Hey Traders I'm charting Man Dan with the chart guys traded for the last 13 years and Technical analysts and in this video we're going to look at where we stand after the return of volatility bullish CPI reaction Bears own the morning full Zone the afternoon what does it mean bigger picture let's seeWhat the church say all right at least we got volume and volatility back after a very slow Monday and Tuesday there's your CPI reaction both the S P 500 and the NASDAQ hit eight month highs highest levels we've seen this year pull back on the morning no big dealHigher low tightening range bear break Bears take some control Bears follow through v-shaped bounce attempt into the close so where do we stand well we're getting the same thing that we've had over the last couple of weeks which is the NASDAQ is leading the way up big Tech semiconductors they're leading the wayUp the weakness is still in our weaker sectors Financial energy and that's Weighing on iwm the healthcare sector is still in the middle of the road it hasn't picked a team yet and so the market is seeing this major tug of war going on where we have opposing forcesTugging in different directions and so that's leading to the S P 500 to be fairly choppy so S P 500 right now I'd be scouting for an hourly lower high if there were more time left in the trading day and we would look for our equilibrium as the most likely scenarioBut bigger picture on the daily chart I'm losing Clarity on spy this is spy right here on the daily and that's fine for me because I'm going to continue focusing on the individual sectors where I have more clarity but at this point for me pretty much spy is going to haveTo break 403.74 or 417.62 for something to change because we've been trading sideways within this range now for almost six weeks and we are fairly close to the middle of it we're nine dollars off the low we are five dollars no we're definitely closer to the Bulls breaking than the BearsBut I'm gonna keep saying what I've been saying for a long time the Bears will not have confidence for fear in this market if our big Tech leaders continue higher and again people say it's not fair it's skewed they have the most weight in the market it's justA few names holding things up that may be the case but those few names are still very strong and so we look at the NASDAQ and we can see the NASDAQ with the highest close since back in August of 2022 so almost eight nine month highs and I've been watching the possibilityOf this Rising wedge and the Bulls are doing their best to negate that and if we're Green tomorrow this will be negated for me and you can see the NASDAQ had a bull move a pullback and then a new high until the end of the day it's a megaphone because we keepBreaking resistance with no follow-through then we break support with no follow through so I'm keeping an eye on an uptrending resistance line down turning support line but we are up testing resistance right now and we look at QQQ on the daily chart and the big thing for me was all rightYou know I'm paying attention to the Bears after this morning with that sell-off and the next big check mark that the Bears needed was to confirm an hourly downtrend with a lower high and lower low to confirm to us that they are taking control and they were unable toDo that with the size of this bounce at the end of the day we'll see if that changes tomorrow at all but again QQQ aside from the high of today 32601 we're looking back at 330 251 is the next major level and if the Bulls were ableTo clear that 332 level which is two percent away that would be the highest level in over a year it would be new 52-week highs so those are on the table we're knocking on the door and again the major lead bull generals the most important stocks for the entire Market are AppleWhich is still hanging around up near its highs Microsoft which hit higher highs today and Amazon which has been relatively weaker and is trying to join team Bull with one 1086 being tested that would be the highest level that we've seen in over three months and if the BullsCould clear 114 that would be the highest level that we've seen in six months Amazon divided by Kiki Q shows us it's been a relatively weaker name but we built this Mondo base of support and the Bulls are trying to shift into laggard relative strength Google has been a laggard bull break wasYesterday gave a lot of it back but here we are seeing continuation they had an event today and you can see the volume pouring in the weekly bull flag confirming so Google is getting to the highest level in over six months seven months so again you will not see broader MarketFear you can see financial sector fear you can see energy fear you will not see S P 500 fear if these major names keep heading higher XLF XLF tried to confirm the daily uptrend today and failed this morning we needed a break of 3262 to confirm theDaily uptrend and we failed by 8 cents and saw a pretty hard rejection so the Bears are still in control look at the lower highs here 33 53 43 32 62 3254 the daily lower Highs are my guide I am watching for the Bulls to try andShape up a weekly high or low but today was definitely a step backwards in trying to see that shape up So eventually what we're going to see happen is the NASDAQ Bulls are going to join team bear with clear weakness or the weaker sectors are going to join team Bull with strengthAnd again if you've been following along over the last couple of months that's the exact same statement that I was making down here when the financial sector was really weak and they joined team bull and so we'll have to see how this shakes out over the next couple weeksWould be surprised to see XLF form a weekly inside bar today or this week I should say and how that breaks would be very notable into the next week k r e also shaping up a tightening range so the four hour is in equilibrium with our lowHigh higher low lower high we broke support by a couple pennies today but still a tightening range if we get any green tomorrow I'll just be viewing it as this tightening range and I did make a long today a long swing position which is a small positionAnd using 36 49 as my stop to just give some wiggle room under that level and the attempt was for a daily Trend change to try and shape up for a weekly oversold bounce to try and shape up it doesn't look like that's going to happenRight now but I'm just going to let this trade play out and either stop out or not because I am risking let's see I'm risking about 20 percent of the gains that I had shorting kre on the Gap up open Monday so perfectly fine willing to make a longAttempt