TQQQ is 3x leveraged, and tracks 100 of the largest non-financial companies. It has quickly become on of my personal favorite ETFs with its performance, and the January effect is fueling the fire. It is important to note that TQQQ is reset daily, so it may not be a great long-term hold, despite its apparent performance.
RSI is showing overbought - but as long as...
-Ascending triangle, once breaks out of 2400 psychological level, it will go up to 2500.
-Short term wise, long to 2399 level and take profit after that short back to green support level.
-Cover short at green support level and turn into long, TP:2500
Trend is indeed in favor of SPY -now some may suggest that we need to chart Futures but to be honest it won't make a difference in this case.
No point of taking a long position until either 235 is re-tested or 237 for a scalp.
I'd wait until 235.22 test though. It could also come down all the way to test upper channel line, slim chance but possible.
Although...
We suggest two variants:
1) if Extension in 3-d wave - short term correction & uptrend! (Inval.lev - 2077.00)
2) if LDT - Correction & uptrend! (Inval.lev - 1810.00)
Excuse us! ) We are so lazy to write some more!!! ))
Sure the Real Pro Trader, should be Laconic & Concrete...)))
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(If you have questions, comments, write,...
Long trade idea on SP500, long at 2195 with a stop at 2185
We will update the trade as it goes.
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TVC:SPX INDEX:SPX
Performance of the SPX, XLF & XLE - end of last month (November`16)
closed by 2034.5 SPX (round about +8,08% this Year & -1,505% year to year Nov`15 until Nov`16)
closed by 18.95 XLF (round about +18,79% this Year & 13,63% year to year Nov`15 until Nov`16)
closed by 60.16 XLE (round about +23,72% this Year & -6,752% year to year Nov`15 until Nov`16)
Both...
With the S&P500 making new highs on no basis and serious resistance appearing at new levels, along with STOCHRSI signaling extremely overbought and MACD begining to reverse, I would take a small short position at $2205 with a T.P. $2175
Despite the binary expectations of analysts (if HC wins long, if DT wins short) we saw an amazing rebound followed by a green day. Apart from the unexpected price action, the MACD is also giving a buy signal. The 200DMA and 50DMA haven't crossed over, and thus I don't think this is the top. I would not be suprised if the price were to reach previous ATH or even...
If Clinton wins expect 1-2 week rally for major indices. I expect a retracement back to the 2130-2140 zone where I will enter as short, because after the rally I expect more downwards movement to at least Brexit lows around 2010-2000. Since the lower BB is not widening, I expect a similar situation as 2014-10-13.
![SPX: [SP500] POTENTIAL LONG OPPORTUNITY](https://s3.tradingview.com/c/cfVExoja_mid.png "[SP500] POTENTIAL LONG OPPORTUNITY")
