The stock market rally finally saw a pullback, with the S&P 500 and Nasdaq composite snapping long win streaks. Treasury yields spiked on a poor 30-year Treasury bond auction. Fed chief Jerome Powell followed up, saying the central bank is "not confident" that it's done enough to rein in inflation.
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I'm getting ready to short the market. or at least for a second time. What's going on? Team: It's Ricky with techit. Solutions I'm going to make this super short and sweet.

Let's go ahead and get right to it. So I just closed out one of my short positions on the NASDAQ market. so Sqqq had a nice little run up to the moving average. Then again, it was showing signs of resistance.

We ended up reducing the position size. it ended up selling off. Now, this is extremely oversold and now the NASDAQ Market is extremely overbought. Let me know in the comment section what you think about this as of right now: I'm going to let this thing continue to run up.

but just like we've seen for the past few days, anytime that it runs up, it sells right back off, it runs up. It sells right back off. and we've seen this time and time again. It's great to see that it has a lot of momentum and maybe the NASDAQ Market thinks that it still has some fuel on the back end.

But overall markets are super overbought. I'm waiting for confirmation of a pullback? Uh, and once I do get that confirmation, then I'll choose to take that short position. But until until then, I'm going to stay pretty light. I'm going to wait for that proper confirmation and then choose to strike.

then I Do want to remind you that on November 14th, which is next week, it's going to be our CPI data report also known as the inflation report. I will be live streaming it and it's going to be at 8:30 A.m. Eastern time. So just another reason to subscribe to the YouTube channel.

When it comes down to the series of economic reports that were released today, we had the Michigan Consumer Sentiment report coming in a little bit lower than what was expected at 60.4 versus the expectation of 63.7 Uh, the market did sell off a little bit due to that report, but then quickly recovered after bouncing off of that moving average treasury budget that's going to be at 2 pm eastern time. so just make sure that you're aware of that. And then today on the calendar we have Michael bar who's the vice chair of the Federal Reserve going to be speaking at 3:30 p.m. eastern time.

So again, just another thing to be aware of that can influence the overall Market It looks like the overall Market Again, when looking at this on the 1H hour time frame, we are back above the EMA We are back to retest that same resistance and again we are screaming of it being overbought. I Know it can't just be me. I Am so so excited I Mean, let let them have have their you know few cents of how much more it could potentially go up. I'm waiting for confirmation.

There's no reason to try to enter early, but I am ready to short the market with about half a million dollars. Uh, and to see what it is that we can make out of it. So let's wait for that confirmation. It doesn't have to be today.

Uh, but all we know is when markets are this overbought, it's only a matter of time for them to correct themselves. So very excited to follow up again. I Do Trade Live Every morning! They got to see every entry and every exit that I took during today's live trading session. If you'd like to watch me trade live as soon as Monday at Mark could open, that is the second link in the description down below and if you have any questions before signing up, it's the first link in the description down below.
I Appreciate your time, hope that we a thumbs up and like always, let's make sure that we end the year on a green note. Take care team.

By Stock Chat

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34 thoughts on “warning stock market is overbought…”
  1. Avataaar/Circle Created with python_avatars Martin says:

    Rickey whatever happened to the AAL play, it's still not ready is it

  2. Avataaar/Circle Created with python_avatars Sophie says:

    I agree! There is not enough fear in this market! This is all about to crumble big time.

  3. Avataaar/Circle Created with python_avatars GMath says:

    You are the New jim Cramer

  4. Avataaar/Circle Created with python_avatars Sharon Kong says:

    Of course it's overbought. But does it mean it has to come back down because you think it is overbought?

  5. Avataaar/Circle Created with python_avatars James says:

    Next video after this – I lost $30k

  6. Avataaar/Circle Created with python_avatars Franklin says:

    Engaging in an individual market option is fair, but its performance level can’t generate high dividends. Diversification is the secret to optimal performance, that’s why I have my interest set on options based on projected growth and performance._

  7. Avataaar/Circle Created with python_avatars Shaheryar Madni says:

    You missed the bottom at 410 cope harder

  8. Avataaar/Circle Created with python_avatars MrRo004 says:

    Careful shorting. Confirmed bull flag breakout on QQQ and SPY looking like a bull flag breakout as well. If you’re looking to short then you should be looking at the Russell 2k.

