Did we call it or did we call it? Totally kidding? Yes, But what's going on? It's Ricky here with tech Bud Solutions and in today's earlier video and even in yesterday's video I talked about the NASDAQ Market getting rejected on the 30 minute time frame by the moving average. It's been a consistent descending pattern for the past couple of days and today the overall Market retracted, right? We talked about in today's earlier video where uh, the original sell-off was due to the uncertainty of what's going on in the Chinese economy. Uh, now when it comes down to later, what happened I Just feel like it was more selling pressure due to the lack of progress for most of the market. we've had an amazing 2023 so far.

in comparison to 2022, there is no question that we are still having a much better year than last year, right? But with that being said, I wanted to share with I wanted to share with you guys. One very important thing, right? we are at a critical point: I Know a lot of people, maybe don't believe in technical analysis and trust me I respect that. I'm not here to convince you that you should all. I'm here to share with you is what I See on the day chart patterns tend to repeat themselves.

They do not always have to. There's no certainty that any of these indicators are 100 accurate as they never are right? But I think it's important to understand that for most of 2023, as our Market began to rally and by market, I mean NASDAQ this is QQQ QQQ is the NASDAQ ETF. It's a one for one meaning that when the NASDAQ Market goes up one percent, so does QQQ When the market drops one percent, so does QQQ And you can see. ever since our original higher highs and higher lows, we've been trading Above This EMA line.

And yes, we've had slight retracements but never did we actually break below this EMA for all of 2023.. Now of course it's August right? This pullback might be long overdue. Well, I'm here to make you aware that it is showing signs of a pullback. We do not have confirmation.

I'm not here to say say that the market has to sell off I'm just saying that we have our sell signal and it's been the first sell signal for all of 2023 since the rallies started. Now, this doesn't mean that the market has to actually retrace right back down to the moving average, but technicals are very simple. Right when the overall pattern is above the EMA line, we are showing signs at the market again is showing signs of progress at a decent rate. When the pattern and candles begin to trade below the EMA, it means that while the progress is beginning to slow down and rightfully so, we've had an amazing 2023 but I need and wanted to make you aware of this because if we do begin to show signs of progress, then there is a large gap down that we have to work with.

It's not that it has to actually fully sell off down to this moving average, but again, it's Stepping Stones right. First we break below EMA and then we begin to form lower lows and lower highs on our way down to the moving average if it begins to actually always show signs of progress. On the downside: I Just thought it would be valuable for people that do value technical analysis that you do your own right. Look at this on the day chart for QQQ look at Nasdaq Futures.

Whatever it is that you need to right, this is on the day chart. This does not include extended hours, but you can clearly see right that we have our first sell signal. We're at the EMA my EMA length for those that want to know that is set at 45, but we are at a critical range where yes, we could begin to show signs of a support here and begin to work our way back up right? That would be amazing for the Bulls but let's not. you know, over complicated it wouldn't be that bad for the Bears either if we begin to sell off right To keep it fair.

I mean I Closed out my trades today I Left myself with one lucky share on Tkq and one lucky share on Sqq. There's no reason for you know, made it over complicated I Do not know if the Market's gonna bounce here or actually get rejected and because I do not know I closed out my trade right I want to make sure that I'm cash so if the market does bounce then I can be late to a rally but at least I'm in the rally versus trying to predict the future I hope that it sells off, but then it just begins to recover right by trying to predict I at least have a 50 50 chance. When it comes down to waiting for you to react again, you're waiting for confirmation and you're choosing to be less selective And in my experience that often puts me in a better position than hoping for something to happen. And all I can ever speak from is is my own experience.

So I wanted to share that with you guys again. it's super early on the day chart. It's in the very early stages of a potential Rejection It doesn't mean that it has to sell off, it just means that it can and again from upside, potential to go back to previous highs is six percent for QQQ Downside risk down to the moving average is about 13.6 percent. Now one thing I do want to share with you is what is going to be released tomorrow.

And nope, that's not the KFC chicken nuggets. it's the Fomc minutes report. And the minutes report is simply a progress report of what and who voted for what during the last interest rate hike. It's from the Federal Reserve.

It's not a time that Jerome Powell is going to speak. it's literally just a summary and an explanation of who voted for what in the previous interest rate hike that led the Federal Reserve to raise interest rates a quarter of a basis. Points? That's all the Flmc minutes are right. It's not an Fomc rate hike, which is much different print that's an actual announcement of a rate hike or rate pause, or again, just a right cut if that's ever possible.

In 2023, we have a series of other economic reports that are going to be released before the Market opens. But do not worry if you're part of our RPP team during tomorrow's live trading session, you'll be able to capture that all live as soon as we go live and we will talk a little bit more about that again. I Would love for you to have the ability to watch me trade live as soon as tomorrow. I'm not perfect I make mistakes, but you get to see my intros, you get to see my exits, and most importantly, you get to hear my thought process behind every single trade.

I Don't know about you, but for the past two days I've been feeling like I've been in a kind of a trading rut for the past two and a half weeks. I was doing really good I almost felt like I couldn't take a bad trade. but this week again only two days so far I Just feel like I'm not working as well with the market. Today was a green day, yesterday was a red day but overall I just I'm not feeling like I'm working well with the market which is again another reason that I decided to stay cash by the end of close just to make sure that tomorrow I don't put myself in a position or start off the day that I end up regretting.

So again, if you want to be able to watch me trade live as soon as tomorrow and be able to see what we choose to take on, that is going to be the second link in the description down below. I Hope that we're in the thumbs up. Please consider subscribing and like always, let's make sure that we're in the year On a green note. take it easy team.