SOXL downtrend breakSOXL broke upward from January 4th '22 downtrend. Things are looking up. Rally to $40+ or range bound then rally. We'll see how it plays out.
SOXL trade ideas
Direxion Daily Semis choosing the direction with the bears. SOXLGoals 33, 21. Invalidation at 100.
We are not in the business of getting every prediction right, no one ever does and that is not the aim of the game. The Fibonacci targets are highlighted in purple with invalidation in red. Fibonacci goals, it is prudent to suggest, are nothing more than mere fractally evident and therefore statistically likely levels that the market will go to. Having said that, the market will always do what it wants and always has a mind of its own. Therefore, none of this is financial advice, so do your own research and rely only on your own analysis. Trading is a true one man sport. Good luck out there and stay safe
SOXL Pinch Descending triangle squeeze between $28 zone support of December 2020 and March/May 2021 and resistant downtrend line around $34 since Jan 2022. Break down looking at $21 range, if it happens. $28 has been tested several times and could hold again.
SOXL bearish double top*disclaimer*
I haven't published anything outside of the crypto markets publicly. However, I have had my eye on SOXL, Direxion Daily Semiconductor Bull 3X Shares ETF.
I originally thought that earnings for NVIDIA were going to boost the asset and asset class, however it seemed to me the night before earnings that the earnings call was already priced in.
Looking at an 8 hour hollow candle chart here going back to fall 2021 makes the picture a bit clearer for me (when in doubt zoom out).
SOXL did a bearish double top between late November 2021 and early January 2022. And now volume is kicking up heavily on the sell side. Especially when current volume is compared to moving average for volume.
If the NVIDIA earnings call wasn't enough to lift, and rumors about auto manufacturers continue to slip in through the cracks, I see plenty of downside correction left for SOXL.
That being said, this is part technical and part "buy the rumor, sell the news" analysis and I will keep my eye on this sector which has been outperforming.
SOXL forming a new range?Since we're now below the 200 MA and re-confirmed the prior resistance levels we are looking to create a new range.
The Market is full of fear right now, Rate hikes, emergency FED meetings, fears of a war in Ukraine, Long term fears of stagflation, or recession.
When you see the solid companies in this sector (NVDA, AMD) getting hit you know people are selling everything.
I just put some lines on the chart of prior support level. It's around 28 +- That would be a 30% drop.
Since this is a 3x ETF that would be an approx. 10% drop in the PHX or SMH. According to Tom Lee of fundstrat, a 1% raise in interest rates is usually accompanied by a 10% drop in Equities. We've already had a 10% SPY correction, so now the market is starting to price in some more interest rate raises.
Coin Flip? Opportunity Looking for RaiseMovement after consolidation
Might see a run up to mid sixties if the market doesn't rightfully collapse lol
Price prediction for SOXLbased on the VIX retreat from it's highs, and the bounce of SOXL off it's 50% fib retreat level, I predict a bounce back to 45+- in the next 2 weeks or so.
Of course watch the SPX and SOX and SMH for more relevant fib levels.
If this bounce materializes just remember it is simply a bounce in a downtrend. Sell the rips hard.
Up 25% then down again.
Short SOXL CMP $59.74Short SOXL CMP $59.74. Broke out from channel early Nov 2021. Recent price action broke price below 50 SMA with volume. Heading towards $55 area now which was recently tested. If downtrend continues then $55 may not be hold for long and will finally see $48 which happens to be 200 SMA price level as well.
SOXL at bottom of parallel channelSOXL looks ready to go back up. RSI, MACD, Squeeze all show great entry levels.
Good Luck
SOXL M-Gartley completed,. Tons of support below 49.SOXL repeated an M pattern back in Jan2021. It also return to the base of the ascending channel started in Jan 2021.
Good news is that there is a ton of support below 49 where buyers may come in.
Not trading advice
SOXL Price prediction for 1/21/22We should get a bounce at the first fib 47+-
Second fib is 38+-
A 1 percent rise in bond yields is approximately 10% drop in the SPY or NDX
If you think we'll see 4 rate hikes this year that would be 2% rise in yields, or 20% drop in SPX
SOXL price prediction for 2/1/2022We all know you cannot predict the market, but here's my opinion for this Semiconductor ETF by February 1, 2022.
