downside which would be a pretty severe sell-off okay that would be an Armageddon level selloff would be around 170 and then we would be coming down to 166 I don't see that right now I think that there's actually opportunity on this pullback to create some momentum which would actually take us all the way back to $210 because again I've said it before I believe we're still in a bullish environment it's just simply getting choppy and that's what I'm expecting will happen now let's go into a closer time frame okay on the one hour chart you see that we're setting up here very clearly for an inverse Head and Shoulders pattern which could push us to the middle of this Channel all the way up to around $192 so that's the move that I'm I'm watching for first to 188 and then to around 192 to 194 now we've already come down enough already to complete the uh right shoulder of this inverse Head and Shoulder panel so we don't actually need to come down any anymore but place in which I would add to my call position that I'm currently in and under so I'm not in profit on this just yet would be a touch back on the bottom of this bullish descending Channel that's currently making that right shoulder and I would add to my position there for this potential incoming bounce to take us back to 188 192 so let me just remind you what I said under 179 Amazon's cooked it's going further down back to around that 166 mark however I think it's come down enough and I absolutely am expecting a bounce I'm just trying to find the right moment to scale that position and if you're wanting to follow that along with me I will be absolutely keeping you guys up to date on that in the stocks with Josh Discord as well as the stock Squad patreon I'm going to be dropping notifications there as well for the Amazon play with the Amazon chart the charts will guide the way the news is going to be the Catalyst this week let's see how this weekend plays out again at the end of this video I'm going to leave that song by Pudin 16 our new uh spy Lord in the stocks with Josh Discord uh take a minute and listen to that and then run over to his page and subscribe and let's just help out one of our fellow swj fam members guys I appreciate each and every one of you guys I hope you have a wonderful weekend hit that like And subscribe if you're new to this page and you want to get the next video take care peace and blessings bye-bye [Music] i' left in dust by my best friend I took a wrong turn hit dead end on that high [Music] road I slammed on the brakes slid through the dirt had to turn around and put put it in reverse on that high [Music] road somewhere along the [Music] way I finally learn to say I'll take the high road it's a long one but I don't mind carrying on hell I'm made it for the longall anyway some Ro up some