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ey and today we saw a bounce in the stock market but we still see weakness in the dow jones and the s p 500 was still relatively flat so are we going higher from here or do we have more downside to go first right so today on spy we were flat on the day only going up point zero three percent and we closed below the five vma for the second day in a row so that is relatively significant because this entire impulsive bull rally we stayed above that five ema and now we have a negatively sloping five vma and price action closing below that level for two days in a row so without a doubt in the short term we are in a downtrend until we're not so you don't want to get overly bullish while we're trending down on smaller time frames but you also don't want to forget in the larger degree we still have a very strong bull market so you want to start thinking about what support levels you want to buy the dip because as long as we're in a strong bull market the short term pullback which is the short term downtrend is going to be a buying opportunity so the first thing we know is we do have that support level right around the 13 ema because that is where we bounced yesterday and that level is right around 462.
below 462 we have support at 460 and our 20 simple moving average at 459 and below that we're at 457 for support however if we close below our 20 simple moving average it significantly increases the probability we're coming 1. so by far the best buying opportunity would be right around 460 because the 20 simple moving average is now getting into that zone that doesn't mean we are guaranteed to go down that low so if you're in a strong bull market you want to start considering buying the dip at these levels and then adding to your position if we continue to go lower you can always take a loss if you're wrong but when you're in a bull market this strong there's always the possibility we find a bottom very quickly and then start impulsing higher to our next price targets a lot of you missed out on this very impulsive bull rally because you were too scared to buy down here when we were getting this pullback yes when you're getting a pullback your emotions come out and you don't necessarily feel good about buying something that's going lower but when you're in the game of trading you want to buy low and sell high so anytime something is pulling back that's your opportunity to start adding to your position so don't look at this pullback as anything other than a buying opportunity if you're too scared to buy now don't buy in much later at all-time highs after you miss the buying opportunity it just doesn't make any sense and as i said before this is your iq test if you're too scared to buy now don't be trying to buy later in the high 470s just doesn't make any sense to do that and you're taking on all the risk by buying at all-time highs so you might as well take on less risk and start buying during these pullbacks you know your risk level is right around 459 or below 457 and then right down here right around 451 so you know your risk you know your reward plan accordingly so i can't stress it enough how strong this bull market is and how close we are to very critical support so we could see the short-term downtrend ending in the very near future and we could only have a day or two more of selling if even another day or two of selling before we see the bulls buying up this dip and then we start running higher yet again now the number one thing to pay attention to is going to be the volume the reason i'm so bullish on this pullback is because we're going lower on absolutely no volume we don't see high volume selling which tells us we don't see the smart money selling the smart money is who you want to follow and if they're selling you're going to see it in the volume because they are moving tons of cash i don't care if the retailers are panic selling because that's a buying opportunity and right now we are going lower on very pathetic volume that is always going to be a buying signal for me in a strong bull market so we have a strong bull market with pathetic selling volume and we're coming down into very critical support and each and every day the bulls go sideways our 20 simple moving average continues to catch up to price and then the bulls are going to catapult off that support level and blast out to new all-time highs so don't get bearish during this pullback you want to be very bullish because we're in a very strong bull trend hopefully that logic makes sense but don't forget we are in a downtrend in the short term until we're not so if we do start to break down below this critical support right around 459 to 457 just be prepared for a quick trip down to 451 which is not a big deal it's just more downside which is just more buying opportunity on the nasdaq 100 triple q's we were up 0.28 today and again very similar to spy we're in a short term downtrend we're very close to critical support at 388 and our 20 simple moving average is now sitting right around 3.85 so very critical support is coming to the price which is going to be a launching pad for the bulls to bounce off of and then try to break out yet again to another new all-time high so again i think this is a buy the dip because you're in a strong bull market going lower on pathetic volume and we still have very strong support levels just below so the risk reward ratios are right there and anytime you're buying at strong support in a strong bull market you're getting some of the best risk reward ratios possible if we start breaking down below 385 we still have support at the previous all-time high at 383 and below that our 50 ema is going to be right around 378 at the time this is a very strong bull market and this is the opportunity to add to your positions especially if you miss this impulsive bull rally to the upside look for resistance right around 394 398 and the previous all-time high at 401 and if we do break out the next all-time high will be right around 409.
