Hey, what's going on team, it's ricky with tech, but solutions here with a quick market update in today's earlier video. One of the things that i was really stressing was that how important it is when market direction is not clear that sometimes it's almost best to stay cash. It's one of the main reasons that i was so eager to you know reduce my position size even during that video. You guys saw me, i think, sell about two to three thousand shares just within that video of that six to seven minute period and very thankfully, i sold because of how things actually ended up playing out uh.

Today, things were kind of just like a little bit slower. We opened up we're up about five to almost six percent on the day with tqqq and then all of a sudden the market began to pull on back. Did it surprise me um not really, because if you've been paying attention to the market, at least for the past week, it's had a very common support level right around 31.50. You guys can see that here and a very common resistance level around 34.50 to about 35 dollars.

We're in that consolidation phase, as you guys can see that right here so direction. Right now is not super clear, especially as we're waiting for economic data to be released. So where does this put us? Well, all you've been seeing most likely me post on my instagram about, is stay effective with your position size right. A lot of people thought because of amazon stock split today that because of its stocks like uh, it's 20 to 1 stock split.

So if you previously owned one shares now you own 20, but now it's 1 20th of the price. So it really didn't do much in the sense of how i think people really anticipated it to drive the market up. I think it's what really sparked the market to be so much in the green, but it just couldn't carry the entire market, at least not for the remainder of the day. So with that being said now it's kind of like okay.

Well, where does that leave us for all of our positions? I just want to share with you what i'm doing you guys can share down in the comments section what you think about that is now a time to be scared, no, not necessarily right. The reason i've been really focusing on position size is, i still think markets are very cheap. Can they get cheaper? Of course, with that being said, i don't want to be scared and try to time the market perfectly, because that will never happen right if the market begins to recover. I want to have enough money in the market that i feel motivated that i bought it at a price point that makes sense to me regardless if it sells off a little bit, but i also want to take into consideration kind of like i did today in Today's earlier video, we talked about reducing position size not being afraid to lock in profits in preparation for the worst case scenario.

This is something that not enough people talk about. All everyone wants to talk about is how much money you're going to make when the market recovers. Well, guess what newsflash? For the past five months, the market has been selling off so because of that i've been conditioned to think about worst case scenario and you might think that's a bad thing. But it's actually a very healthy thing, because it's days like this, when the market pulls back back to that support level that, because i reduced my position size, i have enough cash left in my account where i can buy the dip and if it continues to dip.

It's not that i i'm becoming an emotional mess right because of how much money i'm losing but yeah. I still have a couple shares in tqpq, but it's nothing that i can't tolerate and if anything i get almost excited when the market pulls back, because i have so much money left over that. I can double down on my position. If i want to it's, never a good idea to necessarily average down, but again that can be for another video.

I think right now as we're waiting for that economic data to be released, especially as everyone is anticipating this next inflation report. I think it's going to be in our overall best interest to kind of allow the opportunity to present itself again we're in this consolidation phase we're not breaking above its resistance level, but we're not breaking below its support level. As of right now, it looks like the nasdaq market is down about half of a percent. This would put tqqq down 1.5 percent as it's a triple leverage etf.

This would put us closer to that 31 dollar support level. So again, this is not a time to be, in my opinion, super aggressive. This is a time where you can set alerts on both sides and if the market begins to dip, then maybe you can reduce your position size. So you can tolerate that dip.

A little bit better or if your position size is already reduced, then at least you're aware that again we can easily go south, so simply prepare for it. But if the market begins to recover and we retest that 35 price level and if we actually make higher highs, then again that can be a step in the right direction. But i think that the market is really just waiting for this economic data. So we can react, are we going to be bullish and showing signs of a recovery, or are we going to be bearish and begin to sell off again on the day, chart we're right around this ema line, the only time that it's broken above this ema line On the day chart ever since the beginning of 2020, you guys can see that right here ever since the beginning of 2020, the only time we broke above it is during march, and then russia attacked ukraine and we sold off for the remainder of the month.

So again, this is not a time, in my opinion, to be super aggressive, we're so close set those alerts, and let's wait for confirmation. We have so much upside margin to work with the idea of being a perfect investor, or a perfect trader should be out of the window. Let's just be effective, let's make sure that our trades and our investments make sense. I think that's the best way to approach the market right now with a very level-headed approach, but that's just my two cents.

You guys can. Let me know in the comments section what you guys think i'm very excited to follow up and to see how the market opens tomorrow, but i'm definitely not in a rush to force any trade. So again, if you guys want to join the conversation, i do trade live every morning exclusively to my or with my learn plan, profit 2.0 team. They get access to the a2z video lesson, library designed for beginners my daily live trading sessions.

My private group chat and yes, they get access to the hq. Also, if you're part of learn plan profit make sure. You message me on discord right now, if you're in the arizona area on friday, we're going to be hosting an in-person session, and of course this is for free if you're a learn, plan profit member and we're trying to have no more than 10 people at the Session as it's going to be something a little bit more in-depth and again, this that's going to be on friday at 1 p.m. At the hq in chandler arizona, so make sure you message me via discord, i'm going to leave it at that.

I hope to see you tomorrow for my live training session, if you're ready to join my learn time, profit group, the second link in the description - click uh, click it. So you can learn a little bit more about it to see if it's a good fit, for you also don't forget to stay connected, make sure you subscribe to the channel and drop a thumbs up if you feel like we earned it like always, let's make sure That we end the year on our green dot. Take it easy team.