So what is the plan today? What's going on? team? It's Ricky here with Techbook Solutions here with a super quick stock market update So what is the NASDAQ Market working towards? Actually just closed a quick little position on Tkq during my live trading session with the Lpp team. 384 dollars Literally nothing I mean it was a very small position size. Uh, but we saw a nice little pullback to the moving average I took 700 shares at 750 more, pushed up, locked in profits, and it still gapped up a little bit. But what's the goal? What's the plan today? One of the first things that I want to talk about is if you look at the one hour time frame I like to take a step back and look at previous patterns, previous resistance levels, previous support ranges, whatever the case, might be right.

We talked about it last week where we're like, hey, NASDAQ is approaching this 290 support based off of previous patterns. here, this has been a very common support range, so we run the risk right, especially as we're shorting the market. We run the risk of this being a support Zone and this is where NASDAQ could recover right exactly what happened. Did it have to happen? No, definitely not right.

But just like we are now approaching a resistance range, What do I mean by this? Well, 310 based off of previous patterns, you guys could see back here in February 7th, February 16th and also February 2nd. This is when we're showing signs of a resistance right around 310, 310, and 310. So when asking the question, where's the next resistance, well, it's going to be right around 310. Based off of previous patterns, we've seen a huge push-up based off of yesterday's performance because of what's going on with the bank bailout and the potential idea of the Federal Reserve not raising interest rates as aggressive as originally was expected.

if they don't raise interest rates, then again, it makes it cheaper for people to borrow money and that's great for the overall economy. Obviously, we run the risk of inflation potentially being able to pick back up, but again, that's for a later time. We'll talk about that, maybe over the weekend. As of right now, we are working towards this 310 resistance range.

now. Does it mean that we have to stop there? No, that's just the next level that I see for the NASDAQ market. So please be very careful if you have a very aggressive position on NASDAQ right? And what I mean by that is, if we don't break above just like we did it last time, then that means that we are closer to the resistance level than we are to potentially being able to pull on back right. So we run the risk of getting rejected here and then selling off right back down to 290..

So again, this is going to be where you want to set your alerts and keep in a close eye if we actually get rejected at 310. Once again, one of the last things that I want to cover is a series of economic reports were released during the pre-market session and mostly all of them came in lower than expected. The main one that I was paying attention to was the consumer sentiment report and it came in at 63.4 with the expectation of 67.2 Now what you need to know about that is a lot of these different consumer sentiment reports or overall economic reports, but they come in worse than expected. That's normally a pretty good thing for the overall Market because it's showing Market slowdown and that's exactly what the Federal Reserve wants, right? If the Federal Reserve shows that the economy is slowing down, then they can justify being less aggressive with future interest rate hikes.

But again, please be very careful. The whole purpose of today's video was I Don't think any of the economic reports that were released today were very significant. All I wanted to talk about was that specific resistance range at 310 for Nasdaq as long as you're aware of it, then respect it right? That that's all I feel like I needed to do as long as you're aware of it that you're closer to resistance. Maybe this can justify on why you are less aggressive with maybe your position size up there because if you get caught with a heavy position at 310 and then the market pulls on back, then again, that's a position that you put yourself in right.

Respect the levels of resistance that we are approaching and until we break above, I would view it as a resistance range, not necessarily something where I think that we're going to easily blow right through. Next week we do have the Fomc meeting. For those that are unaware, that is the next interest rate hike I am planning to live stream it, it's going to be at 2 p.m Eastern time and for all those that are newer to the YouTube channel, all you have to do is drop a thumbs up on this video, subscribe to the channel and turn on your post notifications. so YouTube alerts you when it is that.

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