The market has experienced a one to two day drop followed by upward movement, but Bob clarifies that this does not indicate a bull market. Instead, the market is expected to remain sideways. Bob discusses indicators such as the recent selling in the database and Powell’s statements on inflation and rates, but suggests that there is no big narrative driving the market. They predict that the opportunities in trading will be with secondary stocks and advise viewers to watch out for the Midnight Hour and the London Open Hour. Bob also analyzes charts and trends for the S&P 500, Nasdaq, bond yield, crude oil, gold, and Bitcoin. Overall, the market is expected to continue its current pattern with potential upsides and downsides.
- 00:00:00 In this section, Bob is addressing confusion from viewers about his previous video where he mentioned a potential one to two day down in the market. He clarifies that the market did indeed drop and then bounce back, but that he is not claiming it to be a bull market. He instead predicts a continued sideways market.
- 00:05:00 In this section, Bob discusses the market trading range and the recent selling in the database, which could potentially signify the start of a bear market. However, the consumer credit expansion narrative is no longer valid as it was revised down and the markets appear to be flattening out. Bob talks about the upcoming mortgage index and ADP, but suggests that there isn’t any big narrative driving the market. They mention Powell’s recent statements about keeping rates higher due to higher inflation, but nothing new was said. The Algos are still selling, but Bob anticipates a potential turnaround and mentions their portfolio management expertise.
- 00:10:00 In this section, Bob discusses the recent statement by Powell stating that they will maintain their stance on inflation, and this is not having the desired effect. He also states that there will be no pivot rates, and the economy will be fine in the end. Bob notes that there is a lot to learn going forward, especially for traders who have only experienced the markets over the past ten years. The database also shows that there were 215 sell signals and 158 buys, and they are still in a choppy sideways pattern. Bob suggests that the opportunities will be in secondary stocks, and the next few days will be critical in determining whether they can hold at 28.22 or if the market will experience a full liquidation.
- 00:15:00 In this section, Bob analyzes the hourly and daily charts for the S&P 500, pointing out potential bottoming and tight Fibonacci targets. The trend is expected to be sideways with a trading range, and resistance is expected at the 4006 level. Bob also mentions that there will be a live stream tomorrow afternoon and encourages viewers to tune in for the period of trading around the hour before the London open, which can be a significant time for trading. Bob notes that there is still a lot of work to do to turn the market around, but relief could come after Mr. Powell’s speech tomorrow.
- 00:20:00 In this section, Bob discusses trading strategies and the critical pivot number of 3942. A close under that number could result in further downside, though the probabilities are low. Bob also talks about a three-day trade that happened earlier this week, where traders had to meet all the criteria to make a profitable trade. The key number to watch is the pivot number of 3947.44, and a close under that number could lead to a likely drop in the 38 handle range. The thumbnail for this video suggests a “Powell Dump,” which Bob briefly touches on.
- 00:25:00 In this section, Bob discusses the key number to watch, which is 39.47, and states that if it’s taken out, there are some targets to consider, such as the first Fibonacci target around 38.17. Additionally, Bob analyzes the weekly chart and the market grid. They state that on the weekly grid, 40.77 was R3, and 39.44 was S1. Moving on to the NASDAQ, Bob explains that there’s a 10-week moving average, and there’s about a 10% probability that they will decline below this average right now. The weekly support shows that the low is around 12,044, which should be a good support level. The daily chart also shows a new upward FIB target of 12,382-12,591, which could put them back up to S1 or even RTX.
- 00:30:00 In this section, Bob discusses the STX Buy Signal that was received on the S&P futures, but not on the NASDAQ. They also mention that the Russell is showing some relative strength, but is getting close to its down FIB target of 1859. The 10-year futures are starting to flatten out, and Bob believes that they will try to move up towards the 21 period moving average if they can get above the current level of 111.22. They mention that Powell will be done talking soon and that the market is flattening out, but they believe that it will ultimately flatten out and start to turn up again.
- 00:35:00 In this section, Bob discusses various market trends, including the pivot number of 112.20 in the bond yield, which may lead to a challenge at around 380 in the yield. They also mention a recent STX Buy Signal on crude oil and predict a rebound in the market. Additionally, they mention a pattern in gold and suggest that the number 21 should provide support for the current value of 1815. Bob also says they will consider doing a poll on Twitter to determine whether to continue to cover Bitcoin trends. They predict that Bitcoin may experience some further downside in the market.
- 00:40:00 In this section, Bob analyzes the charts of Bitcoin, pointing out that the dailies are continuing to break down and the FIB targets on the downside match with the weekly numbers, indicating that there’s still some downside. Bob doesn’t see any correlation between Bitcoin and other markets, such as the NASDAQ. Bob also mentions that they will be online for a live stream at 2 PM the next day to see how the augos perform, and talks about upcoming new content, including a mastermind for Wave Tech, ETF hacking, and individual stocks.
- 00:45:00 In this section, Bob advises to watch out for the Midnight Hour and the London Open Hour before and after, as there may be a lot of opportunity during that time. They mention that they are seeing some selling, but the Augurs have picked up on Powell’s interactions with senators. The section ends with various musical sounds and thanking the audience.