all right so today we see the Spy QQQ and many other stocks collapsing including stocks that are on my personal Raider now we have a few questions in mind for instance is this move an overreaction is the market oversold right now will we see a recovery next week if not how far can the market Fall well I believe these are the main questions of the moment and uh we will try to answer them in today's video using technical analysis facts statistics to define the main turning points and the strategies to be used next so welcome to the finance Hydra Channel if you don't know me my name is Nathan and uh I highly appreciate your audience my dear friends let's study the market together so as we can see here the Spy is having a very very rough time around the 21-day exponation moving average over here which is acting as a reliable resistance level for us it did work uh two days ago yesterday and today again all these times we failed miserably in Breaking this key Point therefore spy's most important resistance level is the 21-day EMA only by breaking and closing above this key Point spy will turn bullish again or at least it is going to turn it is going to enter bullish territory again all right we have another interesting key point over here the $544 which was the previous Gap level over here which failed in in acting as a support level for now at least but uh if spy breaks and closes above this key point then it might have a chance of recovering because this key point over here is not only a gap support but it is also very close to the 38.2% fibonacci's retracement over here so this area is a double support level for this spy if if spy is going to react we got to see a reaction as soon as possible around this support level if it fails in holding around this double support level then okay the next fibonacci's retracement is around the 50% which is very close to the current price right now $537 but honestly I believe we could seek even lower levels like the 61.8% retracement $530 that's going to be our most important and dangerous support level on spy all right on the bright side on the weekly chart we are very close to the 21 we EMA over here which is also another important support level so in addition to the 38.2% Fibonacci retracement in addition to the Gap support at $544 we see the 21 we EMA over here therefore this entire area is a triple support like in multiple time frames so this is why I'm telling you guys if you're going to see spy reacting now the timing would be just perfect what's the problem the problem is that we don't see any meaningful bottom signal here yet there is not a single bullish reaction on spy today's bar is a massive bearish Candlestick pattern over here and uh there is not a single bullish reaction all right which is a shame if we see one that's going to be very interesting it might be a very important one it might turn spy really really bullish again but uh again guys trading is reactive it is not predictive we can't predict the future we got to react to what we see right here right now and as long as we don't see a meaningful bullish reaction spy will maintain the bearish bias this is not even me saying all right Charles da the founder the father of technical analysis founder of the Wall Street Journal founder of the Dow Jones index said in his tenant number six I believe Trends persist until a clear reversal occurs do we see a clear reversal on spy on q q right now no therefore the bearish buas will most likely purist now the trend is insanely bearish on the QQQ we are below the 21 Day EMA we are below the 500 500 I'm so sorry $465 over here which did act as a resistance level for us yesterday and right now apparently we are seeking lower support levels we almost almost hit the 61.8% fibonacci's retracement over here and uh again just just like on spy if we see a bullish reaction around this area great phenomenal but we don't see one Nathan what if we lose the 61.8% fibonacci's retracement then the cuq is going to materialize a sharper correction on the weekly chart over here possibly back to the lower support level of this ascending channel the situation is very simple over here all right the QQ is still in a b Trend longterm speaking on the weekly chart medium-term speaking on the daily chart we are very bearish but if we do react above our support levels over here we could uh resume the bullish buyers over here on the daily chart and uh possibly seek higher levels but uh right now right now there is not a meaningful bullish reaction yet now Nvidia just like spy just like the QQ is very bearish right now we are rejecting yesterday's bullish Candlestick pattern it was a very promising bullish reaction indeed but uh since we failed in breaking in breaking in triggering this bottom signal over here Nvidia will probably maintain mainin the bearish bias it's next technical support level is $974 which is better seen on the weekly chart over here a previous top level won two times and right now it is acting as a support level over here last month and uh most likely is going to act as a support level again Nathan what if we see a bullish reaction over here on the weekly chart Great Nvidia will maintain the bullish bias Nathan what if we lose the $97 if we lose the $97 Nvidia could trigger could trigger a