Yesterday I listed the QQQ and its short ETFs , QID and SQQQ (2 and 3x leveraged respectively) and I liked both, I just already have enough correlated exposure to the market via SPXU/TECS (especially) and SRTY.
However if I were looking for a trading position, possibly swing, maybe even better, I would really be looking at QQQ short or QID / SQQQ long.
Of course this needs to be within your risk tolerance with the F_O_M_C in a couple of hours. I'll say that it is usually pretty quiet in front of the F_O_M_C, but there are several somewhat strange signals. You could always consider the same after the F_O_M_C, but there's no telling where they'll be then.
I'll update elements of the market as I have more, but right now the MSI (Russell 3000 Most Shorted Index which is of my own choosing, not an actual index) and the QQQ charts...
The R3K's MSI is in red, the R3K in green, you can see the shorts have been making money the last couple of days, but it's really starting to fall off here after having stayed in line with that diagonal uptrend off 10/23.
QQQ
Intraday as pointed out earlier, the Q's are one of the worst looking intraday as they lead negative right now.
The longer trend since the cycle started off the 10/9 lows is leading negative in a big way...
Here's a longer 5 min chart and it has just gotten worse and worse. SQQQ has positive signals, I'm not saying this is the exact moment as far as intraday charts and VERY specific timing go, but broadly speaking, I'd be fine with taking on NDX short exposure here, even in front of the F_O_M_C, but that's all about your individual risk tolerance.
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