Wall Street Activates The Trap Again?

Today's number, guys, is 15 because that's the record amount of billions of dollars that we now have short in the crypto markets right as we hit into the major level of demand that we spoke about over the last couple of weeks. Yes, we're seeing liquidations across the board as everybody falls off. But could this be the exact opportunity for the abundance mindset and the possibility of a naturally massive short squeeze?

Well, in today's video, we take a look at correlation across the board. What Wall Street and the Fed are doing as liquidity concerns come back up with a secret meeting being held and of course that massive earnings result. Everything comes back to the most important stock in the market, Nvidia. We've got a lot to cover. Let's get into it right now in the special weekend edition of the Daily Show covering everything that investors and traders like you and I need to know. See you soon, guys. This one is not to be missed.

Well, welcome back everybody to the special weekend edition of the Daily Show. My name is Thomas and in today's video, we'll be taking a look at the macro, the data, and of course, what has Wall Street been up to this week? Not only has Nvidia in it, but we also have massive fundamental news and weekly movements into defensive action. So, is there something wrong with the private equity and debt markets? This is the big story that's going around this weekend, but it's maybe even bigger when you start looking at some of the liquidity levels that we've got coming up later, plus the options zones.

Let's start off though with the big story, which is the New York Fed convening in a meeting, a secret meeting here with Wall Street over key lending facilities. And this is obviously an impromptu talk coming amid worries about strains in the market. And it has me thinking just one word, which I'm sure you're all thinking as well. Debt and private equity. We've already recently seen KRE, which is regional bank, start to struggle across the board and we've seen the ECB as well, not really admit anything particularly is going wrong with the smaller banks over there. But this clearly shows signs of potential stress in the markets. The real question is, is it time to be fearful yet? And as we often say, it comes back to the bonds market, which we will be tracking all of this week very closely, including all our key bond reads because if they start to show signs of concern, then of course we all should together.

So what about Berkshire? As we know here, Warren Buffett obviously posting near the end of his career now and he has just done the buy that Charlie Munger and him never did, which is 17.8 million shares of Google. Now, in a 2019 interview, Charlie Munger actually said, "I don't mind not having caught Amazon, but he said, "Identifying Google earlier would have been a big deal. We screwed up." So, could this mean something bigger? Like we've often liked here on the show, Google for some time, thinking it's a bit undervalued. Could it be that he's finally doing that Apple moment with this stock as he ends up his career? Well, I guess it could be, but really the way I look at it is Google is a pretty solid stock. And in the future, especially when it comes to data, it's all going to be about having that clean data. And you could argue that Google still has value because of that.

In the world of spend, which you'll see coming up later on today's show, especially capex spend, uh, we are starting to see, you know, maybe a little bit of a difference between what's being spent and what's actually coming in. Let's now take a look at the NASDAQ because it did hit that daily 50 moving average once again. And you guys know that I'm a huge fan of the daily 50 moving average, 20 and 200 because they do tend to be very key levels. Well, it turns out Subu trade went through and found that we've now been 137 days above the daily 50. And when we actually do fall below it and then of course lose it, uh, then we could be in for a couple of days of volatility. Now, did this actually happen? Well, the answer is no. We actually didn't fall below and hold it because of course the bid did come in mostly because of the options market, which you'll see later on. But it was also a large week of everybody chasing one particular thing, US large caps. So while cryptos were getting slaughtered and smashed across the board, we saw everybody jump on the AI bandwagon, specifically going for data center stocks.

And one of the things here is that we are constantly seeing this big narrative of Wall Street having to meet up to its expectations. Now you guys know that everybody has a bonus that they need to hit. And of course they need to perform better than the S&P 500. Well, it turns out most of the big hedge funds this year are underperforming, which is not a new thing, but they're doing it by big, big metrics. So they're going to need to lever up into the year-end. And it potentially could also bring a rally, but even possibly bring disaster if it all goes wrong, and there will be some waterfall effects that could potentially come through there.

