Stock Market Ghost Town! Here's Why! | PS60 Process

Here's Dan Shapiro to help you find your edge, master your process, and own your future. >> Hey guys, good evening everybody. Welcome to another edition of the accesstrader.com nightly wrap-up show. Hope everybody is uh doing well. Happy Wednesday everybody. Happy hump day. Uh hope everybody is living their best life. Kindly all I ask is take a moment out uh and support the channel. Click that like button if you haven't done so already. Subscribe to the channel. Hopefully, I will continue to do my best to point you in the right direction. So, um we got two more days till uh the Labor Day uh extended weekend. Uh as you guys have seen, somewhere around 11 12:00 in the in the morning towards the afternoon session, the volume kind of just kind of dries up and we've been seeing that all week and that's fine. That's exactly what we uh have been anticipating expected. But again that that morning window is everything. People chase under uh educated traders chase. There's a lot of phones. There's a lot of emotion. Towards the afternoon is like a graveyard because people are taking advantage of the last bit of summer. So this is kind of what we do know uh going into uh tomorrow's session. Number one, uh we are we close today below the 50-day moving average. Now usually I would turn around and be like, "Wow, this is, you know, this sucks and blah blah blah blah blah." But guys, there's nobody here. There's really nobody here. I mean, there was you're getting some really good value in the morning. Like this morning, uh, there was Dell and there was Tesla, so forth and so on. Meta this morning, but and after that, it's kind of like, well, your guess is as good as mine. I I I don't believe, um, the ramifications of us being day two below the 50-day moving average is as dynamic as if the majority of market participants was still here. I I I think we'll see the true nature uh of the market come Tuesday when people start trickling in from vacation. Having said that, again, nobody wants to see stocks trading underneath supply. So, if you notice uh in the last couple days, some names tried to get over their supply and they got rejected. That's the whole point of a market trading overall market trading uh underneath supply. So, I give I give you a perfect example. So yesterday, right, yesterday, you know, we had a pretty big move on SanDisk, right? Really big move on Sandis, above the 50-day moving average went from 1572 uh all the way to like609 just like that. And if the market was building above supply and there was market participants, this thing would have just kept on going. Instead, yesterday it got rejected. Micron did exactly the same thing. Micron got a back got back above the 50-day moving average yesterday, 960, only went up about 10 bucks, and sold off as well. We'll get to Micron in a second. It actually could be a delayed uh reaction going into uh tomorrow's session. Meta, right? For example, today got back above the 50-day moving average. Actually gave a nice move from 593 into this supply at 601 and then it kind of came all the way back in back to the 50-day again. First close above the 50-day, but you kind of get my point there. There's not a lot of that rah rah rah euphoria. We need to chase stocks into uh into oblivion. Having said that, that could change very very quickly. Okay. Uh the QQQ's all they need to do is kind of reshape the thinking of sentiment. If we can get back above the 7-Eleven area, you see the 7-Eleven area, the 7-Eleven area here, and we're not that far away. That's the cool part about it. We're really not that far away. If we could get a close above 7-Eleven, that means we would reclaim back the 50-day moving average on the cues. You can see last time we reclaimed the 50-day moving average. Uh we wanted a pretty big twoe run. But again, proceed with caution. Yes, test levels. Uh apply what you know, but be very very cautious. Again, remember the old theory is if a tree falls in the forest and nobody is around to see it fall, does it really make a sound? So that's kind of where we are right now. But yes, above 7-Eleven on the QQQs would definitely change at least the sentiment a little bit better. Uh we will have a kind of a 3 to four hour window for tomorrow and I bet you by Friday if you don't get anything by Friday by lunchtime you might as well uh check out for uh the long uh the long extended holiday. Some important notes, right? Some important notes. After the close you had the tale of two, I guess companies Avago actually had a double beat. They got, you know, they they they they beat on the top line, beat on the bottom line. And people always turn around and say, "Well, why is the stock selling low 5%." Well, two things happen, right? Uh either a stock has some sort of guidance exactly what they did. Uh despite uh despite uh beating top and bottom line, their guidance going forward is a little bit of light or just the rationale. Nobody knows what the hell happens to price appreciation on earnings. At least you have your answer here. Uh Snow on the other hand had a wonderful quarter, right? absolutely wonderful quarter up 20% on the day. They also um beat the top and the bottom line. So again, you have two separate companies uh beating both top and bottom line. You have completely two different uh reactions. Uh the standout today was definitely uh Dell. Ironically on Dell, the crazy part about Adele is we had we had a two-sided trade on Dell. the opening range highs right above uh above its August highs and then I shorted this 950 level. I even gave you guys the heads up on uh on Twitter. Man, this thing went down like 18 points and then this thing just completely re rebounded. But this thing definitely uh big move, big reversal, 8% jump after blowout quarter. Revenues rode 58% uh to about 47 billion. AI service hit 61 billion in back orders. Uh Nvidia also embraced the Dell quarter. Uh some people are saying, you know, you know, this also was a