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SQQQ trade ideas

SQQQ is still looking strong, while the world markets are weakI've had more than a few people message or comment on my charts asking for an update on this. Here you go. We could potentially see a double top by the end of this week. If we do get one by the end of the week, we'll most likely get rejected around 68 and then start our move down. I'm sure my usual subscribers know I take profits early on all my trades to make sure I realize profits. This trend may not be over, but it's definitely well into it's movement. What are your thoughts?
NASDAQ:SQQQ
by WatsonsView
SQQQ , LONG I think this is a high probability trade . SQQQ is giving us a wedge pop in a market that is in red trading mode as of todays close ( yesterdays close put us into green trading mode as we closed above QQQs 10 and 21 ema but this was lost today and we closed very bearishly with todays candle that acted as an engulfing candle of particular significance since QQQ is near its upper trendline on the bearish down trend channel and we see to be rejecting the upper trend line . The engulfing candle in SQQQ's chart is taking out / eclipsing the bodies of 8 candles to the left , marked with arrows at top of candles but I would argue that you could count yesterdays candle in that to make it 9 candles , even though it never fully eclipsed yesterdays candle , we gapped up at open ( SQQQ ) so we can almost count it as a bullish engulfing candle for this too since the strength is clearly there. Also the volume from todays move is very high . Al Brooks , who I am a fan of , likes to think in probabilities and says "most randomized trades are around a 50% probability" but given the right conditions its possible to achieve up to an 80 % probability in rare circumstances, but 60% more common and easier for traders to find . So personally , given the power of the engulfing candle , the volume and the trendline with 3 major hits , I think this is very easily a 60- 65% probability trade to R1 at least . The market is in red trading mode so no regular longs but SQQQ is ok . Wedge pop is the signal . I suggest looking at QQQs chart too because I think it shows the upper TL in its downtrend channel better than the TL on SQQQ but it was too much to display here . I took it near the close , final 10 min of day . Entry - 41.66 PT 1 - 46.94 , 1R , sell 1/4 , stop up to half PT 2 - 52.19 , sell 1/4 H WD after derisk - sell 1/4 D WD after derisk - sell remaining
NASDAQ:SQQQLong
by NAK1987
Updated Analysis on Tech (QQQ)This is the daily chart of SQQQ. SQQQ is the ETF that tracks the Nasdaq 100 ETF ( QQQ ) inversely. When tech stocks fall, SQQQ rises. Traders, therefore, use SQQQ to short tech stocks, or to hedge against a collapse in tech prices. There are several bearish signals appearing in the daily chart of SQQQ, which hint that we may soon see bullish movement for QQQ and the Nasdaq. First, there is decreasing volume in the daily chart of SQQQ, which shows that fewer and fewer market participants are opening new short positions against the Nasdaq. This is occurring even while the price of SQQQ continues to move up. This divergence is bearish and is usually the earliest sign that a reversal is coming. Second, there are major gaps up appearing on the daily chart. Gaps to the upside on SQQQ have historically never failed to close back to the downside. Therefore these gaps should be viewed skeptically, as they fail to validate upward price action. Third, the upper limit of the Fibonacci Bollinger Band continues to act as strong resistance, continuing the more than a decade-long trend whereby price cannot sustain itself above this line on any sustained basis. This line has mathematical importance, it reflects a level of price deviation where, after being reached, price begins to show a mean-reverting tendency back to the downside. In this case, SQQQ's mean reversion would be bullish for QQQ and the Nasdaq. There are many other indications that are showing that SQQQ is too overextending, including the extremely over-heated Stochastic Heat Map. The NDTH is also indicating that a very significant bottom is forming for tech and the Nasdaq. In fact, the Nasdaq is so oversold that the current levels have not been seen this the market crash of 2008-2009. Therefore, SQQQ has effectively priced in a significant recession. While a significant recession might indeed be on the horizon, if a significant recession does not ensue, then we can be fairly certain that a major short squeeze for SQQQ will occur: However, the strongest bullish argument for SQQQ (bearish argument for the Nasdaq) is that weekly price broke through the Ichimoku Cloud for the first time ever. The only plus here is that the weekly candle is a spinning top and most oscillators are trending back down. Regardless, with SQQQ being this historically overextended, it can represent a rare opportunity to buy QQQ and tech stocks before a massive short squeeze occurs. While anything can happen, and one should always use stop losses, this chart does not convince me that SQQQ is about to breakout much higher to the upside. Therefore, I remain a holder of tech and growth stocks for the intermediate-term. Not financial advice. Anything can happen and trends can end.