bearish pivot point over here for the first time since 2022 in this scenario it's next technical support level will be $756 so let's be very very careful around this area pay extra attention to this support level around $97 and what's the key Point Nvidia has to break in order to turn bullish again the 21-day EMA so far we are still below this key point we are not reacting there is not a single bottom signal over here period now Tesla this one is very interesting because unlike the indices unlike Nvidia Tesla did trigger yesterday Tesla triggered a bullish pivot point it did a classic higher high higher low right we closed above the 200 and and $28 but right now today we we are not only collapsing we are rejecting yesterday's bullish Candlestick pattern we are losing the $228 and we are on the verge of losing the 21-day EMA as well making a very very bearish reaction this Candlestick pattern over here has a name all right it has a it is a bearish engling Candlestick pattern which which let me show to you guys over here which according toos studies well it act it acts as a bearish reversal pattern 70 79% of the time it is a bearish reversal in theory and it is a bearish reversal uh in practice as well and of course the above numbers are based on hundreds of perfect trades bookos website the pattern site.com if you want to learn more about Candlestick patterns statistics Etc just take a look at his website it is not a paid promotion all right I just like his books very very much I'm a book worm and I read all of his books now uh here Tesla is collapsing bearish inle Candlestick pattern it is a bearish reversal structure roughly 80% of the time however in order for this Candlestick pattern in order for this pattern to get triggered Tesla has to lose and close below today's low then we're going to materialize a sharper correction the last bearish single thing we saw uh occurred here on the QQQ on this day over here one of my haters complained in the following day because we went up right more than 1% and then oh Nathan are you sure this is a bearish reversal 79% of the time LOL well my friend it has to trigger this pattern over here all right and well by the moment by the moment the kill triggered this bearish single it simply collapsed to the current levels right here right now therefore it is a quite reliable bearish Candlestick pattern this one was the last bearish ining I saw that I remember and right now we see another bearish ining here on Tesla stock if it triggers we could collapse and seek lower levels in this scenario the 206 area the 200 support level over here probably it is not going to be a reliable support area because this pattern is very strong it is very reliable and uh we could seek even lower levels like the $182 if we actually materialize if we actually frustrate the idea of a bullish Pivot Point over here that's going to be a very bearish a very bearish scenario for Tesla now you may ask Nathan what it takes for Tesla to reject this bearish buice because there is a chance right if we don't trigger this bearish single thing we could avoid a sharper correction you are totally right what's more by rejecting today's bar meaning if Tesla breaks and closes above today's high which is roughly around $233 which is a very important resistance level as we have as we have been warning here on this channel by rejecting this Candlestick pattern over here this massive beish bar Tesla will probably explode next in this scenario the 200 $65 up here is going to be an easy target to work with because it is going to frustrate a very very intense bearish reaction the Bears over here would be in a very delicate situation if suddenly if suddenly Tesla reacts and closes Above This candlesticks High over here that would be extremely frustrating they will probably they will probably be sto it out over here and uh Tesa could easily easily explode do do you want to know what could happen to Tesla next let me show to you guys this is what could happen to Tesla next recently we did trade Neo over here Neo did a bullish harami over here above a double bottom uh seen on the weekly chart and uh by rejecting this this bar over here just like Tesla right just just like Tesla has a massive bearish Candlestick bar we see a a bearish bar over here on Neo as well by rejecting this key Point by breaking and closing above the $4 which is this candles High Neo triggered a very interesting impressive Buy Signal it simply broke our first Target around the $462 and right now it is going up well more than almost 26% in less than one single week and if you want to trade with me then check out my website link in the video description there I will teach you guys how to trade I will teach you guys all the techniques that I use and uh you will keep in touch with my personal insights with my personal trading strategies this is one single example of a very successful trade we recently did and I firmly believe that Tesla by rejecting this Candlestick pattern over here we could see the same thing happening again therefore let's pay extra attention around this $233 key resistance level so remember join the 5% project take a look at my website link in the video's description learn to trade with with us now AMD let's continue our study AMD is this one simply