Was certainly not expecting today’s big move. I have been looking for a more conclusive bottoming signal and that may yet come, but in the meantime…
Went long TQQQ just after 10:00 A.M. at 47.33, which I was certain at the time was the top for the day, but with the RSI having dropped below 30 on the Q’s yesterday and with the break of the down trend line first thing this morning, then the 60min trading strategy says the Q’s have become a ‘buy’. I bought about 1/3rd of what I would like to have but I have the jitters about this trade. AAPL doesn’t come out with earnings until Tuesday, the 24th, so maybe they’ll pump the Q’s until then. Just have to see.
The 200EMA on the 60min chart above is flat lining and will need to turn up early next week. If that does in fact occur, then I may add to this position, though I’m certainly undecided about it now. A small position isn’t going to make me a lot of money but it isn’t going to hurt me much should it come back in my face, which could happen before the end of the day.