$SQQQ Showing Some Signs of a Bounce Could be Coming on $QQQ
While $SQQQ is forming higher lows and higher highs, we are nearing some resistance. I think this can lead to a bounce on $QQQ into next week.

Rihard Jarc's avatar
Indicators really point to oversold territories, but we haven't got a bounce for days now, feels very weird.
Preston | Investor Insight's avatar
@rihardjarc Absolutely! I am thinking we get that bounce next week.

Impressive sell off for sure.
Rihard Jarc's avatar
@investorinsight Yeah not really sure what the record so far was for longest down days.
Preston | Investor Insight's avatar
@rihardjarc Me either! I did see this was the 2nd worst start to the year in stock market history.

I would be interested in knowing if you come across that info.
Rihard Jarc's avatar
@investorinsight will let you know when I find out :)
Preston | Investor Insight's avatar
@rihardjarc Great! Jim Cramer tweeted earlier today - longest losing streak in 11 years but that does not give us all time.
Jensen Butler's avatar
@rihardjarc some of the most money is made/lost when people focus too much on overbought/oversold RSI territories simply because of our assumption that they are supposed to bounce off arbitrary levels once breached. Times can last in those ranges far longer than we imagine sometimes, which is what is happening now with premature dip buying imo. It’s part of the reason I tend to ignore any time someone shares a fear vs. greed index as if it’s gospel..
Preston | Investor Insight's avatar
@jensen I agree with you here too Jensen. I completely ignore the fear and greed index as well.

We are seeing some bullish divergence in the market currently that acts as more confluence for my basis on a bounce soon.

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