[0:00]The week ahead. Something is clearly different this time. For several months, we have had the market grinding its way higher. The market I'm currently looking at, resembles a market that I saw in the uh, the late 60s and early 70s. That market was referred to as the Nifty 50. The market continually climbed, finally led by only one stock, IBM, went up day after day after day. When the market finally broke, it broke very hard. Yesterday in the ES, we have like what looks like a classical blowoff high. The market had broken out to the upside the day before, screamed higher yesterday or on Friday, and then sold off for the remainder of the session.
[1:12]Following the uh, close, there was still some more downward pressure. Now, if this is to be the the high of this rally that's lasted for so long, we will see the market continue down and find acceptance back below the 7,200 level. Finding acceptance back below the 7,200 level would place it back within the multi-month balance. When the market broke out on Thursday, the trade for short-term traders is to go with any breakout from balance. That was that was the trade, the short-term trade. When that breakout fails, which it looks like it has the potential to do, that can be a significant change in the market. So right now we don't know that, but what you need to watch for in the coming week is, do we get downside continuation? Downside continuation would see the market find acceptance back down below the 7,200 level. Uh, I have nothing else to offer other than that. This does look like the potential for a blowoff top. Now, the question is, do we get confirmation of that? Have a great week. Thank you.