What are we doing though? Well, one of the things we've talked about here on the channel together has been thinking outside the box. Remember Steve Jobs had that idea, "Think different," and that's one of the things that I've always bought into my investing and trading journey, which has been going on over 17 years right at this point. And one of the reasons I do that is of course I'm a big believer in sector rotation. And recently, you guys will have heard me start talking about energy stocks in particular. Now, a few people are catching on to this. Take a look at oil services here. Now, the best performing sector of the last one rolling month and energy being number four along with healthcare. So it just shows that sometimes it pays to take attention to the price action and the flows more than the narratives that are out there. And that's one of the unique things that we do on this channel together and something I'm very proud of all of us for doing, which is bring the TA with the data with the macro. A very unique approach. And if you haven't ever subscribed to this channel before, make sure to do so because I think in 2026, it's going to be so important for us all to be well-informed. You could agree or disagree with me, no problems. But one of the things is that we have to be informed about the information out there.

Speaking of which, the SPY has now started to show some quiet weakness. Now, it's a little bit louder as Larry Thompson here over on X has posted, "We've had more 1% kind of movement days in recent times." And these are 1% downers. Now, if you know anything about following a solid trend, you generally want what's called quiet strength. And the reason you want that is because of course if you don't have too much volatility, the market tends to do those two steps forward, one step back style positions and you get a very nice run. When you start to see more kind of 1% down days over here, then you do start to bring in the volatility. And you may say, well, wait a second. What's that? What does that equal? Well, it can signal the change of a trend. And something we're starting to see here, as you can see here from Callum Thomas from Top Down Charts, is that listed private equity markets, that is listed private equity stocks, are starting to look much weaker than the rest of the S&P. So, while everyone's chasing AI stocks and certain other sectors, it looks like the underbelly of the market, what is often tracked very well, you can see here the amazing tracking proportions of this is a great chart, by the way. What this is showing us is that of course there is a huge disconnect potentially in these markets right now and it makes me go back to that Fed article that we saw before where they might be starting to panic.

Now on to that point, do you guys think that at least initially the Fed is going to come out and say, "Oh, nothing to see here. It's all good." Or do you think they'll probably come out and support the market? Well, generally that's their job. So, you've got to keep in mind that even if you think of it as a negative, there's a good chance, at least initially, that the Federal Reserve will come out, try to do something to support it, and if it is really one of those infestations, like Jamie Dimon said, "The cockroaches are everywhere," then eventually it could spill out. Remember, markets don't usually just collapse. What they do is they get scared, they rally, they get more scared, they rally a bit, and then they tend to, uh, yeah, they tend to drop off big time. And that's where you get that capitulation style sell. So it can take a while for things to really pop over. And one of the things that we're looking for is weakness.

Now you can see here Grant Hawkridge, who's been tracking this for a long time, Brent in particular, has shown here that New York Stock Exchange plus NASDAQ weekly new highs has finally gone below the zero point. Now, this doesn't happen that often, as you can see here. Sometimes it goes on epic runs and we barely get switches, but sometimes these switches can be more than just a little blip. And you'll notice a lot of the time it just kind of taps underneath and that's that kind of typical pullback that gets everyone freaked out. So where are we right now? We're at that tap point. We're at that key level where around here the market's going to have to make a pretty important decision. Are we actually in weakness like a more sustained weakness kind of sell or are we just in the standard style pullback into the rally? And at least with the structure that we've got and the data stats that we've got at the moment, you've got to kind of go with it's probably more of a pullback into a rally into the end of the year because remember Wall Street wants to get paid.

If we have a look at the Bloomberg percentage of New York stocks above their 200-day moving average, we're sitting at about 55. And you might say, well, that's not as good as it was. Absolutely. Uh, but it's pretty normal for it to kind of oscillate between something around 50 and the 70 level. Remember when you're getting above 70, you're usually in overbought zone and when you're getting below the 50, you're starting to look sick or of course getting towards that kind of buy the dip style level. So of course we got a big decision to be made.

