$SPY WEEKLY STOCK MARKET UPDATE CHANNEL BREAKOUT
Summary
TLDRThe provided script from a trading analysis video discusses market conditions as of June 2nd. The speaker examines the daily chart, noting a bullish hammer candle despite a bearish cross down, indicating an overall bullish market. The support zone is identified around the 530 range, with resistance at 531. The script suggests watching for market movements around these levels, possibly with a pullback to retest 525 before an upward move. Bitcoin is also analyzed, showing a bullish trend within a $73,000 to $60,000 range, with the market expected to validate this zone before any significant moves. The speaker invites viewers to join live sessions on YouTube for further insights.
Takeaways
- 📈 The market is currently validating a zone between 525 and 532, with strong support at 525 where the market has bounced back after breaking fake.
- 📊 A bullish hammer candle has formed, indicating a potential bullish sentiment despite a bearish cross down.
- 🌐 The market is in a bullish territory with the MA (Moving Average) still suggesting a bullish condition.
- 🚀 The market's next resistance level is at 531, which is a key level to watch for the upcoming week.
- 💡 Market makers might play tricks with options pricing on Monday, as it's the start of a new week and options are expensive.
- 🔄 The market could either pull back to retest 525 and then go up, or it could go up and then face rejection, with either direction being considered healthy.
- 📊 The market has been consolidating for nearly 12 days, suggesting a potential breakout or significant movement is near.
- 📊 Bitcoin is currently in a bullish state, validating between $60,000 and $73,000, with conditions overall being bullish.
- 🔄 Bitcoin is expected to continue its bullish trend, with a possible significant move happening after the summer, possibly influenced by the elections.
- 🔗 For those new to the community, the speaker goes live daily from 9:30 to 4:00 p.m. on YouTube under 'Top Trading Edge'.
- 👥 Interested individuals can join the WhatsApp group through the link provided in the YouTube channel description.
Q & A
What is the current market condition discussed in the video?
-The market is currently in a bullish state with a strong support level around the 530 range, specifically between 530 and 532, and also around 525. The market has been validating this zone with a bullish Hammer candlestick pattern.
What is the significance of the 525 level mentioned in the script?
-The 525 level is identified as a demand zone, which is a price level where there is significant buying interest. The price being above this level indicates a potential upward movement in the market.
What is the next resistance level for the market according to the video?
-The next resistance level for the market is at 531. This is a price level where selling pressure might increase, potentially leading to a reversal or a pause in the upward movement.
What does the speaker suggest might happen in the short term with the market?
-The speaker suggests that the market might experience a pullback to retest the 525 level before going up, or it might continue to rise and then face rejection at the resistance level.
What is the speaker's view on the market maker's potential actions?
-The speaker believes that market makers might perform some tricks for a day or two, possibly causing a pullback or an upward movement, as options are expensive and there is room for a $3 move in either direction.
How does the speaker describe the market's behavior over the past 12 days?
-The market has been consolidating around the same price range for almost 12 days, indicating a period of indecision and a potential setup for a breakout.
What is the current condition of Bitcoin according to the video?
-Bitcoin is described as being in a bullish condition, validating its price between $73,000 and $60,000. It is above the cloud, indicating a bullish trend, and the market is expected to continue being bullish.
What is the expected duration for Bitcoin's current validation phase?
-The speaker suggests that Bitcoin's current validation phase might last for a couple of months, with the potential for a significant move after the summer, possibly influenced by the upcoming election.
What advice does the speaker give for new members of the community?
-The speaker advises new members to join the 'top trading Edge' community on YouTube, where they live stream daily from 9:30 to 4:00 p.m., and to check the description for a link to join a WhatsApp group.
What is the speaker's final note on the market's overall condition?
-The speaker concludes that the market is overall bullish, and they suggest leaving Bitcoin alone for now, as it is not showing strong bullish or bearish signals but is in a phase of validation.
Outlines
📈 Market Analysis and Predictions
The speaker begins by welcoming the audience to the Top TR G community and provides a market update for June 2nd, focusing on the daily chart. They discuss the market's behavior in the previous week, noting a significant drop followed by bullish movements. The current market is hovering around the 530 range, with 525-532 being the key validation zone due to strong support. A bullish hammer candle is observed, and despite a bearish cross down, the overall market condition is bullish. The speaker then shifts to a smaller time frame, mentioning a bearish cloud and a market break upwards, indicating a demand zone at 525. The price is above this level, and the next resistance is at 531. The speaker suggests potential market movements, including a pullback to retest 525 or an immediate upward movement followed by a rejection. They also discuss the possibility of the market makers playing games, trapping bulls and bears, and hint at a potential upward movement in the coming weeks. The support and resistance zones for the upcoming week, particularly Monday and Tuesday, are highlighted.
🔗 Community Engagement and Bitcoin Update
In the second paragraph, the speaker invites viewers to join the Top Trading Edge community on YouTube for daily live streams from 9:30 to 4:00 p.m. They provide instructions on how to find the channel and join the WhatsApp group for further engagement. The speaker then shifts focus to Bitcoin, stating that it is currently in a bullish trend, validating between $73,000 and $60,000. The market conditions and the moving average convergence divergence (MACD) indicator are both bullish, with the market continuously validating this bullish trend. The speaker anticipates that Bitcoin will continue to oscillate within the 60-70k range for a few months before potentially breaking out. They conclude by encouraging viewers to join the community for more insights and updates.
