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what's up everybody welcome to the stocks channel my name is corey and today we saw a continuation of the bull rally and we're very close to brand new all-time highs first up let's take a look at the s p 500 spy etf so let's crack open this chart and see what's going on in the stock market today all right so today on spy we went up 0.21 and we're getting very close to that critical resistance level at 436.
now remember this is a strong bull market and we're back to having the full bull trend with the bullish price action our price action is well over the 5 ema and we're starting to regain that strong bull trend where the moving averages are going to create separation so i already know a lot of you bears are thinking you're going to try to short this market at resistance and it's going to go to negative 1 000 and you're going to make a ton of money don't do that because what could very likely happen in this bull market is we break out we start running into the 440s and eventually we'll come back down and retest that level as support and continue to bounce and head higher if you start shorting now and we continue to run higher you'll be underwater in your short positions and you'll never actually turn a profit because it'll never go lower than where you started to short so believe me when i say this and i've been saying this to you bears for a very long time stop trying to call a top and stop trying to short a bull market if you're very good at shorting and you know exactly what you're doing and you always have a profitable short position i don't believe you but go ahead and keep doing it shorting a bull market is very difficult to do and most of the time if you're shorting with put options all of the premium is already baked into the move and even if you eventually are right you're still going to lose money so don't even bother trying to do it now again going into these resistance levels you still have to be cautious because there is always going to be a possibility we see a pullback but we still have so much critical support just below and our 20 simple moving average is now going to be at 432 so our critical support levels which will be our strongest support will be 432 430 and 428 again those are very strong support levels so if you start to see them breaking down that could mean the market is going to roll over but right now there's no reason to believe the market's going to roll over because we're staying objective and we're following the price action in the trend and both the price action and the trend are still bullish so look for resistance at 436 our previous all-time high of 438 and then our price target at 441.
remember 441 is our price target as long as we have the bullish trend which we do so pay attention to that price target and the next possible pull that could come when we get to that level on the nasdaq 100 triple q's we were up 0.66 percent today and we continue to see the triple q's breaking back above that support trend trendline that support trendline will be another strong support as we continue to climb higher towards the price target at 367.
so we're back above closing all-time highs so this is obviously a bullish breakout for the triple q's on closing prices the triple q's put in a brand new all-time high today we still haven't taken out the intraday all-time high which is just above 365 so look for that level to act as resistance you'll have support down here right around 362.7 our 20 simple moving average is above 358 now and we still have our critical support way down here at 352.
if we start breaking below 358 that will be a warning sign that we could be coming back down to the 50 ema around 348 but again don't assume anything follow the price action and if you see the price action breaking down you will then know it and it'll be objective and you'll be following the price action instead of guessing don't just assume because we're coming to all-time highs that we need to see a huge pullback that is obviously not always going to be the case and if you're trying to assume a pullback is coming and you're trying to short this very strong bull market you will continue to lose money and i'm trying to help you get on the right side of the trade so that you don't lose money in this market eventually this market will roll over but we have not yet seen that we still have the bullish trend and we still have very strong price action so look for the triple q's to be testing our price target at 367 very soon on the dow jones we were pretty flat today only going up .08 percent but we did close above the resistance level at 348.
we still have a gap down here at our critical support around 346 so watch that support level very closely below 346 we have support at 343 and 341.7 with upside resistance at 351 and breaking out above 351 will have another price target at 353 so the dow jones still has the bull trend and still has the bullish price action so all three indices have full bull trends with bullish price action that is a strong bull market and it goes hand in hand with that summer bull rally that i've been talking about on the russell 2000 we did see cooling off today and remember i told you to be cautious of this with the russell the russell has a lot of bearish trending and the bears will continue to attack the russell because it's going to be much easier to do so the bears have the advantage of the trend in the russell 2000 and they're very close to having the full bear trend because that 20 simple moving average will start crossing below the 50 ema very soon so the bears will continue to raid the russell 2000 until the price action breaks above 224.
as you can see there was a hard rejection at that 222 resistance and we're back below that support level at 219 which increases the probability we could be coming back down to retest support at 2 15. so watch critical support at 215 and 209 with our upside resistance at 219 222 and 224. remember iwm the russell 2000 need to break above 224 to start scaring away the bears on the rk etf we were down point seven seven percent today which is really not that big of a surprise because we did have that nice monster bull rally the last three days remember rk looks like it could be finishing an abc correction and starting to head back higher we're above 120 which is our critical support so continue to watch that support level closely we still have strong resistance at 124 and 128 and if we break below 120 look for support down here at 116 and right around 114.
again rk does not have the full bull trend just yet but coming out of a correction it could be starting to go back into a bull market very soon so look for potential to break out to the upside and continue to form a bullish trend in the very near future on the vix we dropped 1.23 today and we continue to see the vix getting crushed ever since we tested that resistance trendline remember volatility spikes are completely normal during pullbacks and you want to make sure the vix is getting crushed afterward if we're resuming the bull market and that's exactly what we're seeing so i'm watching to see if the vix is going to try to spike back above 20 or continues to get crushed back down towards 16 and 14.
