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Just for fun, this is a scenario I hope happens...
We rally from here to either the downward sloping trend-line or the 200-day moving average and then start our final leg down in this bear market potentially to the pre-covid highs.
The rally so far is being led primarily by growth stocks, biotech stocks and chinese stocks. This is a good thing. We have earnings coming out along with more economic data, but from a technical standpoint, this scenario would make perfect sense.
The other scenario would be finding resistance right around here around the 50-day and rollover right now or very soon.
Of course there are many other potential scenarios, but like I said, for fun this is the scenario I'm hoping happens. Hope is not an investment strategy.
Just for fun, this is a scenario I hope happens...
We rally from here to either the downward sloping trend-line or the 200-day moving average and then start our final leg down in this bear market potentially to the pre-covid highs.
The rally so far is being led primarily by growth stocks, biotech stocks and chinese stocks. This is a good thing. We have earnings coming out along with more economic data, but from a technical standpoint, this scenario would make perfect sense.
The other scenario would be finding resistance right around here around the 50-day and rollover right now or very soon.
Of course there are many other potential scenarios, but like I said, for fun this is the scenario I'm hoping happens. Hope is not an investment strategy.
Thought I'd share a little stock market humor seeing how there's been little to laugh about lately. I know things will improve but in the meantime . . .
I've been buying shares for the past several months in my favorite stocks. I don't want to let this buying opportunity slip by! And I'm looking at my newer positions in AMZN, META, NFLX, and SNAP as trades. Once they get back to their all-time highs, I'll probably take out my original investment and let the rest ride. Not sure if I care to hold them as part of my long-term portfolio...still undecided.
I've built a 30% size in TQQQ. Market is looking good. Growth stocks are leading the charge is what we want to see.
Yes! Tech led the way down, and it'll lead the charge back up. I'm up ~21% on my current position in TQQQ. It'll marginally become a larger position as it gets back to the 200.
Yes! Tech led the way down, and it'll lead the charge back up. I'm up ~21% on my current position in TQQQ. It'll marginally become a larger position as it gets back to the 200.
As of right now, I'm still viewing this as a bear market rally. However, it is one worth trading. My targets are around the 100-day and 200-day. These numbers will slightly change overtime, but as of right now the 100-day is 316.03 and the 200-day is 346.68. I'm also watching the tops of this bear market such as 314.56, 330.29, 347.87, 371.83. I'm watching to see if we get rejected at these levels or digest and break through them. For example, if we break through the 100-day, then I'll be expecting a test of the 200-day. If we break through 314.56, then I'll be expecting a test of 330.29. TSLA earnings were good considering all things. Earnings reactions and guidance will be key next week. There is also the chance that we have bottomed as well, so I'll stay in as long as the chart is healthy.
As of right now, I'm still viewing this as a bear market rally. However, it is one worth trading. My targets are around the 100-day and 200-day. These numbers will slightly change overtime, but as of right now the 100-day is 316.03 and the 200-day is 346.68. I'm also watching the tops of this bear market such as 314.56, 330.29, 347.87, 371.83. I'm watching to see if we get rejected at these levels or digest and break through them. For example, if we break through the 100-day, then I'll be expecting a test of the 200-day. If we break through 314.56, then I'll be expecting a test of 330.29. TSLA earnings were good considering all things. Earnings reactions and guidance will be key next week. There is also the chance that we have bottomed as well, so I'll stay in as long as the chart is healthy.
Oh yes, this is very much a "prove it to me" rally. I'm looking for QQQ to break through 311.75, based on my monthly chart. I've also noted going back to the Covid rally, the 150-day SMA acted as support until January 2022. It then acted as resistance in March. So pushing through the 150 will be another key.
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