cerealtrades

we should see a bounce some time in the following week (SPXL)

AMEX:SPXL   Direxion Daily S&P 500 Bull 3X Shares
i really want to stress that i am not saying the daily/weekly trend is going to change right back to bull.
with that said, i think there is money to be made long over the next week, as long as futures sunday dont have the craziest bear session since corona.
some shorts are going to cover on the next drop, and this is going to cause a small squeeze.
i dont think all time highs are in the cards yet for broader market bulls. i do think 106 and 119 are reasonable targets. rsi is diverging bullishly, and dipping into the high teens would signal oversold conditions.
i realize this differs from my SPY forecast. that is a long term forecast on an unleveraged asset. i am using different strategies for different instruments.
qqe long entry signal should be due soon, although there have already been 3 signals that only led to small bounces, and not a return to a bull trend since the top.
Trade closed manually: the bounce is on, but there remain questions as to how far it can be trusted because of how low we dipped
even if this continues higher it pays to close early in most circumstances
at least lower risk somehow
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