So GDP report was released today one hour before the market opened and this is what it reported. What's been on Team at Turkey here with attack about Solutions Hope that you guys are all having an amazing Thursday Here's a super quick stock market Update: Hope that you learned something new, Hope that are in your thumbs up And please make sure that you subscribe if you haven't done so already. One of the first things that we want to talk about is the GDP report that was released. This had a major impact on why the market rallied today.

So this sticker symbol QQQ and this is the overall NASDAQ ETF it's a one for one ETF So again, right before the actual report was released, we saw a nice little Gap up and then it continued to Rally. So when asking the question, why did we start off so strong it is all because of that GDP report. Also also a couple different stocks reported earnings pre-market and there will be a couple uh, stocks that report earnings after the market closes today. But the GDP report came in with an expectation of 2.6 percent.

but it what what was actually reported was 2.9 So GDP overall higher than expected, which is good right? We are seeing the economy actually grow or not slow down as quick than expected. Our previous GDP report came in at 3.2 percent. so from 3.2 yes we dropped it down to 2.9 but we didn't drop as much as expected and that's why the market is going up. One of the things that I want to talk about is well, you know why, if the market gapped up during the morning, why are we not seeing it continuing to rally? And this is one thing that I want to share with you guys when asking the question of, like, well, how much longer can the market continue to rally And one of the things that I want to bring up is when looking at this on the day chart, you're seeing that we're at a critical point again.

I'm just making you guys aware of this. If you guys don't want to respect it, you definitely don't have to. We are at a moving average Resistance: This isn't rocket science. it's literally common sense.

We've been getting rejected from this moving average since March of last year. right lower highs and lower lows. We've continuously and continuously have gotten rejected. The RSI has overbought the Macd's overbought, it has been forming lower highs and lower lows, and we are back again at that specific price level.

This is just to make you aware. So if the market does begin to sell off, I'm not saying that it's going to sell off this month, right? There's really only four more trading days Or four more days? Um, I don't know if they're No, they shouldn't be four more trading days. There should be around two more trading days. Uh, for this month, So far right? And with that being said, it's I I Would expect that January has a goal of finishing strong.

January has been one of the best performing months, right? Um, in a really long time. We've seen Tesla go from 101 all the way down all the way up to Uh 155. So absolutely amazing. Remember that we call that headline Momentum.

It's great that it's rallied, but how long will that rally last? Did you guys know that the start of February there's going to be an interest rate hike? Did you guys know that as soon as next week, there's going to be big Tech that reports earnings? Google Apple right? And now we're at this moving average. It's again not rocket science. It's very, very simple. We are overbought.

We are overextended. based off of this recent pattern. It's not that it has to pull back. now it's that will most likely rally.

Because we're We're on track for a very great month for the month of January. But remember when a company goes from 101 all the way up to 155, that's a 50 gain. You cannot be surprised if it begins to correct itself. All I'm saying is I'm I'm certain that the market will correct itself.

My question isn't an if, but it's how it does it and what I mean by that is Are we going to go back to previous lows and or make new lows? Or are we just going to sell off and you know, make higher lows? Are we going to show signs of progress? or are we going to just go back to the previous support range that we have before right around 255. that's what I'm looking for because if we do not go as low as we've done before, then that's a really good step for the NASDAQ market, right? Fundamentally, that things are actually getting better. But if because of what gets reported with earnings, because of what gets reported, with this up and coming interest rate hike, you know the Federal Reserve continues to talk about reducing their balance sheet. That's not going to promote growth for the economy and if they end up being more aggressive than expected then the market will drop.

So again, it's not an if the market will pull back, but it's a when and how much. that's what we need to prepare for. This shouldn't encourage you to freak out, it should just make you aware of what we are currently experiencing. And it's very simple.

right? On the technical side, we're at that 200 moving average, 200-day moving average, right? We're at that resistance level that we have not been able to break since March of last year. Rejected, rejected, rejected, and now we're going back to retest. Patterns tend to repeat themselves. They don't always have to, right? The second part is inflation report right? I'm sorry.

interest rate hike and then earning reports that are going to be released next week. Some of the biggest ones, right? The really big players? Those are all going to happen next week. I Want you to be aware so you're You're not surprised if the market does do something you could have prepared for. If you want to be more aggressive, then sure be more aggressive, but if you want to be more light, just in case the market does pull on back, that's the reason I'm making this video to give you time to prepare.

Our job is not to predict the future. Our job is simply to prepare and remember. this year is not the year of perfection, it's the year of progress. So let's make sure that we remember that as right now on the five minute time frame.

When it comes down to QQQ, we're still forming these lower highs, lower lows, but we're still holding above the moving average. So overall Market is still bullish. Remember I Think think that the market could continue to Rally until the end of this month, but right as we enter. February I Don't think it's going to take very much for the market to actually correct itself because of how overbought we are and there has been no significant pullback in the month of January Those are just my two cents.

Just my opinion. Right or wrong? It doesn't matter, right? I'm just sharing that with you. and I wanted you to be aware of on the technical side and all the different other factors that could positively or negatively influence the actual market. So I'm going to leave it at that again.

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