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PSQ

PSQ Proshares Trust: Short opportunity on monthly.PSQ is trading inside a 1M (monthly) Channel Down (RSI = 36.191, MACD = -3.690, Highs/Lows = 0.0000) which last December made its Lower High. A Death Cross (MA50 under MA200) formation occurred in March on 1D and after a 27.60 bottom, the price has been rebounding towards the MA200. Last time the same pattern occurred was in 2016. The rebound resulted in testing and even marginally breaching the MA200 before collapsing to a new Lower Low and continuing to a very prolonged bearish sequence to October 2018. We expect a similar price action and our short target is 25.00. ** If you like our free content follow our profile (www.tradingview.com) to get more daily ideas. ** Comments and likes are greatly appreciated.
AMEX:PSQShort
by InvestingScope
Nasdaq could lead the way on the correction - Techs Not So Hot!Our researchers believe the NQ and YM chart illustrates a very different dynamic which is currently at play in the US Stock Markets. The NQ, the Technology heavy NASDAQ futures, appears to have stalled near the 75% Fibonacci price retracement level whereas the YM, the Blue Chip heavy DOW futures, has already rallied past this level and is setting up a “double top” formation near 26268. It is our belief that the US Stock Markets are already nearing an intermediate top rotation price area and that traders need to actively protect their long trades/profits right away. We believe a downside price rotation may take place very quickly over the next 5~10+ days and that the markets may rotate downward by a minimum of 4~6% in what we are calling a “momentum rotation setup”. Weekly charting basis shows how dramatic the upside price move since December 24th has been It also shows the current high prices are very near to the high price levels near the end of November 2018/early December 2018. We believe this “intermediate double top” formation will prompt a downside price rotation towards support near 24985 (or a bit lower). This represents a -5.5% price rotation and will likely frighten a few long traders. It will also embolden the shorts to start to power back into the markets expecting “This is IT! – the Big One”. We believe this downside price rotation will become a very healthy moderate downside price swing that will revalue equity prices, re-establish support and prompt a new upside momentum move that may eventually break all-time highs later this year. In other words, we believe this rotation will be an excellent buying opportunity for skilled traders. We show our volatility VIX setup forming here. Be prepared for a moderately large, -4~6%, downside price rotation over the next 5~15 days where support will likely be found near the -5 to -6% levels for the YM and ES. The NQ may fall a bit further towards 6295 ~ 6773 (-6% to -12%). We believe the weakness in the technology sector will be much greater than the Blue Chips and Mid-Caps. QQQ SQQQ TQQQ QID PSQ QLD QQQX
NASDAQ:QQQShort
by TheTechnicalTraders