So it looks like my microphone was turned off in my earlier video today and I do want to apologize but I have something newer and I would say a little bit more interesting to share with you and that is that. Michael Burke I Don't know if you guys are familiar with who this is, but it's that extremely popular movie. The Big Short Um, he was pretty much the person that first originally identified um, you know and and created this bet against the overall market right? The housing bubble I made a ton of money, right? Uh, he just opened another very bearish position. Uh, well, at least he had opened for Q2.

Now based off of what I'm reading I mean he just disclosed that he has had this open short position right? It says very famous for The Big Short bought bearish options against the S P 500 and NASDAQ I mean this disclosure is that he had this position towards the end of the second quarter. I mean we're already in the third quarter of the year, right? Um, and with that being said, it's like okay, well how much is he down Because according to this he had a 739 million dollar bet against QQQ which is NASDAQ right? And then if I'm not mistaken, an 886 million dollar bet against spy which is the S P 500. Now I don't know about you guys Obviously Market has become very overbought based off of recent patterns. drop uh, recovering from those of 250 to all the way to highs of 358.

For those that are unaware, QQQ is a NASDAQ ETF uh, it's normally the one that's most exposed. Um, and it's more exposed to tech stocks. Uh, S P 500 are considered the top 500 most valuable companies, but overall markets have seen an amazing rebound for 2023 from that very bearish 2022 right? If you look at this, it has seen in over a 50 return from 52-week lows to where it is that we are now or have been at highs of 385. Now I don't know about shorting with over a billion dollars, right? That's a little bit beyond me.

Not a little bit. I mean I literally I Can't even imagine what that would feel like. Uh, but I Wanted to share my breakdown with you guys just based off of recent patterns and again, this is 100 just my opinion. Um, I Just thought it'd be quite interesting for me to share with you guys.

Looking at QQQ on the 30 minute time frame. Uh, we've been seeing this descending pattern of lower highs and lower lows. we could see if we zoom on in into this. I Mean it's a perfect picture text like a textbook setup of a descending pattern with lower highs and lower lows meaning that the resistance is descending with the moving average and the support is descending right as the support continues to form.

Any lows. New lows, new lows, new lows every single time that it drops. Now, based off of recent support, it did not form new lows. and with the bounce today, we are now trading above based off of the aftermarket trading session.

We are now trading above that moving average. So remember, patterns tend to repeat themselves, but they don't always have to, right? Nothing's ever going to be a hundred percent perfect. I Just thought that this would be interesting to share with you guys because if this pattern were to continue then we should be getting rejected around this general area and potentially see a drop back down to its support that it's had right around two. I'm sorry 365.

So we'll just have to wait and see if we actually begin to get rejected to go back to retest 365 down here. but again, we first have to get the confirmation of actually getting rejected below the moving average up here. so very excited to follow up. Other than that, I mean I'm going to be paying attention to that tomorrow as a series of economic reports are released.

For those that are not aware, we have retail sales, import prices, export prices, a handful of economic reports being released on Tuesday but also on Wednesday. We also have a very important economic report and that is the Fomc miniature Port. For those that are unaware of what Fomc minutes are, it's literally just a summary on our previous interest rate hike from the Federal Reserve and it explains and breaks down in detail of who voted for what based off of the previous interest rate height. It's not a time where Jerome Powell will speak, it just gives us a little bit more details on the previous interest rate hike within those minutes reports.

So I Really do appreciate you guys time again. I Do apologize for the issue that I had in today's earlier video I'm very excited to follow up to see if the market actually ends up getting rejected continuing this descending pattern or if this is the actual early stages of a reversal and we potentially begin to break above the moving average and the EMA on the four hour and begin to work our way back up to previous highs of 380 7 and 98 on QQQ. So I'm pretty sure time hope that we're in a thumbs up. Please consider subscribing.

I Would love for you to be able to watch me trade live as soon as tomorrow and if you want to learn more about that, make sure you click the second link in the description down below and I'll see you tomorrow at Market Open for our live session like always, let's make sure that we're in the year honor Green now! Take it easy team.