just risking partial profit from a trade earlier this week but for now it's a very clear statement the Bears do still have complete control of the financial sector semiconductors getting real tight probably going to break before the end of the week another test of resistance today and we failed by 14 penniesSo getting real tight here I care about 122.74 support and 125 18 resistance there's the only two levels I care about until one of them breaks nvda still hanging on WE double bottomed at the low of yesterday by 11 cents but trading sideways the last couple of days for the most partAMD have we started daily consolidation not yet but a bearish candle on The Daily so we're going to be watching anticipating Bulls are going to be looking to buy a daily high or low on AMD considering the v-shaped bounce of 25 percent over the last few days Healthcare still not picking aside hereTightening daily equilibrium we held support this morning by 16 cents so I care about a bear break of 131.84 or a bull break of 134.05. and we are close to the middle of the range slightly closer to support but we're gonna see XLV pick a side hereXLV has been on the fence they've been watching the financial sector and energy Bears the semiconductor and big Tech Bulls battling it out and XLV is waiting as long as it can before it has to pick a side here and it will pick a side within the next few daysIwm confirmed the four hour inverse Head and Shoulders we talked about yesterday but no follow-through at the moment so we broke 175 55 and 175.70 we gave back a lot of that on the morning drop that was a bull move pre-market and so technically it is the first dailyUptrend confirming in a while but it's not convincing I go to the two-day time frame zoom out a little bit and recognize we're still in a two-day downtrend lower high lower high lower high anything under 177.34 and so iwm if we're going to see any conviction out of the Bulls in iwm weAre going to have to see the financial sector shift momentum biotech sector continuation today again it's been the ideal shining star of a laggard sector which did not participate at all when the broader Market got its bounce going and then played some notable catch-up so still keeping strong in the biotechSector heading up towards 9260 key resistance ccjr uranium play continues to creep up towards our monthly resistance today we got Within two percent 2.2 percent tlry daily inside bar cannabis sector for the most part seeing consolidation cgc back down testing the lows lead bare easily msos daily consolidation clearlyUnderway the weekly charts that's why we always zoom out great we confirmed a daily uptrend zoom out and remind yourself the weekly chart still has a ton of work to do and this is a potential weekly Bear Flag unless we see bounce followed through dlry is fending off daily consolidationAs our lead bull but if we break 272 tomorrow daily consolidation will be underway the dollar sideways I only care about the dollar if it's breaking 178 support or 102.40 resistance otherwise it's just sideways and it's not a coincidence that spy has been sideways for six weeksAnd the dollar has been sideways for about a month waiting for a clear break sometime within the next couple of weeks gold potentially setting a daily lower high if we were to drop down and break 1999 that would be a clear shift and a bear break of this Rising wedge silverSame deal if we drop down and break 25 17 that's a little 12 hour Head and Shoulders confirming so the metals Bulls are close to seeing weekly consolidation Shape Up miners same deal lower high set breakup 34.52 would confirm a daily downtrend we held it by four pennies we are close to theMedals and the miners seeing weekly consolidation begin oil hanging around near the high but struggling a daily EMA 12 resistance we're going to be watching for daily consolidation soon bears are trying to confirm a four hour Head and Shoulders pattern but we're gonna have to break 71.80 for the dailyLower high to be set and for daily consolidation to be underway and natural gas daily lower high set time for aggressive Bulls to be scouting a daily high or low playing off the recent low to see if we can confirm the first daily uptrend in over five months inventory reportTomorrow at 10 30 a.m Eastern for natural gas will be key we'll see SO trading today as I mentioned I took some kre long but I also took some spxs short that ended up slightly red into the end of the day due to the bounce in the broader Market but a little bitOf protection just in case we do roll over but that bouncing to the end of the day from the NASDAQ certainly showing some strength other than that took some day trades Riot was a nice Trader here and there were so many shorts I missed on RiotThey were just very clear I got a couple of them but I mean look at this double top that's a double top into a two and a half percent pullback and then you've got a triple top into a massive pullback when Bitcoin dumped that was the tradeOf the day for me that I missed just a very and I even you know was posting about in the chat room Mara five minute Head and Shoulders scouting a five minute lower high next bounce and then distracted with whatever in the chat room and very nice eight percent follow-through on that dropAnd then a really nice bounce as well played a little bit of that bounce but I was too chicken to let it play out and I was quickly locking in short-term little gains because of the magnitude of the Bitcoin drop talked about that Bitcoin drop inThe Bitcoin video Friday I'm gonna do a live stream q a come bring a beer let's chat informally and ask me anything about trading lifestyle experiences you name it appreciate you watching do good things flowers these are edible a nice hyssop volunteer potatoes volunteer kale from over the winterThese potatoes need hilling I'm gonna do that after I record the market video pretty much just have to put soil up around the base maybe three times throughout the summer to ensure that the potatoes remain covered because any potatoes that gets sunlight on them you can't eat them oh my yarn got wetOr twine the Garlic's looking good planted some leeks in there as well they haven't really come up and holding off on weeding pretty much just gonna take a hoe to all of these paths and then cover it with the fresh mulch but holding out until everything blooms or not blooms until everythingSprouts from seeds and also there's some bunnies that live in the bushes around here and they eat all these weeds and same concept if I get rid of all the weeds they're gonna start eating all the stuff that I want to eat