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Market Commentary Market mat Justice tackle trading bringing you tackle today breaking down all of the market activity the important technical battles the important news the Catalyst the themes in less than 10 minutes for you each day let's get right at it perhaps the most important technical battle in the market is happening uh in the NASDAQ right now it's one of those days we've seen them often recently the rotational trade doing holding its own pressure in Tech but Matt this technical battle if tech breaks we've seen it also drag down the other areas of the market for a couple days Matt break down this important technical battle in the charts that you find significant yeah I think the most important chart in the entire Market is we're navigating the next few days in the market with a tremendous amount of information coming in from an earnings perspective and an economic perspective is a 20 period moving average on the weekly chart as we're navigating this Market correction as the market is going through a pullback phase on the NASDAQ and specific the AI Tech trade that has shown some weakness over the last two to three weeks well if that weakness is starting to come to a conclusion the 20 period moving average on the weekly chart is certainly a viable uh uh area on the chart to see that turnaround story and so this week we are going to be navigating that 20 period moving average it's a very important support level if it does not hold it does look like it wants to sell off a little bit more now on the flip side uh Chucky we're not seeing that selling pressure in the entire Market itself S as you are looking at the equal weighted index of the S&P 500 uh on RSP that was a recent breakout and now it's playing defense above above the breakout Channel with a hammer candle just last week going into the breakout and your dogee here today and and this week so far and that makes a lot of sense to me given the fact that you are in front of the FED tomorrow and you're in front of Microsoft Apple AMD from an earnings perspective Amazon from an earnings perspective and so it does make sense for a little bit of hesitation but once again the most important chart in the market is the uh the NASDAQ given the fact that you are sitting at that major support level and then secondarily Mark I would say iwm kind of looking at the rotation trade and looking at that 225 level on iwm you're looking at a high Bas type technical formation that is obviously starting to slow down a little bit as we are consolidating right in front of that potential breakout if we're going to see another leg in the market on iwm it's going to start with the breakout of 225 and if we're going to start to see the recalibration of the entire Market it's going to be in conjunction with the breakout of iwm and a support uh build on the Q itself and so lots of really important technical scenarios happening right now right in the same timeline as a lot of important economic and and earnings data is coming into the market once again I've been saying it for the last couple days I'll say it here today as well the most important uh uh uh moments in the market are over the next three days given the fact that we we have that much information coming into the market simultaneously as the market is trying to recalibrate here yeah now let's get to the economic data today we got a lot stuff coming on the rest of Earnings Spotlight the week fed meeting as such uh you're going to have a little bit of economic data every day uh jolts numbers the job openings and consumer confidence both slightly better than expected this is a little bit of a trend it's very normal to happen as expectations lower uh you start to beat those numbers and those lower to expect ations now this data will be forgotten in a few days but it should be noted about this little Trend we saw this with GDP last week we saw this Services PMI we have seen numbers beat expectations we'll see if that continues on and how that fits the narrative Matt let's get into earnings real quick you are the earnings expert at tackle trading you uh are an just amazing doing this uh what companies have you selected to highlight today yeah we got a few companies that are reporting earnings here today and it it's a little bit of a lead off going into the big hitters coming out later on uh tonight with AMD for example you got Microsoft Apple Amazon later on as well but uh in that precursor we got Proctor and Gamble we got Merc we got fizer you got Philip 66 howmet and Cisco Systems out there um just very quickly rapid fire sty Proctor and Gamble came out with Beats SM came out with the beat as well but decreased uh guidance fizer came out with beatss a really good beat on fizer they also increased forward-looking guidance so when you're looking at the first three stocks here Proctor and Gamble MC were kind of Misses in line but a little bit of misses some concerning data coming on the guidance site fizer did not have that they came out with one of the better beats in healthcare 33% Revenue also did top the 4% growth but it was the increasing guidance that really stood out there I'd say fizer out of these three was was the clear winner very for a company that's at the bottom of the chart after being beat up for the last year sign me up yeah I would I I would definitely say fizer is is the best of that Bunch those three you're talking about a mid tear breakout right now post sterning so as long as you hold 30 fizer looks really really good on that bottoming formation there's no doubt about that but I wouldn't I I don't know if I would give them the the the best earnings of the day they're certainly there but I felt like the the technical combination of Philip Philip 66 was was good I thought howt had a really good report too the two best reports of the day how Aerospace they had an absolute stand out there beats as well as well as an increasing forward-looking guidance fizer as well so the two best reports here today clearly were fizer coming off the low Point halet coming from the top uh from coming from the top not hm hwm coming from the top rope here and obviously how that Gap out Runway you're going to have to see a secondary patternn there I'm not sure about that on fizer um but don't sleep on Philip 66 here from a technical perspective fizer's a better earnings how Met's a better earnings but Philip 66 looks really really good it's a fantastic chart Matt when you said look you go look at that chart on the weekly and I started Sal I mean I was like wow that thing is just gorgeous all Commodities right let's go look at Commodities obviously a Fed meeting is going to influence the dollar uh unemployment Port is going to influence the dollar so our major catalysts for Commodities uh are coming up this week dollar showing a little perk uh the general commodity selloff mat is still in force we see oil down we see copper down we see iron or down you know it's been a brutal two two and a half week stretch in the commodity uh complex uh the dollar not doing it any favors gold has uh stood out in it uh yeah we don't want to participate in any of those reain d game sell Matt what are you seeing Commodities yeah uh slight economic beats here to start the week Dollar's up a little bit hesitation in the rest of the commodity space once again you got the FED tomorrow it's going to be dollar impacted first and foremost but you got other uh other International central banks reporting as well Dollar's going to have some volatility there's no doubt about that and if you expect volatility out of the dollar you're going to expect volatility out of the commodity space as well gold just kind of hovering hesitating nothing really to see here yet silver trying to build a $28 support level we'll see if they can be successful in doing uh in doing that the one area that I think interests us more than any on the on the directional side is if we can get a double uh a bottoming formation on copper as you're starting to fight that 200 day moving average you look at that on the weekly chart it got massive support level right around 4405 and so you got a lot of support on copper and so Silver's kind of in no man's land Gold's a little bit hesitation and the one that's coming from the low point is that copper chart but you're going to need a little bit more development here you can't just say a low base at the at a support level is good enough you want to see proper development there but copper does catch our catch our attention for some potential uh bottoming formations uh for an extended conversation come join us at tackle trading.com in our Traders Lounge where Matt and I answer questions and talk markets in a more extended fashion can sign up for a free trial uh at tackl trading.com uh we'll be back tomorrow Matt doing the same video and it is going to be a busy 24 hours to report on give us some highlights of what's going on in the next 24 hours and send us out yeah like we said big day uh tomorrow and over the course of the next 24 hours we got the FED tomorrow we got the bank of Japan tomorrow we got the treasury and billing August October issuance plans tomorrow as well and on the earnings front we got tier one companies Microsoft AMD reporting earnings tier 2 AET and Boeing in tier three MasterCard and Starbucks all reporting earnings tomorrow if you like the the uh tackle today video and it helps you navigate and understand the market on a day in day out basis make sure to give us a nice little like and share and thanks for watching the video and thanks for being the best part of tackle Trading