on the dow jones we were down 0.45 percent today so we definitely see the dow jones getting hit the hardest but again we're going lower on very pathetic selling volume we don't see high volume selling we still have a strong bull trend so this is a buying opportunity sitting right on top of support at 359.
the 20 simple moving average is going to continue to rise so we're basically sitting right on top of critical support as soon as tomorrow in a strong bull trend sitting on top of a very positive sloping 20 simple moving average that is normally going to be a screaming buying opportunity for the next leg higher so look for the dow jones to bounce off of 359 and then attempt to break out to a new all-time high above 365 with the next price target being all the way up there just below 373.
if we break below that 20 simple moving average we still have support just below at 356 355 and 354. so you basically have a critical support level every one dollar lower if we break below the 20 simple moving average so i don't know about you but in a strong bull trend sitting on top of very strong support levels i'm a buyer jumping over to the russell 2000 we were up the most of any of the indices going up point eight percent and closing back above that five ema so i continue to say this time and time again that i'm very bullish on the russell 2000 and you're seeing exactly why i'm so bullish in the price action we barely dip back down to about 236 and we're already bouncing 0.8 the next day it's still possible we go into some type of bull flag consolidation before we get that breakout but either way i think this is a screaming buying opportunity as this 20 simple moving average starts to catch up to price so we could still chop around but i'm not going to wait to find out so i'm a buyer at these levels and i'm going to continue to add to my long positions we didn't really see a lot of selling today because we actually were going higher and we're back above all the moving averages in a very strong bull trend because of this breakout level anything above 232 i think is a buying opportunity and i think in the russell 2000 you need to have more of a long-term mindset and you just need to let it run the next price target will be at 245 but we could easily get to 250 260 and even all the way up into the 270s if we continue to blast with these resistance levels and maintain the strong bull trend remember we had a very strong bullish breakout on increasing volume so you will want to buy the dip as long as you're getting the opportunity and i'm still incredibly bullish on the russell 2000 for many months to come so to the downside look for support right around 236 234 and 232 and as you can tell our 20 simple moving average is now above the breakout level i know a lot of you are waiting to buy the russell at 234 232 but i hate to tell you you might not get the opportunity to do so so if you're still waiting to get in you might want to consider adding at these levels and then adding more if you get the opportunity at lower prices jumping over to the rk etf we were up 0.69 today and we did get rejected below that 50 ema which was our previous critical support level now this isn't all bad news because remember on this etf we are looking for the potential of an inverse head and shoulders anytime you get an inverse head and shoulders pattern you're looking for a completion of the right shoulder to break the neckline which is going to be up here at 126.
if we break that neckline we're more than likely going to see arc k start impulsing higher all the way up to about 143 or higher now right now in order to maintain this inverse head and shoulders breakout pattern we need to see rk staying above this critical support level down here right around 107.
so any higher low is going to be a buying opportunity and watch these support levels right around 115 113 which will be the gap close and then our previous support level down here right around 110. anything at those levels i think is a buying opportunity and then you know the stopout is a risk level below 107 because now you invalidated the inverse head and shoulders and there's no reason to be bullish on rk at that point so buy at these levels is my opinion and then hold on for the breakout above 126 and then we should get a very nice bull run in the growth sector which will benefit the rk etf and i think these are great buying opportunities the other resistance level breakout will be back above 119 and 120 and that should tell us that this right shoulder is completing and we're starting to round the corner and starting going back into that bull trend so look for that price action and watch those critical levels on the vix we were down 5.6 today so we continue to see the vix getting crushed in the strong bull market but we're still not out of the woods yet the vix can very easily still bounce from this level and then still spike out above 20 to go close that gap at 21.
as long as the vix doesn't close above 20 i think you need to stay bullish and buy the dip if the vix spikes out closes that gap and closes above 20 now we need to be pull back deeper than i expected so watch that critical level on the vix at 20 and to stay bullish we need to see the vix staying below 20 and continuing to close below 18.2 on bitcoin we're currently chopping around sideways right on top of that 5ema holding onto that full bull trend like i continue to say on bitcoin i'm very bullish to get to that next price target at 75 000 with the critical support level sitting right here at 62 000.