Another thing that happened this week was that Michael Burry announced his shutdown, of course, his fund. Now I've written a big piece about this. Links in the description down below. Follow me on LinkedIn. I've written a piece about this with the similarities from the 1920s from the dot-com boom from when Michael Burry himself called the GFC before it happened and others and how they're all kind of interlinking and what that means for timing here in the markets because it does at least to me mean something. This is actually a very important moment, I believe, in the market. So, make sure to give me a follow down there on LinkedIn because if you do use that platform, because I think you'll really enjoy that article and, uh, what I wrote about it.

Now, obviously Tom Lee also issued this year an apology letter around April 7th, which turned out to be the literal lows of the market. So, it's funny how sometimes the biggest voices either way, obviously Tom Lee is probably the biggest bull at the moment, kind of reminds me, um, in some ways of when you had the big bulls of 2021, you know, people become prominent and Michael Burry obviously one of the most well-known bears. So interesting points here for the markets and I think something we're going to be needing to pay attention to into the future.

Another one is of course the other scary read and we've got some good news and bad news here. So we'll go through both and then bring together the article here. But Hindenburg Omen obviously hit five. Now Subu Trade showing you here what happens. You can get into a little bit of volatility around this period, which is pretty traditional, uh, with November after it doesn't have, uh, August, September, October kind of sell-off, and you can see that when you get a lot of Hindenburg omens, sometimes that can bring the dip. So you can see here that the reads themselves often are precursors. So this many omens so quickly is certainly a concern that needs to be paid attention to.

Now where we're not seeing concerns is actually gold and silver. Now, recently they rallied up and we suspected that silver was overbought and so did gold, and they've dropped back down. The current volatility in gold and silver is expected. Why? Because we went up too quickly, too fast. But remember, when latest sentiment survey results are coming in, they are normal to actually be decent dips for the longer-term holdings of those particular metals. So gold and silver, particularly gold, still looks quite good on the charts when you're really paying attention to the larger, uh, picture, which is obviously that little picture, big picture meme that we had at the start. That's pretty deep. I reckon that one.

Underperforming retail traders are getting smashed. Retail trader stocks trail mutual fund favorites by most since 2022. Now, interestingly, it hasn't been all sweet for some of the most most traded kind of retail stocks. One of the ones that comes to mind straight away to me is one that we got asked about last week, which was obviously Beyond. Um, and if you have a look at Beyond Meat, you will see the horror show that happened over that over the last couple of weeks and years, but, um, it's been pretty bad. So, remember there are, it's kind of like the alt season right now. Obviously, people in alts, it's bad out there, guys. So there's a big difference between everyone that's in the Mag Seven or top 10 stocks and then people that are in other markets other than gold, silver, or metals because some of these areas are failing while others are going very, very well.

Speaking of something that is a little more concerning, not only have we seen breadth drop off, but obviously Nautilus Research here had a good one on consumer staples, which have done well since then. Healthcare obviously one of the sectors that we've liked recently started to fire. It's probably hit a target zone for now, but, um, again, I think a real sign of the times here seeing these kind of defensive markets come through. And I also think this is a good one here from Donovan Jackson over on X, which is basically offense versus defense, showing again that the market itself has gone from being just purely risk-on to a little bit being risk-off. So there's clearly more risks in this market than there has been the entire time that we've rallied since the April lows. So it's time now to whip out those bonds indicators and start paying attention because if the Federal Reserve does something crazy or more importantly, if the market finds something a bit dodgy, private lending, uh, then we're probably going to have some issues. But for now, the market structure is actually following what you generally expect. You can see here from Ned Davis Research and Seth Golden. Basically across the board, generally speaking, you see this kind of action during these types of years and where we are in the current cycle and that often the end of the year is quite good. So at least structurally, you'd expect that.

The other thing is that we had 7 months up in the NASDAQ. Now this is as of the end of October. So again, what happens a few weeks later? Yeah. 0% of the time in similar reads, which is where we find ourselves right now. Were we at new highs after getting this particular result? So, we're 2 weeks now into November, and guess what? We're holding exactly firm to this stat. 3 weeks later, only 14% of the time we're above, but notice the stat gets a lot better as you jump out. And of course, it could also mean that we've got a good late November, December rally, especially if Wall Street needs the trap. Now, why could that be? Government shutdown ending. Obviously, that brings some interesting stats. You can pause the video on there. But I think also it could have to do with liquidation zones.

