3x-levered Nasdaq ETF (TQQQ) is in on the C leg of an expanded flat correction.
Here is where i would short QQQ. GO short in yellow box and make money my friends.
This pattern looks like a corrective move down off the top made on March 13th. Once that current wave B of 5 down bottoms, we should see a strong five wave rally to new highs. The hard stop is the low of the wave 4 down at 6,634
I believe we may be near a market top, if you are like me you may be wondering where to sell. This is my attempt to analyze the current moves. I do think that the stock market is nearly in danger but that being said, it is definitely not a certainty that we have hit the top. I am not counting on any new highs though because in my opinion, we have already hit...
Looking at the week ahead for TQQQ I think there is still some upside before this ascending broadening wedge turns bearish. For aggressive traders I would wait for a close above the blue trend line, but be ready for the price to bounce off of the yellow trend line. For more conservative traders wait for a close above the yellow or better yet the green trend line.
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...
Note nearly every time the RSI breaks bullishly past the descending RSI red trendline, this corresponds to a strong rally.
Nothing to detailed just taking the tradingview.com platform for a test drive. We can see the support and resistance in the Ichimoku cloud where it levels off at the areas of support and resistance showed by the red and green arrow. With both the SPY and QQQ above there value areas today on low volume. I see more room for a downside then any upside today as we...
$COMPQ $TQQQ $SQQQ $QLD $QID $NDX
Ok, an update to the first idea - where I suggested going LONG in short term, while holding a bearish long term position, and likely adding to it on every top... RSI is a good "give-away" of overbought conditions. We've had our short term pop multiple times to 1940s area, and have been rejected by lack of demand, and overwhelming supply and falling economic...
The Sentiment on 12/2 was 93% Bullish. As I noted: “In general it is never a good idea to Buy on High Sentiment.” We have seen that every extreme cluster of Low Dorsey Sentiment have been ideal time to Buy zones. However, it is little recognized that “High Sentiment and Low sentiment are materially different in that they represent different aspects of the...
Bearish signal triggered on 1HR chart. Estimated entry point at ~107.50.
Flood of US economic data after the long weekend. Greece is in serious bankruptcy 'do-do' so watch out.
US data today may sway markets. We are headed lower in the PM. Watch for a possible bounce at the support.
Is all on the chart :) Got in at $76.92 now up at a substantial gain at over $10. The only thing that makes sense to do is wait for a short if/when this support level is broken, but in this market? I'm setting up for a downward biased, neutral trade. Check out related idea for reference, and thanks for viewing!
TQQQ broke through the two previously established levels of support and past our focus line, we're hoping for some more weakness before the getting in for the bounce.
Long term we're overdue for a correction, trading with caution is probably a good idea. Next trade I'm waiting for the price to come closer to or past the trend line in red around $76 at the moment.