major uh Jensen pump on CNBC. Regardless of what this was, they were pounding, you know, pounding 230 weeklys that expire on Friday. I mean, look, look, it's really not that far from uh its earnings highs. Um you know, so very very interesting. Uh Tesla, right? Tesla is getting tighter and tighter, right? Tighter and tighter. a couple of days ago. Couple of days ago, it reclaimed the 50-day moving average, made a move to about the 370 level, came back in. But I can make an argument, man. I can make an argument both ways that Tesla is a double inside day from Monday's candle. Right? This uh this whole formation is still yet to be determined. We're still seeing this weird deep out of the money calls. We did see again for Friday's expiration the 365s. Uh again, we saw the 370s come into play. So, it's going to be very interesting to see. I I would like to see Tesla either lose Monday's lows or reclaim yesterday's highs. Lose Monday's lows, would lose the 20-day. And if it reclaims yesterday's highs, I would like to go long uh above the uh above the 65 EMA for a potential push to Monday's high. So we definitely like I'm always trading Tesla both sides. I always have a two-sided plan on Tesla. So it's very very important to actually understand uh the levels and understand why what could happen if those levels breach. Let's go back to let's go back to Meta. Right. So Meta closed right on the 50-day moving average. Right. Last time uh Meta closed above the 50-day moving average was right here. Right in. You can see there's a lot of supply just the same way it hit a lot of supply today. You notice? So the following day it gapped up into the supply and completely faded. So here's kind of where we need test Meta not to do that, right? If Meta could get back above this, like I can give you the price. If it could just get back above this 601 602 level, I think there's a shot here. We did see a buyer come in for this 615 weekly calls. It'll be very interesting to see if they could push through that supply because today it got rejected at the same supply that it got rejected on August 11th. So, it has to get back above that level uh for it to be viable. So, let's talk about Micron, right? Let's talk about Micron. Micron is getting very very tight. Uh if you've been kind of following along uh for the last several days, you kind of know two things. Number one, Micron needs to close above the 50-day moving average, right? That's a very, very important thing. And not only does it need to close above the 50-day moving average, now it needs to confirm, right? It needs to confirm these two channels here. As you can see, it stopped yesterday back on the 827 highs. If it could just get back above this 827 highs, this thing could absolutely rip, right? It could absolutely rip. But the question is, can it do it, right? Are there enough market participants to get back above this twoe channel and just let this thing go through? As far as tightness, right, you're not going to find a tighter mega cap technology name. So, if we can just get the the order flow we got in the last several days, we start still seeing 970s, we saw some 980s, we saw a little bit of thousands uh being traded a couple days ago. The question is, can Micron do it, right? Can Micron do it? It looked very, very close uh yesterday, but can it do it? Can it finally get back above those August highs? If it does, it will light up. You know, you guys know how Micron trades. It will light up like a darn uh Christmas tree. Um, what else do I want to talk about? Um, PLTR after a big big run, right? PLTR after big big run kind of lost formation today. It's going to need a little bit of time to kind of go sideways a little bit to kind of retrace back and kind of reclaim back the five and the 10day moving average. Um, Microsoft after the close gave some sort of guidance. Um, I know that they gave some sort of guidance. Let me just see. Uh, Microsoft expects revenues between 75 billion and 75.75 billion for their first quarter driven by its AI agents and infrastructure. I guess every headline will have something to do with AI and the stock after the close is up a couple of bucks. The market not really reacting uh to that headline. It'll be interesting to see if Micron can get back above the 5-day moving average which was yesterday's high and the shortest term sentiment especially on the snow right especially on the snow earnings that are you know really uh doing very very well. So going into tomorrow uh I am definitely watching Tesla. I would like to see this thing uh reclaim back the 65 EMA to go higher. It just feels better going higher than lower. But again I'll trade both sides of the market. So, I'm definitely watching um I'm definitely watching Tesla tomorrow if we can reclaim back the 65 EMA. I am definitely watching Micron tomorrow if it could reclaim back those August highs. Uh Dell, right, Dell, let's see if there is a day two, right? It it is not that far away uh from its August highs. If it could just get back above today's channel tomorrow, and again, this is a wild stock. I mean, this is a really, really wild stock. But if it could get back above today's channel tomorrow, there's a legit chance it could test those August highs. So, we definitely want to keep an eye eye on that as well. So, remember guys, there are very limited market participants. The volume will start dying down uh somewhere around maybe an hour, maybe half an hour uh closer to lunchtime tomorrow. So, trade very, very prudently. Whatever your research is, whatever you're watching, watch those symbols. You don't need to watch random stocks because you'll get random results. Get your watch list. Get your actionable trading ideas ready. If those symbols trade, if those symbols confirm, especially with the options market blowing up with short-term expiration, that should be your focus. Guys, have a great night everybody. God bless. Hope everybody's doing well. And with God's help, I'll see you all in the field tomorrow.