So, let's get into crypto because all these markets are connected, especially now that Wall Street is all over crypto and obviously smashing it, which is that we are seeing here Bitcoin losing the faith. So, people people are moving out of it. We just had a report in the last video that some of the Satoshi era whales have actually left and sold their entire position. And this is of course a big concern because when this happens, you start to lose confidence and confidence is what keeps an asset value at a high level. Now, what is the big problem? Well, we had to get down to the liquidation zone. So, let's actually just have a look at that zone before we get back to that chart. And the liquidation zone is here. And basically guys, this is the one which we suspected would happen. We suspected that we would hit a 98, that we would liquidate that $1 billion that was sitting there, cuz remember there was a whole bunch of buys that were there that were going to get liquidated, and that we would then potentially move down to the 93 to 94K area. Now, why would we move here? Because look how many stop losses there are to hunt down here, guys. And we still haven't necessarily seen the pure hunt because yes, we've fallen down to this level, but we haven't actually taken some of the lower lows. So, we're in the liquidation amount.

But what I thought was more interesting than all of this is not so much liquidation, it's that everybody is now going short. So, according to the latest data here, when you take the exchange of Binance, OKX, Bybit, you bring them together, you got $15 billion of potential liquidation on the top end. And this actually I posted over on X as well, which is that if we get above 100K again, we're going to liquidate $5 billion in shorts. 110K, we're going to liquidate 10 billion. And you get ready, it will get bigger than this if we do go up. And then, of course, 115K is 15 billion plus. So, the tables have turned. Remember, we were talking about longs getting liquidated and that being the best trade out there. So, that is basically a short position. Well, now it's starting to turn out that it looks better to the long side and to liquidate all of the shorts. Remember, it's one of those positions where you're always looking at which side makes the most amount of money for the street. Wall Street's entered the chat, guys. They're here. They're playing the options game and they are going to liquidate the rubbish out of retail. And I feel like for anyone that's traded stocks, bonds, all of those things for a long time, you guys are familiar with the game. But in some of the crypto world, I feel like people are not familiar with how nasty some of these positions can get and it's a different type of beast once they enter in with the options.

Let's have a look here at the mut at the kind of lines. You can clearly see what would happen if we went up and you can clearly see that people have their stop losses behind these higher highs. So here's a high, here's a lower high, here's a lower high, here's a lower high. Each one of these getting wiped out, especially this one down the bottom here, is going to liquidate up a lot of people. So, it's now flipped the script. It's gone from being mostly a buy style market where everyone's got buys with stop-losses to everyone wants to sell and get out. And you can see it here with even a week and a half ago search term of crypto, which had nobody searching crypto anymore and everyone of course being quite fearful. It's a very interesting market dynamic there.

When we look at the fear and greed index, you guys can clearly see that we have here a market that is quite fearful. This was again taken a few weeks ago. It's going to be way worse now. And one of the reasons why all of this is the end of the cycle. So, a lot of you guys will say in the comments down below, Tom, it's the end of the cycle. No wonder. Sell, sell, sell. It's all good, buddy. Um, yeah, look, if you took some profits up past 100K, well done to you. It's fine. Uh, one of the things I always say though is that when everyone knows of something, and I mean everyone knows this cycle. This is not even considered, uh, not knowledge of most crypto traders by now. Uh, it usually doesn't work anymore. And I would argue that probably 95% plus, I mean, you guys maybe we'll do a poll on this. Maybe 95% plus of crypto enthusiasts know at least part of this cycle, which is obviously the top to top, halving to top, etc. And that probably means it's broken. Wall Street's in now, guys, and they are going to play some shenanigans.

