Transcript:
Hello, everybody, welcome to Thursday, the S&P 500 was up a little bit more than point 2% today. And really, this is one of those days where there isn’t a lot of information that you get out of the movement one way or another, because we have these two levels that are either going to break through to the upside or fall through to the downside. And in the meantime, when you’re kind of bouncing around between those, there’s not a lot to learn until something does happen one way or another, it’s very important to understand what those levels are, so that you can kind of identify what’s happening here. But, you know, we spent 16 trading days over a couple of months period, hitting up against the 4170 ish level, on the S&P 500. We’re now at 4280. So we’re 110 points above that, which is great. And so now that becomes very nice support. And so hopefully we don’t fall back below that. But that’s one of the things we’ll be watching for. On the other hand, on the upside, we have the 200 day moving average, which is about 40 points higher than where we are now. And another 20 points, but higher than that is the trendline, that is connecting the tops of this downturn, it’d be pretty significant to break through those. And because you have a lot of different people, hedge funds, and what have you are shorting the market that seen as a significant breakthrough, when you get to the 200 day moving average, you probably have a lot of people reversing their thought processes on whether this is still a down market or not. And you could get a really nice run off of that.
The problem is it takes a lot of energy to break through these types of barriers, and we use so much energy to get to the last one, and then ran right up to the 200 day moving average, really without stopping. And that’s what created this big stretch that we have. And so now, you know, we’re probably going to be sitting here for a while kind of bouncing off of this average, maybe coming down tomorrow, or whatever it is. And as I mentioned yesterday, that’s still a good sign. We’re not falling back below that support that we had. And we’re really kind of consolidating and resting, building up more energy possibly to break through. Because again, I think we would have a pretty good run after that. So really interesting time. I hope we break up above as far as that goes. But it’s hard to tell for sure what’s going to happen. We just need to keep watching. I will be on vacation next week, just so you know, I won’t be doing the daily videos. We won’t be doing the show. But it will be doing the show tomorrow from 1215 to one o’clock the talk money with Tom show on YouTube channel. And so feel free to join me I’ll give you a summary for what I saw happening for this week. And again, very interesting time to be an investor. So no doubt about that. So look forward to seeing you then. Thank you