I Want to share with you this major support level that the NASDAQ Market is testing right now? Let me go ahead and start sharing my screen. I Hope that you learned something new, and if you do, please consider dropping a thumbs up and subscribing to the YouTube channel if you feel like we earned it. So right now Market's still above it. This is QQQ which is the NASDAQ ETF right? We could see that since we started to Rally of last week, right? we've been holding Above This EMA and showing steady signs of progress.

Higher highs, higher lows. Great right? One of the strongest, if not the strongest rally that we've seen in 2023. Right now, we've become very overbought. So the concern is if we don't continue to show signs of progress.

On the upside, can we give it all back before the end of the year? Well again, I'm making you aware that we have not actually shown any signs of progress below the EMA. We've tested it many times. as you can see here here here here and once again right now. The reason I'm sharing this with you is if it does break below the EMA.

The most reasonable retracement is that it's going to sell back off down to the moving average and then if we break below that, the possibility for this thing just to sell off back to previous lows. Now, we're far above that, right. As of right now on the one minute time frame, it's very easy to see that we're showing a lot of signs of consolidation. It doesn't look like QQQ wants to break below 3 70, but now really beginning to think about it.

what else can drive the market up Now next week I Want to make sure that you're aware of this. We do have the CPI data report and this is going to be released on November 14th, 1 hour before the Market opens at 8:00 a.m. eastern time. Now the reason that this is super important is that this is an inflation report.

I will be live streaming it for free on my YouTube channel. So again, just another reason to subscribe. But this will tell us if inflation is going up or down and if inflation is going back up and higher than what was expected. Then again, that will mean that the Federal Reserve can justify a rate hike in the month of December And why is that important? Well, we've slowly been seeing that the possibility for a rate hike in the month of December is going up.

It started with a 99% probability that the Federal Reserve was going to pause and now we're at 85% So slowly going down and again, it's just. there's not any really. uh, big major economic reports that are being released this week. But next week it's the Behemoth of Economic Reports and that is the inflation report and that is why I'm making you aware in advance.

Now of course, if the inflation report comes in lower than what was expected, that would be great news for the Bulls I Can see that the market would surpass this resistance that we have at 374 and maybe take us to new Highs but I Just want to make sure that you are aware of what zone and what range we are trading at. We were trading at previous support range, so it made sense on why the market recovered. Now we're at a previous resistance range. We've been rejected here multiple multiple times, so you cannot be surprised if we finally do begin to get rejected and begin to sell off, right? I'm just making you aware of what can happen.

not that it has to, but if it does begin to get rejected I want you to be like ah, okay, this makes sense. On the technical side, we're at a resistance range, which makes sense on why. Now the market is retracing on the 5 minute time frame. It looks like we're setting up for a nice little reversal on Tqqq, which for the day might be in favor for the overall NASDAQ Market If we show progress above the EMA I'm still waiting to see do I want to go long or do I want to go short? We're showing a lot of signs of consolidation here and Market still not has decided.

So why predict when you can simply wait and react right? And that's the beautiful thing about the stock market is that it's so frustrating because the Market's literally just trading sideways and I become very impatient. Let me know in the comment section if this is you, but it pays to be patient in this market. Let's save those day trades. Let's be selective and only trade when opportunity is clear and as of right now it looks like we can be setting up for a really, really nice potential retracement if we get that confirmation right? right? Um, and when looking at it, it's very easy to see 30 minute time frame EMA Been validated this whole time.

We'll see if we get the break below or if we establish our support level here and bounce again and go with the bulls. Okay, so I appreciate you guys' time again. Just wanted to make sure that you guys were aware. I do want to let you guys know we're giving 250 bucks to any person that joins our VIP Tech Club by today.

no purchase necessary, just head on over to Shop Techb Buts. join our VIP Tex club and one lucky person today is going to be walking away with $250 cash just for joining our free VIP text Club Also, don't forget I Do trade live every single morning I'd love to see you for tomorrow's live trading session. You get to see every entry and every exit that I take during that live session and if you want to get access to that that is the second link in the description down below and would love for you to get an inside look behind my trades as soon as the Market opens tomorrow. Like always, let's make sure that we end the year on our green note.

Take Care Team!.