THE STOCK MARKET IS ABOUT TO BOOM! 🚀

All right, let's do a quick market update. We are getting a pullback in the indices. So, I'll talk about what I see here and I also want to do a quick look at Bitcoin. The Bitcoin update is a little overdue and there's a couple things I do want to cover with Bitcoin. So, that'll be an important update for today and then we'll wrap it up. It'll just be a very quick update. But first, let's look at Romans 8. And we know that in all things, God works for the good of those who love him, who have been called according to his purpose. This is just a very quick reminder for anybody who needs to hear it. If you love God and you are serving God and you are abiding in Christ, it does not matter what you are going through, God is going to use it for good. And even though you may not understand it now, hang in there, keep the faith, and continue to abide in Christ. And you can rest assured that God's plans for your life are much better than you could ever imagine. And that they are definitely working for good, not for evil. So be encouraged by this verse today and hang in there. No matter what you are going through, it is going to be all right because you have the Lord your God on your side. All right. So looking at SPY, this is essentially what I was looking for was a simple retest of the all-time high breakout and then I think we continue this bull market up to SPY 790s up to about 800. I think that is where we are going to see a very critical resistance in this market. And I do think this dip will be bought. I do think it's possible this dip comes down into the 750s. It does not have to, but it is very likely that it does. So give plenty of room for this dip. And then if you are seeing bullish price action bouncing off of these support zones, that is when you want to start getting aggressively bullish again for these higher price targets at a brand new all-time high. 775 did end up being the strong resistance that we were looking for. We just had a quick bull trap above it and now we are getting the pullback and I do think this pullback will be purchased. I do think buyers of the dip are going to step in and I do think this bull run is going to continue into the rest of this year. That doesn't mean we won't have volatility. That doesn't mean we won't have these pullbacks which will be buying opportunities. So, as always, have plenty of cash to buy dips because in bull markets, you want to buy low and sell high and continue with the trend. Now, if something else starts happening and for any reason we start to get lower highs and lower lows, that is going to be your signal from price. If we start to see something like this and we continue lower, making lower highs and lower lows, obviously you don't want to just mindlessly buy dips anymore. So, use this risk level zone right around 760 to 755. You have a very nice window of support in here to continue to manage risk from and as long as we can hold those support zones. As I said earlier, expect the brand new all-time high and the bull run to continue. I do want to point out that we have gaps to the downside. So, in the event that we do get the bare market scenario, there is a lot of room to come down much lower. So, as always, have a very clear plan. Don't assume we have to go higher. This is currently what we are assuming because we are in a bull market and a bull trend. But if we start to break out of this support zone, you have to manage risk accordingly. All right, let's look at the NASDAQ 100 on the triple Q's. There's a couple of things I want to look at. One is that we were starting to get the bull breakout from the downtrending resistance trend line. And just like SPY, I think there's a very good chance we are just getting a simple retest of that breakout, possibly fill the gap right around 701, and then continue higher towards 770, 790, and then 800. This is the highest probability chance in a bull market. SPY has already made a brand new all-time high. equal weight S&P 500 is at brand new all-time highs. So, the market itself is still very bullish and stocks are going higher. And I do think a lot of the volatility in the NASDAQ 100 is simply just the shakeup in the semiconductors, which I do think there's giving plenty of buying opportunities in that space as well. So, it doesn't matter how you look at it, this is still looking bullish. This looks like a dip that will be bought between this support zone at 693 all the way up to 706. So, pay attention to that support. And then the brand new price targets will be all-time highs above 770 and 790. Now, in the event that we break down, obviously lower highs and lower lows need to be on the chart for us to get more bearish. And in that event, we could come down into the 640s and 650s. But again, that is the least likelihood probability right now until we see something change on the chart of lower highs and lower lows in the price action. So, pay attention to this support zone. Again, very clear level to manage risk from for the bulls. And I do think buyers of the dip will still step in here. So I do think the bulls are still going to be in control here. Now the best way to prove that is looking at Bitcoin. This is a great indication of risk on sentiment. Bitcoin is going straight up for the last 3 days. We got the higher high breakout above 66,000. We are back above the 200 daily moving average and this looks like a sort of double bottom or an inverse head and shoulders breakout. So there's really nothing you can say on this chart that looks bearish right now except for the fact that we haven't made a brand new higher high on the daily chart above 82,000. So yes, the bears could say if we cannot break above 82,000 and we continue lower again that the bare trend could still be going on and we could be in the crypto winter. But this is a very clear risk level to use at 82,000 and 79,000. We already had the bull breakout above 68,000. But that's really hard to manage risk from right now because we are so far away from it. So the Bitcoin bulls really need to break through two more resistance zones and then the bare chart pretty much goes away and it looks like we're in a brand new bull market in Bitcoin. But it is still possible the bears are in control if we do not get that higher high breakout above 82,000. And in that case, you would get something a lot more bearish like what I drew here. The bull scenario is very clear. You're going to need that higher high breakout and continue this bull trend. Stay above the 200 daily moving average and stay above 66,000. And I do think this chart is very easy to read right now. And it's very clearly bullish, but not something I would chase until we can build some sort of base and prove we can get above 82,000. Unless you were already buying low and you're above 66,000, then just ride it and go ahead and assume we're in a new bull market for now because you have such low risk if you were buying down here anyway. If you're just now thinking about buying, I think this is the worst time to buy until we can prove the bull scenario because this bare scenario is still possible. So, yes, Bitcoin is looking bullish, but we still have a little bit more to prove before we know for sure. And that is that break above 82,000. So, like I said, very quick update. God bless all of you. I hope you all have a great weekend. And I have some more trade ideas coming to you very soon.