N0tSwift

SQQQ Bouncing Upward Between Channel Lines

Long
NASDAQ:SQQQ   PROSHARES TRUST ULTRAPRO SHORT QQQ NEW 2020(R/S)
The up and down swings daily have been predictable and profitable on SQQQ alternating with TQQQ .
The ever tightening range between resistance and support on QQQ indicates we're due for a big change soon though.
Keep stop losses and target profits pretty tight, it turns quickly in ever shorter ranges.

70/30 we break DOWNWARD due to Macro Economic problems, but....a new $2+Trillion dollar stimulus, and we go UP on QQQ and TQQQ and DOWN on SQQQ .



*NOT FINANCIAL ADVICE - NOT A FINANCIAL ADVISOR*
Comment: Broke 282, long slow bleed now, 271 next.
Comment: QQQ broke 282, good for SQQQ, bad for TQQQ
Comment: SQQQ broke top of consolidation line, but coming back to it. Slow climb expected.
Comment: Upward movement on SQQQ highly likely. Price moved back below, and then just above prior top of channel at close.
Comment: The channel changes, but the game remains the same.
Comment: Going into the Halloween weekend, this makes me nervous for Monday.
SQQQ signs it'll go up, which means another drop to QQQ, and a move outside of trend.

When the trends get hosed up, hard to predict top and bottom.
Comment: That RSI down below 30 worries me. MACD X could happen and Up she goes on the SQQQ inverse and DOWN she goes on NASDAQ.
Comment: A few days left as we go into an ugly election week, but then I suspect trend reverses soon. If Biden wins I expect another 4-6% drop in the market. If Trump wins, I think we start upwards. Trump wins, stimulus drives the market up sooner.
Biden wins, stimulus drives the market up later (February), but evictions and foreclosures could mute any upward move at that point as CDC moratoriums on eviction end unless they're extended.

Comments

Thank you!
+1 Reply
N0tSwift davidismyname
@davidismyname, Thanks for leaving a note. So few do. Happy Trading.
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We might get whiplash Wednesday - Friday as some states look like wins for Biden or Trump but then change. For example, some states might initially appear to have high votes for Trump but those numbers level out as more absentee ballots start being counted Tuesday night (reportedly a majority of absentee ballots are for Biden). Other states might initially appear to have high votes for Biden because they counted their absentee ballots in advance, but those numbers level out as more Election Day votes are included. I still hope we get clear indication Tuesday night. :) No matter the result, it sadly seems like there will be a lot of outrage.

How to spot a red or blue 'mirage' in early election night results
https://www.cnn.com/2020/10/30/politics/red-blue-mirage-election-results/index.html
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