TQQQ updated TA

Preparing for next week.

As yall know I sold my SQQQ position at $19.60 support range, I'm looking for another short position.

This is what I'm seeing

1. Overall we are still in downtrend so I'm only taking short positions
2. We broke 2 previous supports we are currently retesting the $18.40 - 18.20 range, with the bigger resistance being the $19.60-$19.20 range
3. Currently we are bouncing off support and looking to break our first resistance, if this done we might be headed towards the $19.20 range
4. If you look at the adx its not responding to the current uptrend which tells us this is just a pullback from over selling pressure
5. The MFI is not oversold yet which means we could see a small continuation upward.

My entry requirements, I would like to see the MFI go over bought and the adx continue to trend down if this happens and I get a negative macd crossover ill enter my short position. As this happens the TSV bars should be getting smaller with a 0 line crossover.


thanks,
God bless

Comment:

So far so good, i'm still seeing weakness but that can change at any moment

right now we got the oversold condition on the mfi

TSV is rolling over across the 0 which is bearish

ADX still below 20 which means the trend is weak

Comment:

scenario 2

Trade closed: target reached