So let's speak of Wall Street and what's going on right now. We know the earnings have been really good. We know that earnings staying up is incredibly bullish for the markets. And it looks like here that we have AI capex spend exploding. Like look at the spends here from some of these companies. And obviously companies like Google can make a little bit of instant money off it. Meta, what is this? 72 to 3. They're barely making any money out of it. But you know, obviously this is what Wall Street's looking at. And at some point they're going to say, where is the money? So will we actually get AI product revenue? This is revenue, not profit. So are we going to get revenue from the massive spend? Remember, there is already a canary out there, which is OpenAI, basically firstly saying, "I don't care how much money we burn trying to get this going up," and at the same time also then saying, "Hey guys, can we please get, you know, secured so we can get some more borrowing? We need more money." There are certainly some things on the horizon there in the data centers. And while for now, you want to be still bullish on markets because we've got broadly improving earnings estimates, keep that in the back of your mind. One of the things we talk about here on the channel is we don't want to be naive to either position. We don't want to be just perma-bullish running around saying everything's going to the moon, and you also don't want to be sitting there saying everything's going to explode tomorrow because you don't know that. What you do know though is you have to be informed about which decisions tend to actually, you know, make markets rally up and which ones actually tend to bring the big bear, the big kind of GFC style moment. And I can say that the private equity funds are starting to struggle. As you saw there, there's this big discrepancy there coming in the markets, guys. It's worth watching. We'll cover it throughout the next months and weeks.

So, what is happening this week? Nvidia, okay, we can ignore everything else. And Nvidia, and Nvidia, and Nvidia, and Nvidia. That is all that matters because everyone will be paying attention to it. It's expected. Get this. According to the options market, moving 8 and a half percent. Now you take the market capitalization, this thing is going to move a country's entire GDP in a year in a few minutes. It is absolutely mind-bending stuff. This is wild. It is going to be a crazy earnings. We'll do a special on this one, of course, as of Monday close, as we always do. It is going to be a huge bonanza and we're also looking towards the options market. So of course, we'll have updates on that throughout the week.

Let's now take a look at the good, the bad, and the ugly when it comes to charts and options. First up, we have here the Qs, which have hit 600 and found support for now. Now that's important because as you guys know, this daily 50 is a big deal. Actually three touches of it. This was a lower high, which is not so good on the markets. Of course, you want a higher high, then come back, then buy, but it did hold. So now what we do is we have this kind of line in the sand here at 625.50ish, which probably is going to look a lot more bullish.

If we take a look at the S&P, you can guys can see here it held the daily 50 as well, which is very important. Again, this one here is 6866. And if we have a look, you can see it came down pretty deep. Almost made lower lows in the futures, but didn't quite. And then rallied back up. So levels to watch this week, six with a lots of sevens. That's going to be a key level to watch. Obviously, uh, the options, high lows, but more importantly, the 600, I think, on the Qs. If we drop that 600 on the Qs, we could be looking at a waterfall moment. And let me explain what that would look like. As you guys know, one of the things we talked about last week was that there were too many puts at 6700. And whenever there's too many puts, yes, it can get through there, but generally speaking, Wall Street loves to hold above it to expire them worthless. Well, now we have them all sitting at, guess, you guessed it, 6735, which is exactly where we close. So, look at the compression here, though. So many puts floating around. There's going to be a lot this week as we come into, of course, these massive expirations. So, stay tuned for this. But 6670 also starting to mark up here pretty strongly with puts.

Now what I mean by waterfall is if we do drop these levels, close, what happens is it starts to feed upon itself as Wall Street goes, "Oh, wait, we got to actually hedge these positions," and they haven't done that for a while. We turn negative gamma and if that does happen, it's going to be a really big point. So I think 600 on the Qs is the level to watch this week and probably the Qs is the best chart actually. It's even better than the S&P at this stage, which I don't say very often. So, I'm watching that one quite closely.