Mindmap
Keywords
💡Market Conditions
💡Daily Chart
💡Support and Resistance
💡Bullish Hammer Candle
💡MA (Moving Average)
💡Demand Zone
💡Market Makers
💡Gap Up/Down
💡Bitcoin
💡Top Trading Edge
Highlights
Market conditions analysis on 2nd June, discussing the market's behavior and upcoming week's expectations.
Previous week's market compression followed by a significant red day, indicating a bullish trend and subsequent flush.
Market validation around the 530 range, with support at 525-532, indicating a strong support level.
Identification of a bullish Hammer candlestick pattern, suggesting a potential bullish market sentiment.
The moving average (MA) is still in bull territory despite a bearish cross-down, maintaining an overall bullish condition.
Analysis of smaller time frame charts to understand current market dynamics.
Market broke upwards from a bearish cloud and demand zone at 525, with price now above this level.
Expectations for the market to face resistance at 531, with potential for a pullback to retest 525.
Market makers' potential strategies for the upcoming week, including possible price manipulation.
The importance of observing the support and resistance zones for the market's direction on Monday and Tuesday.
Market's tendency to spend a significant amount of time around the same price range before a breakout.
Prediction of a potential upward movement in the 30-minute charts, suggesting a bullish outlook.
Discussion on market makers' tactics to trap bulls and bears, and the potential for a flush down in the future.
Bitcoin's current bullish validation between $73,000 and $60,000, with an overall bullish condition.
Bitcoin's market behavior described as a 'ping pong' effect, validating within a specific price range.
The potential for Bitcoin to break out and mimic past bullish patterns, possibly after the summer.
Invitation to join the Top Trading Edge community for daily live sessions on YouTube and WhatsApp group.
Transcripts
welcome to top TR G folks today 2nd June
uh Sunday let's take a look at the
market conditions see what market look
like upcoming wck fxks so let's look at
the daily chart daily chart if you see
this look at here what Market did
previously previous week not this week
but the previous week also they compress
here and then one big red day right here
and
then Market was bullish and then flush
right then they flush and then little
bounce and then they take it down right
and then they bounce
so this weekly trap they continuously be
doing but bottom line is they are
hanging in around 530 range so between
530 532 and 525 basically that's where
the market is being basically validating
this zone right here at the top why
because as you can see this is your
support right here strong support they
break fake and bounce right that's what
they basically they are doing right now
okay so this is right now bullish Hammer
candle right there ma is still in Bull
territory just the cross down so that
was the bearish but condition overall
bullish all right so that's what the um
overall condition on the market but
we're going to look at in the smaller
time frame and see what markets are
doing so as you can see right here the
cloud were coming in bearish and this
channel Market broke up upwards right
here and this is your demand Zone folks
525 right here and price is above the
525 so where Market is heading now 531
is the resistance next resistance right
here so now Monday Market opens up is a
fresh new brand new week starting right
so Monday options are expensive right
particularly all the stocks so Market
maker can afford to do little tricks for
one or two days so we what we we what we
should do probably if they want to go
little pull back retest
525 and then go up or just go up and
then rejection either one of them but
either one of the side is nice and
healthy because of quite a bit of room
$3 down $3 up if either direction go is
kind of you know healthy any Direction
they go so Monday would be a you know
great if Market goes down or goes up
you're going to figure it out whatever
they do we'll see Gap up and go or gap
down go either one of them but this is
the support Zone this is the resistance
Zone to watch for
Monday Monday right maybe Monday Tuesday
let's see how they play around in here
they spend too much time here look at
that 1 2 3 4 5 6 7 8 9 10 almost 12 days
around here in the same category right
there so yeah but this time look like
they want to little go higher that's
what it appears to me in the 30 minute
charts so probably they might break here
and trap all the Bulls same thing they
trap all the bearing go up right so over
here they trap all the Bulls and they
did this now they could go up and trap
the Bulls later probably in a week or
two and then flush down something little
but that's what they are right
now market makers are playing game
that's the update folks for the market
update okay we're going to take a look
at the
Bitcoin
okay Bitcoin
looking Bitcoin looking bullish folks
nothing much right now on a Bitcoin side
folks all right Bitcoin is still
validating in between $73,000 and
$60,000 range conditions are bullish
excuse me conditions are still bullish
above the cloud conditions and Market is
uh magd is also bullish is continuously
bullish Cloud condition the bullish to
so Bitcoin is basically ping pong
validating this between 60 and 70 range
right now so give a little time maybe
couple of months right or month or two
they're going to break fake like how
they break broke the floor and then
bounce same thing they break and fake
and come down like that they'll be keep
doing until few months and then the
election uh you know probably summer
time little bit after summer probably
they might go higher or something
whatever they will play we'll see but
right now Market is on particularly
Bitcoin is just validating folks it's
not bullish it's not bearish but
overall condition is bullish okay but
they're validating that just like that
over here they validated same thing over
here Val sorry over here they validated
over here now validating okay that's
what the Bitcoin is doing folks all
right nothing much today folks Market is
is just you know continuously Market is
bullish so we just going to leave it
alone and those who are new to the
community folks join the top 30 gaug
every day I go live morning 9:30 to 400
p.m. on YouTube um just type it in top
trading Edge one word top trading Edge
on YouTube all right and there a
description and the link if you want to
join
the WhatsApp group okay so see you guys
tomorrow morning 9:30 all right thanks
bye
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