I wanted to show you this. so if you are currently going long in the stock market, if you weren't aware, I think it might be something that might be valuable for you. So let me go ahead and start sharing my screen very quickly. So the first time frame that I want to show you is the one hour time frame.

This is QQQ which is a NASDAQ ETF I Like to look at different forms of technical analysis to better determine what the market direction is and what um, you know on the technical side can be doesn't have to be, but can be acting as a potential resistance. Well, there's no question that for the past two weeks the Market's been selling off right, lower highs, lower lows. Again, this might be because of what was released during the FED minutes. The idea of the Federal Reserve potentially having more rate hikes for 2023? Whatever the case might be, we're seeing a nice little correction and I would say that based off of the 2023 performance, it's not much of a surprise.

right when looking at this on the four hour time frame, we can easily see how we've been getting rejected by this. EMA Right when looking at this on the one hour time frame. One thing that I wanted to show you is that we tested that moving average today, right as we're pulling on back right now now looking at the 30 minute I Just wanted to point this out. Patterns tend to repeat themselves.

They don't always have to. We're at a critical point right now. where Kiki Cube which is NASDAQ is testing a very critical support Port range. And if we break below this, if you're asking the question, how much can we sell off? Well, looking at where this is at and how much we've sold off just two days ago, right? we could go to lows of 354.

that would be a 2.26 percent drop, which is not very significant for QQQ. But the triple lever Gtf such as Tkq is three times that. And one thing that we continue to see today is weakness from the Bulls. A lot of this weakness is actually stemming from Nvidia Nvidia's performance yesterday was outstanding.

I Mean it nearly gained 100 billion dollars in market cap valuation in just eight hours of trading. Insane, right? But today, it looks like it's quite the opposite. Now it's given it all back the day before it reports earnings. A lot of you guys know that tomorrow August 23rd after the market closes, Nvidia is going to be reporting earnings.

And this is the surprising part because no one knows exactly what's going to be reported. but it was showing such strong signs of bullish activity and it was really carrying the market. But today now, it's doing quite the opposite. Nvidia did open up in the green, but from what it peaked at and where we're at right now, it has given back 4.87 percent.

I Mean at that point, we're talking about nearly giving back 50 billion dollars in market cap valuation Now of course, this doesn't mean that this is the end of Nvidia but is this a sign for what's to come tomorrow? Remember anytime that something gets factored in in advance just like we saw this huge push yesterday A Lot of the times, if even the earning report comes in as expected, but not as good based off of what was factored in, it could cause a selling pressure, right? and especially based off of Nvidia's recent performance, there's really, really high expectation nearly double. I Talked about it in yesterday's video where I talked about the expectation for the earnings per share and the revenue. The earnings per share expectation for this quarter that it's going to be reported is at two dollars and seven cents per share. The previous earnings per share was less than a dollar.

So now the expectation is twice of that and almost twice of the overall. Revenue The previous expectation was 6 billion and now it's expecting 11 billion. This is where companies like this can either completely hit it out of the park or really put themselves in a tough spot if they don't actually follow it. Uh, if they end up actually not following up with that proper uh Revenue right? and I Guess only time will tell.

But I Just wanted to make sure that you guys were all aware of what we are currently seeing with NASDAQ and that is in comparison to yesterday. We talked about this during my live trading session today. Yesterday was a beautiful day for the Bulls. It was very simple.

Conditions were very favorable. Days like this make sense for the Bulls to be trading right because direction is very clear and concise and there's not a lot of volatility. Direction is very simple to understand. It's a great day for beginners, but today it's a little bit different.

There's a little bit more volatility and conditions are not as favorable for the Bulls. This is where again I want to remind you you don't need to trade every day. You get to choose the days that you choose to take advantage of an opportunity, right? We decided to originally go in with a long position and then once we saw signs of struggle, we sold our Tiki view position and then entered a short position making money as the market sold off by entering as Kiki Q as QQQ goes up when the NASDAQ Market goes down. but again, these are just day trades.

I Want to make sure that you understand that my intention is not to carry any position into tomorrow after the market closes because we do not know what is going to be reported for NVIDIA Are they going to beat expectation? Are they going to come a little bit below expectation? and how will the market react right? The earning report is one part, but the actual guidance, call and future forecast is a completely different monster and in my opinion, sometimes even more important. So all I know right now is that conditions are not very favorable and are not very clear for the average. Trader Therefore, it makes it more of a risky time to trade, especially as we continue to see these quick changes of Direction And it makes sense because again, going back to the 30 minute time frame, we're at that moving average and we're at that. EMA Are we going to hold above? Are we going to break below? We don't know, right? So why try to predict when you can simply stay patient, Stay cash, and prepare.

at least again. That's always our recommendation for beginners to not try to over complicate their trading and keep it as simple as possible. Hope that you enjoyed this video again. Just wanted to make sure that you are aware and there's headlines like this that are a little bit delayed.

Let's talk about U.S Stocks rise US Tech sector leads amid High Hopes This was in a video in the morning, but as you can see, Nvidia has given back every High hope that it had from that pre-market rally to a normal Market sell-off forming lower highs and lower lows. Remember, you are in control in the days that you choose to trade, so do not over complicate your trade it in and put you in a bad position that you end up regretting, especially the day before a very critical day. I Mean if I want to give you a really good example of what not to be like, that's going to be the example of like an AMC bag holder. Imagine putting yourself in a position where all you do is hold the position and it continues to sell off, forming lower lows and lower highs.

AMC and AMC Traders are a great example of this. Again, just throwing a little shade their way. So I appreciate your time I Hope that I earned your thumbs up. Please consider subscribing and remember if you have any questions about how to get started, feel free to shoot me a direct message via Discord or via Instagram which is all linked down below.

I Do trade live every single morning with the Lpp team. They get to see my entries, they get to see my exits, but most importantly, they get to hear my thought process behind every trade. I Take both good and bad if you want to see more about this. then again, that's going to be the second link in the description down below.

Like always, let's make sure that we end the year on a green note. Take it easy team.