SQQQ: Be Greedy When Everyone Is Fearful
Updated
With all the commotions going on in the markets and global equities, naturally we have lots of fear in the market.
One thing that I believe is in order for market makers to move prices and enter positions, they require a massive amount of liquidity in order to execute buy orders, and vice versa when selling.
Let's take a look at SQQQ, an ETF that tracks the nasdaq market moving downwards.
Compared to the SPY falling wedge on the daily time frame (bullish reversal pattern) we have a rising wedge on the SQQQ (bearish pattern).
We have been trending downwards since Nov 2021, and frankly, I think the market sentiment is starting to get overly bearish.
Looking for a pop / flash crash possibility to the top of the range, before falling out back to the low of the pattern.
This is simply an opportunity to play TQQQ on the recovery if SQQQ breaks down.
One thing that I believe is in order for market makers to move prices and enter positions, they require a massive amount of liquidity in order to execute buy orders, and vice versa when selling.
Let's take a look at SQQQ, an ETF that tracks the nasdaq market moving downwards.
Compared to the SPY falling wedge on the daily time frame (bullish reversal pattern) we have a rising wedge on the SQQQ (bearish pattern).
We have been trending downwards since Nov 2021, and frankly, I think the market sentiment is starting to get overly bearish.
Looking for a pop / flash crash possibility to the top of the range, before falling out back to the low of the pattern.
This is simply an opportunity to play TQQQ on the recovery if SQQQ breaks down.
Note
$35 is the last real level for supportNote
Slicing like butter through critical levels
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