THIS STOCK IS NOW A BUY!

0:00 All right, time for another market update. As I said earlier in the week, I'm trying to do these more regularly. And today, I want to give a quick look at SPY. Just a quick reminder of what I said on Monday. And then I also want to look at Bitcoin. And as a bonus, I'm going to give you a brand new trade idea that is looking very attractive as of today. So, this is a hot offthe press trade idea, something that you could even act on today if you want to. And with this market volatility, now is a great time to be getting more active because there are opportunities presenting themselves daily. Now, one quick reminder that I always love to tell you guys is always have a trade plan. You don't have to agree with anything I'm saying. I'm going to give you price action to pay attention to for both directions. While I personally am buying dips and looking for opportunities to buy near support, you may have a totally different strategy and you may be extremely bearish and looking for opportunities to short the market. And that is completely fine. But I'm still going to share with you what I see and what I think is going to happen.

0:55 And I am leaning very bullish currently at these very critical support zones. So, I am still looking to buy dips and I'm looking for opportunities to go long because I do think we are going to have an extremely bullish November. And I think these dips in October are only making that more and more obvious because after we get corrections and after we get pullbacks and after people buy near support is usually when we continue back into the bull trend. And I will continue to position that way. If you disagree with me, that is completely fine. But as I said earlier, just have a trade plan and make sure you're following what makes sense to you. If you don't have a trade plan and you're just acting on emotions, a volatile market like this will absolutely chew you up and spit you out. You do not want to be acting with emotions. Know exactly what you are going to do at certain price levels and why you are doing it.

1:41 And more importantly, when the price action does what you are waiting for, act on it. If you are going to buy near a support zone and we get there, that's your time to buy, not your time to panic. And if you are going to short at a certain resistance, that's your time to consider shorting. But I will warn you, in a bull trend like we are in, the path of least resistance is still higher. So shorting is still going to be the most difficult trade. So with that being said, I do want to talk about three verses today. You can see them right here on your screen. The first one is from Proverbs 2:6. For the Lord gives wisdom. From his mouth comes knowledge and understanding. This is just a very simple way to remind us that we are not as smart as we think. All wisdom that we have is given to us from the Lord. And it is his knowledge and wisdom that we get to benefit from. It is not our own wisdom and knowledge. Proverbs 3:5, "Trust in the Lord with all your heart and lean not on your own understanding."

2:34 This is just a continuation of the first one is we will often lean on our own understanding of what we think is right. We think we're a lot smarter than we are. So, we go our own way and our own route because we think we can outsmart God's plan for our life. The best thing you could ever do is just trust in the Lord. trust in his plan for you and ask him for knowledge and wisdom and what his will for your life is. And then that leads us to Romans 8 28. 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.

3:04 Again, just a continuation of the Proverbs, follow God, love God, look for his will for your life, and all things that he is working in your life will come out to be good. I know Thanksgiving is not here yet, but when Thanksgiving is here, we're all going to sit around the table and eat way too much food. But more importantly, we're going to look around and we're going to think about all of the things that we are thankful for. And that is always going to be in hindsight. Nobody is ever thankful for trials and tribulations that they're in currently right now. But if you stay faithful and you continue to follow God and love God, you will always see that he works it for good. And this goes into the gospel of the most evil thing the world ever did, which was the death and crucifixion of a perfectly righteous man. God in the flesh through the man of Jesus Christ. God turned that evil event into the most beautiful rescue mission of salvation and reconciliation where we have a route right back to God. Even though we are sinners and enemies of God, God loved us anyway and sent his only begotten son to save us. And I will remind you, if God can turn something like the crucifixion of Jesus Christ into the most beautiful rescue mission ever, he can definitely deliver you from any trials and tribulations and persecutions you're experiencing in your life. Just stay faithful and continue to remember that God is always working all things for good. So hang in there. Let this be a message of encouragement. No matter what you are going through, lean on God always. Trust in his plan for your life and seek first the kingdom of heaven and all other things you need will be added to you. All right, so first we'll look at spy. I don't want to spend too much time on this because we already talked about spy and what I think is going on. I want to spend more time on Bitcoin and this new trade idea.

4:40 But what I'm looking for on SPY is no matter how you spin it, if SPY does not break below 759, I think SPY is heading towards 793 and then above 800. So, the only way I'm changing what I see in SPY is if price comes down and does something like this where it breaks below 759 and continues to show some sort of bare trend developing. I don't think that's what's happening. I think today is just a retest of the lows that we had last Friday. And I think we're well off to the races. Earnings are coming in strong. Rates are starting to ease. People are getting way too bearish, which is usually signs that we're very close to a bottom. And while everybody is screaming the world is ending, earnings are continuing to expand and grow. companies are looking very solid and we just had Birkshshire Hathaway, ticker BRK, just break out to a brand new all-time high today and I think Apple is very close to a brand new all-time high and you're just not going to see all-time highs in a bearish market. You could try to call it top, of course, but that's the most difficult thing known to man. And unless you absolutely nail calling the top, this is more than likely just a pullback and or correction before we continue the bull trend. So, I'm staying bullish on SPY unless price proves me wrong, which is completely fine. And that means SPY would have to break down below 759. But until that happens, it is bullish until it's not. And I still think the stock market is going higher, which includes AI stocks. Obviously, those are at great buying opportunities. If you watch my last video, I'm still buying more of those. And that will also push the NASDAQ 100 and the triple Q's higher as well. So, still bullish. I'm going to leave it at that. We'll do an update on SPY if we break down below support.

