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two main things to talk about today as Market continues to change its direction let's go ahead and jump right into it let me go ahead and start sharing my screen we got the overall NASDAQ Market uh it was selling off during this pre-market session two things being the main contributors to that so first um one of the things that we began to see 1 hour before the market open at 8:30 a.m.
eastern time we saw the market began to pull on back which fueled more selling pressure uh the original um or the factor of that originally was uh retail Sals so retail Sals came in higher than what was expected and trust me I agree with you guys like why is something like retail sales coming in higher than what was expected meaning that you know retail sales are performing better why is that negative news for the market I want to remind you that we're seeing this Through The Eyes of the Federal Reserve and when retail sales comes in higher than what was expected it's not supporting the case that the economy is slowing down and therefore the Federal Reserve can maybe justify a larger rate hike I'm just just explaining to you kind of like the thought process behind the Federal Reserve right if things were slowing down then the Federal Reserve you know wouldn't have much to justify more rate hik so this higher than or better than expected retail Sals just supports that very uh easily um it's not that they're going to it just means it supports the case that if data continues to show that the econom is not slowing down then yes there could be more of an edge on why the Federal Reserve can be more hawkish uh the second thing that I want to talk about is Nvidia stock tumbles as the US Titan restriction on AI chips export to China uh so this is again President Joe Biden last year unveiled restrictions on semiconductor X exports uh to China in attempt to slow down the uh country's technological advances and keep most of the chip Industries in the US the new rules announced Tuesday update those measures announced last year so pretty much what followed up with you know today is that again Nidia stock which was one of the biggest drops that uh we've seen seen for big Tech today uh it's already recovered quite a bit but if you're asking again what has fueled some of that selling pressure it was this so stock was falling on Tuesday after the Biden Administration said that it would tighten its restriction on exports of AI chips uh to China so if we look at Nvidia price right now from where it was from all of this selling pressure to this nice little recovery again you you just have to take into consideration uh Nvidia has a one .1 trillion market cap so yes it does influence overall markets right it influences NASDAQ it influences then other all other big Tech and because of that influence and because of this amount of you know selling pressure it brings the rest of the market down with it but obviously since then it's been showing steady signs of recovery and we'll see I also want to remind you uh the past couple of days have been very very choppy uh on the 30 minute time frame it's very easy to see right today's Tuesday this was Monday's performance and this was Fridays I don't know if you guys could see it but it's very easy to see the high levels the low levels the high levels the low levels and the high levels high levels for QQQ tends to be right around 370 right the low levels support range tends to be right around 16 uh 364 to 365 okay just making you aware of it right so you understand the low points the high points the low points the high points so uh as of right now just waiting to see if we continue to show signs of progress if not then I'm going to start setting up for a potential trade on sqq but again if you're part of our lpp team I'll keep you up to date with that so I appreciate your time hope that we're in a thumbs up uh we do have a handful of economic reports that are going to be released tomorrow uh from housing starts building permits and um the fed's beige book so again just something to take into consideration of what can influence the market a little bit more tomorrow so also Tesla will be reporting earnings tomorrow uh I do plan to live stream it so just another reason to subscribe if you guys haven't done already so I appreciate your time I hope to see you guys in tomorrow's live trading session I want to remind you I trade live every morning you get to see all of my good trades you get to see all of my bad trades it's just a raw live session if you want to learn a little bit more about it it' appreciate your time note take care team
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