All I'm saying is get ready to go Red! What's going on guys, It's Ricky here with tech Solutions Hope that you guys are all having an amazing Thursday Today is the last trading day of the month for August 2023 and NASDAQ is little bit in the green, right? Uh, we're up about 33% Uh, Tqq is up about 1% It peaked at around 2.2 I Want to say uh, resistance at $43 Uh, this is what I'm looking at again. the retracement back down to the moving average. We've been holding above this moving average for the past 3 to 4 days. We've been able to hold above it.

It's been validating it right. Patterns tend to repeat themselves. They don't always have to, but with that validation it's great to see that there you know is a support. Now the question is, if we go back to retest, Are we going to hold that same support? So that's all I'm looking for as of right now as the market pulls on back.

Are we going to bounce here? If so, obviously I'm going to I'm going to want to go into Tqqq As the market begins to recover, Tqqq goes up, but if we break below that moving average and begin to show signs of progress, remember, you don't have to freak out when the market pulls on back, right? You just have to know where you can make money when the market sells off. And obviously that's us QQ if we get that confirmation so no reason to jump into it too too early. Uh, but very excited to follow up with it and see if we actually begin to show signs of progress. Uh, when it comes down to the initial claims and continuing claims report that right? this is the number of people that are filing for unemployment for the first time.

For initial claims, it came in a little bit lower than what was expected, meaning that potentially less people are filing for unemployment for the first time than what was expected. When it comes down to Pce prices, they came in as expected. This is something that I wanted to make sure that I covered in this video. So if you're asking the question, why did the market go up especially right when the market opened.

it wasn't that we had amazing Pce report or that it came in much higher or much lower. It came in as expected. So anytime that I see something like this, normally the market tries to retrace itself because prior to it it overreacts and what I mean by this and please feel free to share your thoughts. I don't mind being I mean it, There's there's no loss for me in being wrong.

I'm just sharing an idea with you. For the past two days, the Market's been gapping up based off of not just good news but also expectation for this Pce report and tomorrow's unemployment rate. And as that gets factored in once it comes in as expected and not better than than what was expected, this tends to be an overreaction and then we tend to see a correction. But again, who cares, right? It doesn't matter about what I Say it doesn't matter what you say, All that matters is what the market actually does.

And right now we're at a critical level where we're going to go back to test this moving average. If we bounce off of it Market can resume to be being bullish if we break below it, then yeah, we have some downside potential because of how much the market overreacted And I just want you to be aware of it, right? There's winners for the Bulls There's winners for the Bears There's always money to be made as long as you focus on that one thing. And I Know it seems annoying, right? but it is direction, direction in my opinion and price action outweighs everything. any indicator and anything like that.

It's just keep trading simple and focus on Direction You either flow with the market or you try to trade against it. And let's be honest, if you ever trade against the market, it humbles you very quickly. I Know it does for me, right? So I Appreciate you guys with time again. Tomorrow is the unemployment rate.

This is going to be released before the Market opens at 8:30 a.m. Eastern time. We'll talk about that later today, but just wanted to say thank you for your time, wanted to keep you up to date with the Pce report and my thoughts on what and why. I Think that the market could pull back today, but again, my opinion means nothing.

Any, no one's opinion means anything. All that matters is how the market digest that PC report and it just wouldn't surprise me if we do begin to see a pullback because of the overreaction that got factored in prior to the PC report. Uh, but we'll see in the days that follow. So I appreciate your time.

Hope that WN A thumbs up again! I'd Love to see you for tomorrow's live trading session I Trade live with one team and one team only and that's my Lpp team and that's the second link in the description down below. Remember, it's a onetime payment lifetime access. You get to watch me trade live every single day. It's the only service that I offer.

so if you're ready to join second link in the description down below. appreciate your time like always. let's make sure that we're in the year on a green note. Take it easy, team.