TQQQ Buying OpportunityPrice has pulled back from ATH of 153 to a major support of 127 and rallied back to 135 intraday.
I should not enter a long position until I have bullish confirmation that the uptrend is continuing.
Feds speak this Wednesday & Friday, if inflation is increasing at a faster rate than expected feds may begin to boost interest rates sooner then expected, if this happens it will have a negative effect on the market and possibly flush even lower.
What I See: Daily Chart
- Price Gapped Down & Pulled Back To 100 Day EMA (Yellow) Which Is Also Key Support Of 127 on Daily Chart & Wicked Off of It While Price Closed Directly on The Key Level Of 133.35 With Bears Still in Control
- We Have Seen A lot of Bear Momentum the Past 2 Days leaving us 2 possibilities Here...
1. Price Opens Above 133.35 Support & Rallies To 50 Day EMA (Blue) Acting as Resistance at The Same Key Resistance Of 137.50 Before Continuing Lower or Breaks Above the Key Resistance Of 137.50 & Continues Its Run
2. We Open Below the Support Of 133.35 & Continue Lower to Retest Support of 127 with a strong hold or possible break lower.
- Keep in mind gaps normal get filled especially in indexes & ETFs
- Fed Meeting on Wednesday & Friday meaning If Talks about raising interest rates sooner then expected is mentioned due to inflation that could have a negative short term impact on equity prices on the other hand if talks about holding interest rates stable due to inflation being controlled that could have a positive impact on equity prices.