Tesla held 400. No surprise. 400 is important. Puts everywhere on 400. And underneath that is going to be about 380 for Tesla. It's certainly struggling. It gave up the big structure that it did have. So, unfortunately for Tesla bulls, yes, 400's key on options, but we just don't have structure anymore. So, you're going to have to see something new to get a bid in. Nvidia is just floating around the normal price and we'll look at the support soon for that. And I bet now this is all important. 50 is a big deal, of course, for Bitcoin, but you can see here there are puts everywhere. So that's why you get that kind of waterfall effect. A lot of hedging probably went on last week as we dropped 55, fell, fell, fell, fell, fell. So now we'll see how this liquidates over the weekend into next week and if it does end up spiking below, especially I think this is pretty good level already at 90, 94, 93. But if we do spike a little lower, do we then get a really strong reaction? This is pretty much exactly where I expected to see a reaction. We also saw Saylor come out and he obviously said, "I'm buying every day." I don't think he's going to say anything other than I'm doing that because, yeah, they've been buying for quite some time and of course it's starting to get maybe a little scary out there, even for him.

Let's have a look here at GLD. You guys can see that we hit a resistance. So, no surprise we've sold off a bit on gold and we continue to think it's volatile on gold. So, that is up, down, and all around after what was a great rally, but ultimately we are bullish on structure. Speaking of bullish, do we have a big, big kind of, uh, bull move on spread widening here on bonds? Not yet, but I'm interested to see how this trades this week. So, no canary, no real problems yet in the bonds market. We will update when that happens.

And technology held against the SPY. It fell. It almost lost that position we spoke about. It's why we're watching tech so closely, but then it rallied back up by the end of the day. So, it actually held fairly well when it comes to risk-on sentiment still holding. And you can see here semiconductors also held that all-important daily 50 level when compared to the SPY, which basically for now looks like support. When we look over at healthcare, it hit that resistance that we spoke about. So, no doubt it's going to probably go sideways here for a little while, but nice move. And one of our other favorite sectors of the last couple of months, actually two, two months in the private community. Links in the description down below if you want to join that and get access to community setups and all of those types of things in terms of, you know, stuff that you guys find and then we do analysis on. Then you'll notice here this is a very, very nice, uh, nice setup in terms of a pit and we're looking for this to ideally keep running because basically it's been a hated sector for quite some time. So energy certainly picking up.

Dollar index finding buy pressure on that daily 20. Still no activation to real long, so just on a temporary support, kind of like where Wall Street would scale a position in. Gold has rallied then dropped back to the daily 20 as well, which could be a level where it finds a little bit of buyers. Um, it's just volatile after what was extreme volatility. So remember this is kind of like the telltale sign. We start to see that weird V at the top and we're actually seeing strange underlying V by that good chart before in the S&P. So those 1% down days, that's showing an instability in this market. It is not the same market as it was just a few months ago, which is just bull, bull, bull, bull, bull. It now does actually have real concerns in it.

And silver doing exactly what you thought it would do, which is it hit that resistance high, gave us some triggers for short-term weakness. It has weakened. I'm not bearish on it, of course. Uh, but what I do think is it should come down, hopefully hit some maybe like a VWAP and stuff in here, and then maybe we find buyers again. So what you don't want, of course, is that, uh, that would be very bad, but at this stage, I don't think silver structure looks that way. US oil, no updates here. Obviously the barrels are nowhere near as good as the stocks at this stage. The stocks have been going up. 62 kind of 89 or 90 area would be kind of a breakout zone here for oil. It hasn't done so yet. Uh, but it may do so in the future. And again, the stocks look better than the barrels, which we've said some for some time. The barrels seem too much manipulation there and geopolitical stuff. But there are plenty of geopolitical tensions that could escalate this week. So, also keep a look on that.

Now, Tesla, it did bounce off 400. Actually went lower. You actually see here it went down to 385, which is why you get that 370, 380 kind of, um, put level, but it held above 400. This could still be cool. Uh, but we need to get probably at least above 425. So at this stage, it is weak. I mean, that's the only way you can really look at it. Looks like a double top, uh, instead of what has been, you know, pretty good strength. And I'll be the first to admit that all dropping that zone there soon as it dropped those lows. Look, it's a trigger. It's a trigger short compared to long. Uh, it had been very long. We've been long on it for a while now. And I still think Elon will come out with a magic with magic cars that fly and all sorts of things next year as he tries to get that trillion bucks. But that's going to be narrative driven plus options. So remember, it's a mixture of positive gamma price action and hopefully some weird storylines coming out.