as long as bitcoin is above 62 000 i think you need to buy the dip for that quick trip to 75 000 and if we break that level the next price target will be 86 500. now if we break down below 62 000 look for that next critical support level to be right around 58 000 and if we break below that look for a longer sideways consolidation in bitcoin i don't expect a break below 58 000 but it doesn't hurt to be prepared for any scenario so watch those critical levels but other than that we have the very strong bull trend with the bullish price action so i do expect to continue to go higher from here on amazon stock we were down about a quarter percent today closing back below the 5 ema and still holding on to the bull trend as long as amazon is in the strong bull trend you need to buy the dip off of these levels at 34.50 the 20 symbol moving average which is right around 34.22 and the 50 ema which is right around 3 400.
so those are your three buying support levels as long as we stay above 3 400. if we break below 3400 you're looking for support right around 33.11 and below that we're going back down to 31.85 however i don't expect to see amazon breaking below 3400 because we have the strong bull trend so buy the dip and get ready for higher price targets on a breakout above 35.52 we still need to close above 35.80 but we're more than likely going to 3700 and 37.60 when we do see that breakout back above about 35.52 on tesla stock we were down 0.42 today and we still see tesla holding on to that bull trend and holding over this critical support level which is now going to be right around 10.50 this is the strongest support level in the strong bull trend which is we are selling off on lower volume so i think tesla stock does have the potential to spring off of the support level at 1050 and make an attempt to try to break out above 1080 and then try to break back out above 1100 if we can break out back above 1100 in tesla stock we could have a quick trip to go close that gap which is right around 1207.
that would be a very bullish run and it would be a very profitable trade so look for that breakout above 1080 and 1100 to confirm we're going to close that gap however if we break down below the 20 simple moving average and we start breaking down below about 10 40 then you know we're more than likely coming back down to about a thousand or closing that gap which is right around 9 11 but we still do have the benefit of the 50 ema crossing through that gap so you still will have support above that gap close right around 9 25.
so i'm still bullish on tesla stock because the price action is still holding over critical support and we still have the bull trend so look for that possibility to also bull flag after we close that gap and consolidate some of these recent gains and then look for that next breakout higher if we break out above 1240 your next price target will be 1412 but i don't expect to see that happening anytime in the very near future we more than likely need to either consolidate or pull back and start closing some of these lower gaps before we go any higher on apple stock we were flat on the day going absolutely nowhere and we're still holding up above critical support remember the most critical support level we need to pay attention to is going to be this 50 ema which is just slightly above 147.
if apple stays above 147 i think you buy the dip and get ready for a brand new all-time high on a breakout back above 151-152 however if apple closes below 147 you don't want to buy the dip because you're more than likely going to get a better buying opportunity down here at 145 or 142 and potentially even 139 or 137 however i think this level at 147 will hold up because we do have a strong bull market and i don't expect to see apple going lower as the rest of the stock market's going higher so watch that critical level at 147 and the upside resistance levels at 149 151 and 152.
in the financial sector we were up about a quarter percent today and we're still holding around that critical support level we're losing the bull trend but we could get it back very quickly if we start to bounce from here i do think the financials will make that next leg higher so look for that breakout soon in the industrials we were down point four one percent today closing back below the five ema but we're still in a very strong bull trend the healthcare sector was down 0.29 today back below the 5vma but still holding on to a bullish trend the energy sector was down 0.38 today and closed back below starting to lose the bull trend this does increase the probability we could be com definitely see this is still a very strong bull market which means this pullback is going to be a buying opportunity scale in slowly because you never know how low we can go so be responsible but when you're in a strong bull market you will want to buy off support and this 20 simple moving average continues to rise each and every day which means strong support is getting very close to pushing price action higher don't be scared to buy the dip when you're in a very strong bull market you want to buy low and sell high and it sounds easy to do but your emotions will get the best of you as you continue to see the stock market going lower reprogram your brain to want to buy the dip and not to buy higher don't wait until we start impulsing higher to chase something you missed start buying now as long as we have the bull trend if we lose critical support or we lose the bull trend then you'll plan accordingly and you might have to take a loss but it's much better off to have a strategy than just trade with emotions and constantly be on the wrong side of the trade also don't forget that i do have my own trade alert service called bank trade alert set only trades t triple queues and i am currently running a fifty percent off promotion code for your first month i also have the stocks channel discord where i do intraday updates and analysis to help you navigate this market and stay on the right side of the trade and i also bring new tray ideas to you weekly joining the stocks channel discord server you can find out all of the links in the description
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