(CRASH UPDATE) BEAR MARKET IS COMING BACK... | Summary and Q&A

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August 24, 2022
by
Ricky Gutierrez
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(CRASH UPDATE) BEAR MARKET IS COMING BACK...

TL;DR

Nasdaq futures are experiencing resistance at the 13,000 level, which could have implications for the tech stock market.

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Key Insights

  • 😀 The Nasdaq futures are facing strong resistance at the 13,000 level, which could impact the direction of the tech stock market.
  • 😒 Traders should pay attention to the Nasdaq market and use resistance levels as indicators for potential trading opportunities.
  • 🧑‍💻 The correlation between the Nasdaq market and tech stocks suggests that a rally or pullback in the Nasdaq could be reflected in tech stocks.
  • 😫 Setting alerts for breakouts above or below resistance levels can help traders make informed decisions.
  • 🍉 Economic reports, such as GDP estimates and continuing claims, may cause short-term market shifts.
  • 🫵 The goal of the content creator is to empower viewers to become self-sufficient traders and offer educational resources through the Learn Plan Profit group.
  • 🫒 The content creator highlights a successful short trade on BBY that resulted in a $2600 profit during a live training session.

Questions & Answers

Q: Why is the 13,000 resistance level important for the Nasdaq futures?

The 13,000 level is a psychological resistance point, viewed as a support level on the way down and a resistance level on the way up. It indicates market sentiment and can influence the direction of tech stocks.

Q: What is the correlation between the Nasdaq market and tech stocks?

The Nasdaq market leads the tech stock market, so when the Nasdaq goes up, tech stocks usually follow suit. If the Nasdaq gets rejected at 13,000, it may lead to a pullback in tech stocks.

Q: How can traders use resistance levels to make trading decisions?

By setting alerts for breakouts above or below the resistance levels, traders can determine the direction of the market. If the market breaks below the support level, they can short the market or trade inverse ETFs. If it shows signs of support and recovery, they can buy long positions or QQQ.

Q: Are there any upcoming economic reports that could impact the market?

There are specific reports, including GDP second estimate and continuing claims, that will be released one hour before the market opens. While they may not have a major influence, a quick shift in direction could be attributed to these reports.

Summary & Key Takeaways

  • The Nasdaq futures are currently retesting the 13,000 resistance level for the second day in a row, indicating potential market volatility.

  • If the Nasdaq futures break above 13,000, it could signal a recovery for the Nasdaq index and a rally for tech stocks.

  • Conversely, if the market continues to get rejected at 13,000, there may be a pullback in tech stocks.

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