Nvidia right at support, guys. No doubt that is a key level. 180 is going to be the put wall. Not a call wall, but put wall. And call wall is going to be sitting around 200 actually for this stock. NASDAQ, all-important level, very important level. You can see there are bids here, so someone's buying. 25750 is going to be the resistance breakout. Getting that, that'd be a cool double bottom if that did happen, probably bring in maybe Tom's 7K kind of mark if that happens, cuz that would be actually quite strong. But you can see here the power of the daily 50 and why it's so important. Lower high, it's nowhere near as good. Nowhere near as good. When you first come down, you've had many touches, it's highly likely, statistically likely it's going to bounce here though. It sucks. So unfortunately, you know, for a lot of buyers, you're going to be looking at bar buy above here and here as being more statistically likely, uh, when you're looking at the actual data and the stats because at that point, at least you're seeing a bid with a bid. Uh, at this point, you're just saying, okay, position, dollar cost average, those kind of people are coming in and and picking it up. But stop-loss wise, it's much harder to deal with, uh, at this point.

Now let's go over to crypto. So old Ethereum did not take a lower low. Now it's very interesting because of course we know that Bitcoin got destroyed. So let's talk about the difference here. Old Bitcoin getting hurt up by maybe the, uh, the idea of gold tokenization or something. Wall Street's destroying it from the inside out, guys. I'm telling you. And you have a look here at Bitcoin and it's come into that liquidation level. This is such an important zone. Now we could wipe this low still. We could go into the 92s even. But I am watching structure like a hawk now because we do know there are tons of short positions entering into the markets. We got one of the highest short percentages ever. And levels to watch. Going to be looking at these highs here. 975 could get the bulls kind of more excited to get back into the 100s plus. And obviously I'm still seeing a downward trend. So although the market has bied off that level, which I think is key, it hasn't actually found a really strong buyer just yet.

So I guess in summary here of each market, the S&P 500 is still holding bullish structure. Clearly there are private equity concerns underneath the hood which need to be looked at and we need to continue to track those, especially in the bonds market. We've got secret Fed meetings and we've also have a ton of options. So, it all really stems back to basically Nvidia earnings. And as we go here and we take a look at the week ahead, we've obviously got some data as well coming out. But the main thing is going to be the meeting minutes, which is on Wednesday, no, November 19th, and then of course the jobs numbers, which were meant to get here randomly on a Thursday. I don't remember that ever happening before, but anyway, we've now got them there. So, we are looking at the big news that the Fed obviously has been watching, which is what's going on with the unemployment market. We've got secret meetings. We've got most likely accommodation coming. Could it be QE? Could it be something else? And I think you don't want to be necessarily like freaked out because remember, Wall Street do want those bonuses. They're levering up. We've seen it across the board. There's debt everywhere. And while yes, that can bring a bear bust and will eventually, I believe the key is going to be that at the moment earnings have held true. So at least earnings are doing what they're usually doing and that means that we haven't generally topped off. There's weakness here though, guys. Be careful out there. Remember, patience, react, don't predict.

What an exciting market though. Wow. I'm I'm going to be very keen to continue to watch this week. And this is what I love, even after 17 years in this thing. You guys know I'm just as passionate. I made thousands of these videos for you guys and I still love this stuff and I know you do too because there just isn't anything like it. Guys, make sure to follow us over on X. Make sure to follow me on LinkedIn as well. Check out my Barry post. I think you'll enjoy it very much. Give us a follow there. And make sure also to sign up to that weekly newsletter. I've got a new one coming out at the end of the weekend and it is not to be missed. Remember, it has a unique chart that you do not get anywhere else unless you sign up to that newsletter, which is completely free. Bye for now. Catch you.