There are some charts that make me a little nervous of course as SQQQ is a 3x Short NASDAQ 100 or QQQ. Since this is a Trading (tracking) Portfolio, I want to preserve the gains and create some room or dry powder to enter new positions on a trading basis.
This is the 5 min SQQQ chart, today it's seeing a leading negative divegrence while the rest of the market is seeing a more positive tone.
The 30 min chart though is what made up my mind, these longer timeframes don't have all the detail, but they reveal underlying trends well and this looks like SQQQ is going to come down which would be expected on a QQQ bounce.
I'm still leaning overwhelmingly short, just consider that this was meant to be a TRADING position, not a trend position.
I'm sure I'll be back on a SQQQ pullback, take a look at the 60 min chart, just SPECTACULAR!
This is a HUGE base, excellent leading positive divegrence,
there's no hint of a negative divegrence out this far at 60 mins so that tells me that a market bounce would be just that, a bounce otherwise the distribution here would be very heavy and show up on a 60 min chart, it's not that heavy to show up here.
So on a pullback, SQQQ will be near the top of my trading list, but for now, I'm going to protect the gains and create some dry powder.
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