if the vix continues to head lower there's no reason to believe this bull market is going to roll over and die as long as the vix is below 20 you can remain bullish and continue to watch those critical support levels on tnx we were down just a little over one percent today and i don't see anything abnormal remember low rates should be bullish for the tech sector and the growth sector and we continue to see the nasdaq 100 and the fang stocks doing very well in this low rate environment i don't think any of that's going to change in the very near future and as you can tell tnx is in a very strong bear trend and it's continuing to head lower on tlt which is our bond market we did close the gap above so there's no more island reversal potential and remember the bond market still has the bull trend remember these parabolic rallies are not likely going to be sustainable but right now we did fill the gaps below and we could see tlt climbing yet again with the low rates watch the bond market closely because if it goes back into a parabolic rally that could signal another sell-off but very likely that's over with and we're now going to see a sustaining bull rally yet again on the us dollar we continue to see a strong bull market with price action still over the 5 ema and we still have the bull trend look for the dollar to continue to put pressure on the gold and silver market on gold we're still below the 50 ema and we don't have a trend for the bulls so continue to watch resistance at 18 12 and 18 29 with our downside support around 1795 in 1776 there's no reason to be overly bullish on gold at these levels because there's no bull trend and we're still below the 50 ema on silver we're continuing to test support right around 25.1 and we're still above that support level if we break below it we could be going back down to 23 and we still have resistance above at 25.8 and 26 above 26 we still have resistance at the 50 ema which is at 26.3 just like with gold in with the strong dollar you don't want to get overly bullish because we do see a full bear trend on silver and we are about to break down through critical support potentially so don't get overly bullish in a falling knife scenario and don't just assume gold and silver have to go higher as long as we have that strong dollar on bitcoin we did see a strong balance off of that critical support at 30 000 but again we still have the bear trend and we still well below the 50 ema so overall remember that bitcoin is in a bear market and if it does break below critical support it could continue to go lower so remember on bitcoin i'm a long-term accumulator at these levels but that doesn't mean it won't go lower so if 30 000 breaks down look for support at 27 000 and below 27 000 you'd be looking for support at 23 000.
until we get rid of the bearish trend you don't want to get overly bullish as a trader so if you're trading bitcoin you need to get in and out quickly because it isn't a bear trend if you're accumulating for the long term you want to look at these as a deal and you want to start accumulating and the lower it goes the more you can add but right now just remember it isn't a bear market and we need to see bitcoin getting above 35 000 to start reversing the bearish trend on amazon stock we did get a very bullish day today going up 1.47 percent and we continue to bounce off that support level at 3 500.
we're back over the 20 simple moving average for the third day in a row and we did regain the full bull trend today so amazon is looking like it's going for that next leg higher like i've been talking about which is up here at 3800 you will still have resistance levels at 36.55 37.62 and then our price target at 3800 so pay attention to those levels you have support just below at 35 76 35 52 and 3500 but it's very unlikely we're going to those support levels if we continue to go higher in this impulsive rally we see a little bit of increasing volume today on higher prices which is bullish price action on tesla we continue to have trouble in paradise and we see tesla going down 0.92 percent and back to our critical support at 649 which is our 50 ema you can see tesla is starting to break down below the support trendline but again it's just one day and that's not that big of a deal as long as we're holding above critical support the bad news for the tesla bulls would be a break below critical support and coming back down to 626 and potentially breaking below that and coming back down to 594.
so a break below 649 would be a breakdown in tesla and the bulls really need to get back over this 20 simple moving average at 665 and then break out of 692 to really get tesla starting to run in a bull market so your critical resistance is now 665 with your critical support at 649 and do understand there's no trend for the bears or the bulls so do expect it to be a choppy ride especially going into earnings remember earnings is always a coin flip so don't get overly bullish or bearish going into earnings because that's just gambling and nobody knows if tesla is going to run higher or crash down after earnings so don't take on too much risk on apple stock we also had a bullish day today going up 0.96 percent and we continue to see apple stock closing over the 5 ema and holding on to that full bull trend we did find resistance right at 148 which is no surprise because you know that's a resistance level if we break above 148 we could really get this party started and start running towards the price target at 156.
look for the downside support at 145 143 and our 20 simple moving averages now at 142. again apple is a market moving stock and it does look like it wants to go for another leg higher which would go hand in hand with the triple q's going for another leg higher as well on the financial sector we were down a little over one percent today and we're back below the 50 ema but we are closing on top of the five ema so we could see the financial sector regaining some strength here if we can get back over the 50 ema and regain the bullish trend but overall the financial sector is finding a support level down here and it is starting to consolidate so it could be bullish in the very near future on the industrials we dropped 0.37 percent today but we still have the full bull trend and we still have the bullish price action above all the moving averages on the healthcare sector we were up 0.74 percent today and we continue to see healthcare looking very strong closing above the five ema and still holding on to that full bull trend on the energy sector we were down 1.12 today and we still have a gap to close below remember the energy sector is now in a bear market and it's official because the price action is below all the moving averages and we did get the crossover of the 20 below the 50.
so don't get overly bullish on the energy sector while it's in a bear market wait for a confirmation of a bottom and then a breakout before you get bullish on energy so jumping back over to the s p 500 we're very close to breaking out and retesting brand new all-time highs so now is not the time to be getting bearish if you're trying to short the market because you're just assuming it's going to double top or you don't think it's going to break out you're playing with fire and even though eventually you might be right you're just guessing and you're not being objective if you're looking at the price action in the trend you have to remain bullish because they're both bullish we have price action well above the five ema and we still have the full bull trend so there's no reason to be guessing and trying to short this market so stay objective and let the price action in the trend be your friend and right now you need to be a bull in a bull market or you're going to lose money also don't forget i have my trade alert service that only trades t triple q's and it's called bank trade alerts it's very simple to follow and all you need to do is execute the trade yourself and you'll receive all of the buy and sell alerts directly via email and text message i'm currently running a 50 off promo code for your first month so now is the best time to try bank trade alerts you can find out how to join by clicking on the link in the description i also have the stocks channel discord where i do intraday updates and analysis to help you navigate this volatile market and always stay on the right side of the trade if you're interested in joining the stocks channel discord trading community you can find out how to join by clicking below so thanks for watching everybody i hope you're crushing this market and as always i will see you in the next episode
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