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 trade ideas
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
SOXL taking a breakIt was fun while it lasted, but SOXL would look more attractive at $48.00, We'll see how deep the pullback goes.
SOXL Bearish PlayDivergence in the CCI, downward channel back to support at 28.00. Buying the SOXS to execute the trade plan
SOXL - SEMI's ON THE RUNI alerted on our Twitter @alphatradersinc that SOXL over $41 is a buy and any name in the index you can buy and be happy with. So far so good. Look for SOXL names to lead us to the ripper.
SOXL: Ascending Triangle (96%)With the current shortage in semi conductors, this could become an interesting play.
Not confirmed yet.
Still needs to break the 48$ resistance with volume.
If confirmed:
Price target = 94$
SOXL up date Consolidation respected. This is headed back to 27$ long term. The drop was temporarily interrupted by minor trend support (Whiteline). I think we might se a minor bump back up to 44.80 with NVDA earnings on the 19th c then a tank right after that. I also drew previous lines to show similarities
SOXL waiting to close above 47.34 for weekly chartIt has been a long wait for SOXL since march 2021, we have been patient for the past 3 months and we pray that the breakout is coming soon.
SOXL At a crossroadAlmost at the top of consolidation. What happens next could very well influence not just the chip sector but The QQQ index too
Noticable Names inside this ETF
INTC
AVGO
NVIDIA
AMD
TSM
Qcom
I wouldnt be convinced with a breakout unless we get over previous highs around 48$
2 reasons im not convinced of a breakout coming this week
1. The volume! we are carrying 40% less volume than we were back in the spring when chip shortage news started widely circulating.
2. Most of the biggest weighted chip makers have already had their earnings and with it i dont expect any new highs from NVDA, INTC or Qcom.
SOXL - Semi's may go again? Looking at $SOXL we can see a daily close above $41.85 can usher in $43.39 this week. Would be a monster trade for $LRCX going into earnings if $SOXL is moving like it can. Possible to see $LRCX at $700 by earnings date.
SOXL in consolidation phaseNo rush, first of all when you look at this chart !
Price is ranging between 27 and 44 since Jan 2021.
Wait for the price to come down to 27 , ascertain support with bullish signal before adding or await for it to break out of 44 level at resistance before adding. It could also have another down leg once it reaches the resistance level so be careful and not rush to buy before the breakout to avoid being trapped.
$SOXL - semiconductors Bull 3x gonna explode soon $SOXL #SOXLAs we expect the boom in the sector in the upcoming years related to the worldwide shortage of semiconductors I thought it could be a good idea to buy this ETF instead of specific stocks. This way I can track what's going on in the industry and stay with the position without the need to rebalance all the time.
Keep in mind:
1) NVDA (which is 7% of ETF) will have a split in June (typically bullish)
2) AMAT, LRCX - other strong companies of the sector are on the edge of a breakout
3) Technicals are strong, above all SMAs except 20 (this gonna happen soon as well)
4) Crazy runners like LEDS also related to semiconductors
SOXL review. HAMMER OF THOR At this rate, it can be seen that the probability of a decline is much higher. Tomorrow may show a slight rise. But it looks like it will go down soon. Waveforms fall to rise and rise to descend. Don't be fooled by this.
Well, it could be different if you break through the place where the hammer used to be. keep updating.
SOXL Blocked by fib line
expect a decline. gap-up, but the Fibonacci fan line NEVER LET THAT HAPPEN There is not enough rising waveform. GO SOXS
SOXL in pitchforkRSI and MACD on 1D still have room to rise.
If a break above Mid line that should act as support for a cool down until ready to hit upper level of pitchfork
Good Luck
