TQQQ actually makes a pretty good proxy for the overall market, after a few more things I need to look at, I'll be looking around for some additional longs to add for a swing trade up, likely leveraged ETFs as they fit the bill pretty well, but who knows what is looking good this moment.
Take a look at TQQQ as Tech is my favorite as far as being at the bottom of a rotational cycle, there's no way I could look at these TQQQ charts today and not buy TQQQ, I'm already set there though.
TQQQ with a doji daily candle today and right at the break below a neckline, where volatility shakeouts are most often ran to the upside.
The 15 min (a good swing timeframe) chart showing Rate of Change of price moving to the upside as downside momentum fails, Wilder's RSI also in a positive divergence here.
The 30 min chart isn't my favorite swing example, but just to show you a positive divergence has reached as far as the 30 min chart, there's more than enough accumulation for a swing move.
I prefer the 15 min chart for swing moves, this one leading positive, this is a fine example or start of an example of how a reversal is not an event, but a process.
Now starting from the short timeframes, the trend of the 2 min went from relative positive to leading positive, when the shorter term charts are really moving, typically the market makers/specialists are stocking up for an impending move.
2 min chart intraday today
3 min chart's transition from strong relative positive to strong leading positive
And the opposite of TQQQ, SQQQ's 15 min chart in a leading negative divergence
The short term 3 min SQQQ also increased downside leading negative momentum.
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