The stock market just broke above a significant price level and we need to talk about it. What's going on, team? It's Ricky Here with Techbook: Solutions We got Tqq up nearly five percent on the day so far and it's literally only been one hour since the market has opened. We have ticker symbol QQQ which is the NASDAQ ETF the one for one now hitting highs of 287.44 Now, why is this significant if we go on the four hour time frame again? One very strong resistance level that we had last time was around 285. it was so strong we got rejected and got sent back all the way down to 274.

we lost pretty much ten dollars a share. uh, from highs to overall lows. We went back to retest that today and we blew right through. This was all caught in today's live trading session.

As soon as it broke above that 285 price level, it literally popped off. This is a perfect example of something that is not showing any signs as of now of a resistance right. Momentum is in place I would produced by EMA from a 45 EMA Now down to 20 because I wanted to follow at a closer distance. It is very very overbought, but it is very very bullish.

This is where it gets kind of tricky of should you chase something as it's still indicating signs of an uptrend but doesn't show any signs of a pullback or should you wait for it to actually just get confirmation of it breaking below EMA and short the market all the way back down to the moving average? The reason that this is so significant is because this is, well, one of two things. First, we formed higher lows, so when we pulled on back, we didn't sell off as much as we did before, and last time we were not doing any of that right. We kept forming lower highs and lower lows on QQQ. This time we formed a higher low, which means that we pulled on back not as low as we did before and actually began to indicate signs of a recovery and then made new highs.

This is huge and this is the second thing. We now broke above a resistance level and are showing signs of progress. This is great, right? Because inflation is coming down. hopefully the Federal Reserve starting February 1st when they announced their interest rate hike doesn't have to be super aggressive with that up and coming interest rate hike.

Now the only thing that we have to continue to think about is first off, it's a very common thing known in the stock market where any reaction tends to be an overreaction. So if you think that the stock market is a little bit too overbought, a little bit too pricey at this price level, then just know that you're probably right just because of how quickly it gapped up. Now, it doesn't mean that it's gonna come down crashing. The only reason I can see the market actually begin to sell off is for one of two reasons.

The first reason is the up and coming interest rate hike from the Federal Reserve that should be announced on February 1st and we have up and coming earning reports right? We have huge tech companies such as Microsoft Tomorrow and Tesla I think on Wednesday or on Thursday of this week that actually reports earnings and depending on how they report earnings will determine if the market goes up or if the market. Goes Down Based off of their reports and the reason I say based off of their reportings is, well, Tesla and Microsoft have such large market caps that they could influence overall margins right? Looking at where Microsoft is trading as of right now, we're literally at a critical resistance level that we've had many times before. so we'll have to see if the earnings comes out better than expected. We can see a nice little pop-up it comes in worse than expected.

Then we can maybe retrace back down to the moving average I Really do think that this week will kind of set the tone and the Market's expectation for big Tech and how they expect them to report earnings. On top of all of that, we do have an uh, economic reports that are set to be released later throughout the week. The really bigger week is going to be on Thursday the bigger days are going to be on Thursday and on Friday of this week we have GDP Advance report coming out. We have initial claims, durable orders.

these are all significant economic reports we have, uh, what was that? The new home sales? That's actually pretty important And then for here we have Pce prices and personal spending that is going to be released and that's going to be on Friday. So again, our job here on YouTube is just to make you a aware of the series of economic reports that are set to be released so you at least know in advance, right? So when they do get reported and the market reacts that you're not surprised by the reaction. One of the worst things that you can do is not be aware of what stocks are reporting earnings or what economic reports are going to be released because once they react, the market will shift accordingly right? and I Just want to make sure that you are aware of what we were trading above today based off of QQQ and how we're now trading above 285 which is a significant step in the right direction. But to also be aware of some concerns.

and of course those are the economic reports, the earning earning reports that are set to be released uh, this week, and as well as the up and coming interest rate hike. So as long as you're aware of all of that, then you can better prepare and better accommodate maybe any Market shifts that you might have not been prepared for already. If you have any questions about what we talked about today, feel free to send me a direct message via Discord And that's that first link in the description down below. or feel free to send me a direct message via Instagram if you prefer and that's that third link in the description.

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