SQQQ Bouncing Upward Between Channel Lines
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*
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*
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Broke 282, long slow bleed now, 271 next.
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QQQ broke 282, good for SQQQ, bad for TQQQ
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SQQQ broke top of consolidation line, but coming back to it. Slow climb expected.
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Upward movement on SQQQ highly likely. Price moved back below, and then just above prior top of channel at close.
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The channel changes, but the game remains the same.
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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.
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.
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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.
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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.
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.