NASDAQ:SQQQ
by SpyMasterTrades
4
Bullish SharkThe bottom of the V in the Crooked M can be a level of resistance. This level is also Target 1. I did not put it on chart because it is already there. Overbought on RSI on the hourly timeframe, not on daily, weekly or monthly. Leveraged and moves 3 times the market moves both up and down. Volatile and risky on index up days. It is best to buy this when the QQQ is up. On Balance Volume is high. On-balance volume (OBV) is a technical trading momentum indicator that uses volume flow to predict changes in stock price. Joseph Granville first developed the OBV metric in the 1963. No recommendation. ProShares Trust - ProShares UltraPro Short QQQ is an exchange traded fund launched and managed by ProShare Advisors LLC. It invests in public equity markets of global region. The fund invests through derivatives in stocks of companies operating across energy, real estate, materials, industrials, consumer discretionary, consumer staples, health care, information technology, communication services and utilities sectors. The fund employs short strategy and uses derivatives such as futures and swaps to create its portfolio. The fund invests in growth and value stocks of diversified market cap companies. The fund seeks to track -3x the daily performance of the Nasdaq-100 Index. ProShares Trust - ProShares UltraPro Short QQQ was formed on February 9, 2010 and is domiciled in the United States. The investment seeks daily investment results, before fees and expenses, that correspond to three times the inverse (-3x) of the daily performance of the NASDAQ-100 Index®. The fund invests in financial instruments that ProShare Advisors believes, in combination, should produce daily returns consistent with the fund's investment objective. The index includes 100 of the largest domestic and international non-financial companies listed on The Nasdaq Stock Market based on market capitalization. The fund is non-diversified. Benchmark: NASDAQ 100 TR USD. Some would use the reverse ETNs to short the market if they are not comfortable with shorting individual stocks. Fees can be high and are not usually held long term. Risky and Volatile.
NASDAQ:SQQQLong
by lauralea
Just Closed the long postion on the #SQQQ % 4.87 ProfitBase on the technical, the moving 200 day Moving avg of the S&P 500, Give me the indication of this trade -The fundamentals of the economy aren't improving. - The negative moment is cause by the Jackson Holl on Fridays, Markets are preparing cause by uncertainty. I will be DCA on my long term stocks and cryptos and also lock more trades ideas. Right now is hard to know what the floor is going to, we need more info from the economy, and also know what the fed plants to be which we are going to know on Friday's Jackson Hole meting.
NASDAQ:SQQQLong
by thekevin246
3
Long SQQQ - Overdone rally from earning catalystOverall market rally seems way overdone and overhyped, although congress continue to press for stimulus bills on energy sector; still upside risk to reward does not warrant a long position at this point in time. Rather, market's current rally are living on pro-longed extension from recovering CPI data to positive earning outlook to stock split. These catalyst seems to have very much been priced. August has statistically been a poor performing month, and given the current environment from +5% rally in SPX, +7% in NDX, +4.35% in DJI since start of August has already been impressive. I dont deny the fact that recent energy stimulus bill may continue to favor the sector and market while market expectation of peaked inflation is nearing, but I am expecting a healthy technical retracement across the market before the rally continues.
NASDAQ:SQQQ
by ChuaChangYi