  9. Avataaar/Circle Created with python_avatars AfterDark682 says:

    Moody's changes Outlook on US rating to negative citing massive fiscal deficit & political polarization which exacerbates fiscal risks. BUT Affirms Aaa rating.

  10. Avataaar/Circle Created with python_avatars Keaton Wynn says:

    There is 0% chance we are going back down. SPY broke above 440 and closed above it, QQQ broke above 378 and closed above it. Ricky is going to be wating a longggggg time for a pullback! We will continue to rally the entire month of November and most of December. All time highs are 100% coming very soon.

  11. Avataaar/Circle Created with python_avatars Yan Zhu says:

    This is the behavior of a market that is about to crash, but it will go up even more before that happens. It's typical herd euphoria based on nothing of substance.

  12. Avataaar/Circle Created with python_avatars Jim FURY Hesterman says:

    What indicators are you looking at? RSI doesn’t show overbought on the daily or weekly. If you’re talking day trade maybe that’s what you’re seeing. Today was obviously a bad day to short.

  13. Avataaar/Circle Created with python_avatars Andrei Oprisor says:

    love this guy…

  14. Avataaar/Circle Created with python_avatars That Guy says:

    Today's Positivity: The market does exactly what you think it's going to do. It just doesn't do it when you want it to.

  15. Avataaar/Circle Created with python_avatars Gidis96 says:

    Haha, I was right. Bull market just been confirmed! It happened only 17 times since ww2. It gonna close over 4400. Next week Bull market starts ladies and gents!

  16. Avataaar/Circle Created with python_avatars I Got Options says:

    Wrecked

  17. Avataaar/Circle Created with python_avatars L. B. Dyno says:

    That ish shot up crazy my boi hope you aint lose too much…

  18. Avataaar/Circle Created with python_avatars Larry Morton says:

    plunge protection team driving the market up today on no news. getting ready to rugpull

  19. Avataaar/Circle Created with python_avatars mary says:

    S&P is overbought definitely. The market is crazy! I shorted too!

  20. Avataaar/Circle Created with python_avatars Tommy Hawk says:

    Today's price action proves the market is 100% manipulated period

  21. Avataaar/Circle Created with python_avatars Shams eddin says:

    Short the market 💪

  22. Avataaar/Circle Created with python_avatars Eco-Yard says:

    Market is insane

  23. Avataaar/Circle Created with python_avatars Sharon Kong says:

    The pain trade continues…

  24. Avataaar/Circle Created with python_avatars Shab Pnd says:

    crazy the nasdaq cant seem to buckle down insane A.I hype

  25. Avataaar/Circle Created with python_avatars The Capitalist says:

    A seasonality rally ready to trap the everyday investors before the rug pull comes in 2024. I like it.

  26. Avataaar/Circle Created with python_avatars Seamless Virtual Design says:

    A 4 month bull flag

  27. Avataaar/Circle Created with python_avatars TMI's Secret Dallas Cowboys Cat🔧 says:

    Overbought but Microsoft just made all time high this guy is whack wrong yesterday wrong today

  28. Avataaar/Circle Created with python_avatars HURLEntropY says:

    Too many bears. I'm bullish

  29. Avataaar/Circle Created with python_avatars Ved G says:

    Nasdaq going 15000🎉

  30. Avataaar/Circle Created with python_avatars Gagandeep Saini says:

    Hahaha… this guy

  31. Avataaar/Circle Created with python_avatars Michael Kung says:

    Short squeeze usually lasts for a few days

  32. Avataaar/Circle Created with python_avatars Alberto Acosta says:

    Big tech is over bought the rest of the market is dirt cheap

  33. Avataaar/Circle Created with python_avatars Zeli Lee says:

    It just broke last resistance. It’ll keep going up. It’s not overbought when it’s been in a bear market for a long time and on the way to recovery.

  34. Avataaar/Circle Created with python_avatars wenman says:

    Microsoft hit all time high! AMD, Apple, Google going up as well!

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