Uh, so let's talk about the market recovering. what's going on Guys, it's Ricky with Tacbook Solutions Just want to point out one thing and one thing only, and that is that Sqq is testing the resistance of the EMA on the date chart. How? and looking at Sqq, it looks like it's been having obviously a very consistent higher high and higher low based off of recent patterns. As a lot of you guys know, I've personally been shorting the market meaning going into Sqq and we make money as the market sells off right? The PPI data report was released today so just wanted to make sure that you are aware of that and so was the consumer Michigan sentiment report.

So the PPI Report: If you're asking the question, why is the market selling off today It's very simple. Expectation was an increase in the month of July of 0.2 percent. As you can see right on over here, we came in a little bit worse than what was expected 0.3 Now, why does that cause the market to sell off and ask EQ to go up? Very simple. If inflation is coming in a little bit higher than what was expected, this is PPI So on the producing side of things, then that means that maybe the Federal Reserve can justify being more aggressive with future rate hikes.

But because of what I see and again, this is 100 just my opinion. I think it's great I mean I I Really have enjoyed the NASDAQ Market pulling back a little bit, but if you look at QQQ this is the first time that we've pulled on back to the EMA. Now it's not impossible that it can break below. we can easily break below.

But one thing that I'm beginning to ask myself is first off, we have not traded below the EMA all year long ever since this rally really began to since March right began to make higher highs and higher lows and actually began to make and show signs of a full recovery. This is the first time that we are testing this critical range. Now this is very crucial, right? This doesn't mean that you should just buy the dip blindly and hope that it begins to recover because again, at the end of the day, no one knows exactly what's going to happen. But again, if Market's been bullish for the past eight months and this is the second time, but really, since the rally has made higher highs and higher lows, this is the first time that we test this critical range.

I think it's going to be very interesting to see if the buying pressure from the Bulls comes on back and we actually begin to try to make a recovery on NASDAQ which would therefore then be in favor of QQQ and Tqq. The only thing that I am taking today into consideration and I shared this with my Lpp team is Market sentiment for the week: Market's been very bearish this week and I call it headline momentum and if the market is on track to have one of its worst trading weeks that could within itself just based off of that headline cause more fear in being injected into the market and cause more selling pressure. So it's good to know it's good to be aware that obviously any side can actually happen. but instead of going into ask geeky Q As you guys have seen for the past week and a half almost two weeks, I've been so willingly to trade Ask you Now I'm trying to be very cautious as NASDAQ is again testing a very critical range on the day chart when looking at the one hour time frame.

I mean let's look at the 30 minute, you can see that there's consistent lower highs and lower lows. I mean NASDAQ is far from recovery and as it still needs to break above VMA and definitely needs to break above the moving average as we've been getting rejected everything single time. but it's you know, step by step, all I'm looking for is progress I Want to see if NASDAQ can get closer to the moving average today and if so, I think that might be the start of my long position on Tqq if we get that confirmation. If this thing continues to sell off, if it continues to show signs of lower lows and lower highs, then there's no reason to for me to over complicate it.

But I thought I want I wanted to share my thoughts with you on what I see going on with NASDAQ You guys know that I've been incredibly bearish as Market's been pulling on back, but now I want to be a little bit more on a careful side as we've pulled back enough and I would say let me know in the comment section if you agree this pullback was long overdue, right? All of 2023, we've been very, very bullish. Finally, in August you know, eight months later, we're finally retracing and pulling back a little bit. Remember, the only people that freak out when markets pull back are those that did not prepare. So I'm excited to see if we actually form a higher low here, validate the EMA as a support as has been validated pretty much all year long and see if we continue to recover.

If not, if it breaks below EMA then guess what? I'll just resume back to shorting the market if I get confirmation of that break below, but just wanted to share my two cents with you guys as Market is testing a very critical range right now. So let me know your thoughts in the comment section, but also wanted to make sure that you were aware of what caused the market to sell off today. and that's just that inflation is coming in a little bit higher than what was expected on the consumer side of things. So I really do appreciate you guys this time.

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