I base this prediction on the continued exodus from risk assets because of the likely FOUR rate hikes this year. I see NO support levels between our current price and the prior highs of 45+- There are two trend lines that would intersect at this level by February 1. I think a trend change could occur at one of the next two Fed Reserve meetings; January 25,26 or March 15,16.
Just my opinion, but I think Semi's will continue to lead the market as a whole, so get ready to buy in hard once we get some support.
Observation: SOXL playing the Wyckoff Distribution TemplateSemis have been a strong group in recent days. But will they climb out of this trading range of 57$ low to 72$ high and march higher or will they fall lower?
The pattern is pretty much building up like a textbook Wyckoff Distribution Schematic.
You can see the schematic here: Link
With time we will know how this plays.
SOXL price prediction for 12/25/21SOXL has been ranage bound for several weeks now and is loosing momentum. BASED on fibonacci trend regresion and prior lines of support and resistance I predict that SOXL will drop out of it's current range and bounce at 46.02 +- This level was it's prior resistance.
SOXL trend past 2 yearstrends SOXL/semis have displayed last 2 years.
Just a trend analysis study.
Observation: SOXL is more wilder than TQQQ for sure, though both are leveraged 3X, and is harder to trade vs TQQQ
Chip shortage? SOXL will be a winner in 2022Hello all,
SOXL was good to me but I have since sold off as I see weakness in the market. I believe chip production will increase in 2022 as everything needs chips in them with the technology sector increasing at an exponential rate and crypto becoming a big deal.
The MACD has crossed and going into a down trend. The stock would have snapped the 20day ema today but MRVL held the stock nicely. Once the stock goes below the bottleneck there will be no support until 44, see the VPVR. It also looks like it will go back to the trend. The blue trend is the strongest going back to the march 2020 crash and the white like is the march 2021 trend. Buy the dip once it falls 44 and more at 40.
I will confirm once I get back in.
SOXL strategySOXL is showing more relative strength than NDX and QQQ's.
Her's my take on current setup and plan to re-enter
Ignoring in red zone
Current bias:Neutral
Nasdaq Bias: Short(Support may be close)
soxl - 12-02-2021Pull back to 51.58
by Omega Income Solutions
Although the material contained in this website was prepared based on information from public and private sources that Omega Income Solutions believes to be reliable, no representation, warranty or undertaking, stated or implied, is given as to the accuracy of the information contained herein, and Omega Income Solutions expressly disclaims any liability for the accuracy and completeness of information contained in this website.
This website is distributed for general informational and educational purposes only and is not intended to constitute legal, tax, accounting or investment advice. The information, opinions and views contained herein have not been tailored to the investment objectives of any one individual, are current only as of the date hereof and may be subject to change at any time without prior notice. Omega Income Solutions does not have any obligation to provide revised opinions in the event of changed circumstances. All investment strategies and investments involve risk of loss. Nothing contained in this website should be construed as investment advice. Any reference to an investment’s past or potential performance is not, and should not be construed as, a recommendation or as a guarantee of any specific outcome or profit.
Any ideas or strategies discussed herein should not be undertaken by any individual without prior consultation with a financial professional for the purpose of assessing whether the ideas or strategies that are discussed are suitable to you based on your own personal financial objectives, needs and risk tolerance. Omega Income Solutions expressly disclaims any liability or loss incurred by any person who acts on the information, ideas or strategies discussed herein.
The information contained herein is not, and shall not constitute an offer to sell, a solicitation of an offer to buy or an offer to purchase any securities, nor should it be deemed to be an offer, or a solicitation of an offer, to purchase or sell any investment product or service.
QQQ trendRecent Choppy market has left QQQ's and Semis bruised but not badly injured yet.
Here's my strategy to monitor if things normalize.
SOXLThe Direxion Daily Semicondct Bull 3X ETF holds buy signals from both short and long-term moving averages giving a positive forecast for the stock