6:11 Otherwise, we're going to continue to expect the higher prices within this bull trend. All right, as I said earlier, I do want to look at Bitcoin today. It is long overdue for a Bitcoin update. So, I'm sorry about that. But what I see right now is this sort of double top look in Bitcoin, which is that rejection at 86,600. And this is a confirmed double top as long as Bitcoin is below this neckline at 83,420. Yes, we broke above it just briefly, but then instantly got rejected. And this looks like it could be another double top forming if we break down below 81,273.

6:45 So there's lots of ways you could play Bitcoin. I am personally a little more cautious on Bitcoin. I was expecting this to be a bottom year for Bitcoin before a very nice bull market starts in Bitcoin. And maybe I missed it. Maybe the bottom is already in and that bottom was down here at 58,000. But what I'm more looking for right now is whether or not Bitcoin breaks down and confirms this lower high rejection and starts breaking down below 81,000 for a retest of 75,000. And then if that level breaks, I'm looking for a full correction and/or retest of the breakout, which is all the way down here at 66,500.

7:19 Now, this is what I think is the highest probability chance. I think this would confirm the Bitcoin bottom is in and if we just took off and continued racing higher next year. But that is out in next year. We can't get ahead of ourselves right now. Bitcoin is looking very risky and that will be a confirmed breakdown again if we break down below 81,000. Now, if we don't break down below 81,000 and we come up here and we break back above 86,000, then yes, I do think the bottom is already in and the bull market has already started. And then the next higher prices you could see here on the screen would be 90,000, 94,000, and then 97,000. So, all of this is really going to depend on whether or not Bitcoin can hold or break down below 81,000. you have very clear bearish price targets if we break down and a very clear bullish continuation if we hold. I do think it's really that simple. Yes, Bitcoin is currently in a bullish configuration as long as it holds above 81,000. There's no reason to sell your bitcoins. So, don't go panic sell them. You need the confirmation of the breakdown below 81,000. And in that case, yes, I do think you will be able to buy your bitcoins much lower. So, do what you will with that information. But again, if we don't break support, it is still bullish and the bottom is already likely in. You can see all of these could be higher lows within this bull trend. But I personally think Bitcoin is looking very risky here. I just need that confirmation with the price action breaking down below 81,000. So watch that level 81,000 81,000 81,000. Hammer it into your head. That is the only level that matters right now. It doesn't matter what happened in the past. It doesn't matter what you think will happen. It only matters what happens from here at 81,000. All right. And now I want to show you the brand new trade idea that is just happening today. Meta just reported earnings and in my personal opinion they were very good earnings and the market is selling off anyway which is just a typical sell the news event and this is very normal for earnings. One thing I constantly tell everybody when they ask me is that earnings in itself is a coin flip. You can have stocks go down on beautiful earnings and you can have stocks go up on terrible earnings. There is so much more around the whole earnings high volatile event than just simply it was good it goes up or it was bad it goes down. So even though it looks like Meta is in freef fall today, this is only giving a buying opportunity for a stock that I actually thought was a little too risky to buy at the higher prices, we now have lower prices, which is lower risk and confirmation after earnings of continuation of growth. So in my opinion, that's a win-win. You're getting the stock cheaper, and you now have more confidence that the stock is growing, which means the business is healthy and they're continuing to expand their earnings. And in my opinion, that is a buying opportunity. I think when the stars align like a trade like this where you have a blue chip company that is now cheaper and you have the confidence to know that they are still doing well and their business is strong that is only giving me more and more confidence that it's time to start looking at Meta. So for this trade I think we are very clearly holding around a support zone at 659. We have a support trend line that is going to be right around 638 and we have one more line of defense of support right around 624. So what I'm looking for in Meta is a longerterm trade. I personally think you would be buying the dip as of today and looking for a longerterm swing trade into the 800s. And I'll give you two price targets up here at 821 and 855.

10:29 Obviously, the longer you hold, the longer it's going to take to get to the higher prices. But if you want a very short-term trade, I think you're just simply looking for a quick bounce up here to 689 to 690. So, no matter if you want the short-term idea to 689 or the longer term idea that takes us all the way out above the 800s, this is the time to be looking at meta stock. If you want confirmation of a bounce, just simply wait for something to shift on a lower term time frame. Wait till you see a bull trend on the 15-minute chart, for example. But either way, you are looking for support anywhere between 659 and 638 and then 624. If those levels fail, then yes, we are going to come all the way back down to 600. So, keep that in mind.

11:07 But as I said earlier, this is a trade idea just now presenting itself. This is something you could consider immediately. Use your own trade plan. These are the levels that I'm paying attention to. I still think this is a buy the dip stock and I think it's going a lot higher and I think earnings today just confirmed that. So that's my new trade idea for you. Again, I don't think this is the time to be getting bearish in the stock market. I think these are great buying opportunities. But as always, follow the price action and let the chart do all the talking. And more importantly, have a trade plan that fits your risk management. And then if you go through the effort of making that trade plan, just make sure you follow it. So, thank you for watching everybody. God bless every single one of you. And as always, I will see you in the next episode.