As Nasdaq and $QQQ face increasing headwinds, SQQQ has broken out of a long-term ascending channel it entered in June 2021. Having formed a cup & handle and given the Fed's hawkish policies now has a price target of the March 2021 high around $84.
Significant volume since the outset of the year continues trending upwards.
Look for a retest of $64 for confirmation. If it breaks down from $64, the invalidation level is around $55.
Significant volume since the outset of the year continues trending upwards.
Look for a retest of $64 for confirmation. If it breaks down from $64, the invalidation level is around $55.
Upside remains more probable than downside from here.