failed miserably in reacting above the 61.8% fibonacci's retracement we don't see any meaningful bullish reaction if we do see one great but uh right now there is not a single one on the weekly chart we did a top signal below the 21 week EMA suggesting a sharper correction to the $21 next however the 134 over here the 132 support level is acting as a very nice price region and it is holding it is preventing am this price from collapsing to lower levels along with the along with the 61.8% retracements over here so if we see a bullish reaction I believe AMD will have a fantastic upside potential next but uh unfortunately there is none so there is nothing to do over here Nathan what if I what what if I short Nvidia right now in my now in my humble opinion am's risk reward ratio is not interesting at all because well a good short was above here around this top level but it was above the 21 EMA so we we were in bullish territory now if if AMD bounces again and finds a top level around the 21 ma then okay then we could short then we could short it uh expecting a sharper pullback to the 121 but uh so far I don't see nothing interesting going on over here guys remember remember there's a Time time to go long there's a time to go short and there's a time to go fishing these are not my words this is just livermore's words one of the if not the greatest Trader that ever lived so there is okay to do nothing sometimes all right we are here to make money we are not here to actually uh to try to prove ourselves that we have to work all right I'm not here to show you guys work I'm here to show you guys results and that's okay to do nothing sometimes paler stabilizing around the 21 ma is there any meaningful bullish reaction no but if we see if we see if we see paler breaking today's high or breaking the or breaking the $313 4 over here which is this Gap resistance level from 2021 we could see a nice bullish rally ahead because it is going to maintain the bull Trend it is reacting above the 21 ma it is above this support level made by the previous top level over here previous top level act acting as a support level another example of the principle of polarity in technical analysis therefore there is a decent chance that paler will react from here but uh we got to wait for more confirmation first super microcomputer collapsing about to retest $357 which is the previous top level scene on the weekly chart over here from August 2023 right now it could be our next support level and honestly if you ask me I do believe we're going to seek this support level next there is not a meaningful bullish reaction over here we are just collapsing there is nothing to prevent super microcomputer from reaching $357 again therefore let's pay attention on this support level now broadcom collapsing after earnings right right leaving a monster Gap above the price do we see any bullish reaction of course not it is just collapsing however let me let me do this let me try to understand a few lines over here because we are still bullish all right longterm speaking we are still in a bull Trend however if we lose this purple trend line over here I do see broadcom uh not only frustr in the bullish bias long-term speaking but we would also trigger a bearish pivot point on the weekly chart and just like Nvidia would be the first bearish Pivot Point since 2022 over here that's going to be a very problematic situation for broadcom therefore it it needs to react as soon as possible preferably by Monday or Tuesday otherwise we could frustrate and reject this long term bullish sentiment over here and the microme is about to retest the $84 91 Cent I'm so sorry it did hit no it didn't all right we are almost around this support level over here if you ask me this could be a possible double bottom chart pattern all right right above this Gap support level over here right so right now the timing for a reaction on microme would be perfect but there is not a single meaningful technical evidence suggesting that we're going to bounce if we see one great but for now there is none even if we see Micron bouncing it is still in a bare Trend over here so any bounce to the 21 Day EMA could be just a dead cat bounce in order for for micr to actually reverse this bearish sentiment it would be very interesting to see Micron triggering this double bottom chart pattern by breaking the peak between the two valleys around 110 and uh and at the same time we would break the 21 we EMA over here in this scenario we have an upside of roughly 50% over here to retest our next technical resistance level $157 there are no other resistance levels over here so we have a lot of upside potential microme is a very promising one but we got to see a meaningful technical evidence suggesting a recovery otherwise there is nothing for us to do of course I'm going to keep you guys updated every single day in this channel therefore if you're not a subscriber consider subscribing it is guys it is too late for you if you're still watching this video for 20 minutes 19 minutes over here it is too late for you you did like the video so come on subscribe this Channel and click the like button to support me as well as I told you guys I highly appreciate your audience thank you very much see you guys next Monday stay safe bye-bye