On Monday 5/6/19 evening, we wrote in our Trading Plan for members:
"$NDX failure to rise, combined with our other bearish short-term indicators, tells us that $NDX is unlikely to rise above very strong resistance at 7852, without first revisiting the strong support level of 7500....
TQQQ tracks $NDX performance. TQQQ is likely to drop down to test the support in the zone of 59 to 60, before being able to surge up through resistance 67.9."
$NDX and TQQQ all dropped hard today Tuesday 5/7 as we predicted, along with $SPX $RUT IWM TNA SPY.
$NDX dropped to an intraday low of of 7573, while TQQQ dropped to an intraday low of 60.64. They both came close to the lows we highlighted above.
Based on this anticipation, we made over 5% profit today trading UVXY intraday for a short ride up. See our intraday description of that trade here. And it appears that a number of our members made a good profit from UVXY as well. Congratulations!
So have $SPX $NDX $RUT found support yet?
Are they going to bounce tomorrow Wednesday?
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Also, take a look at our trading record which has locked in 43.22% profit since start of March. If you like what you see, read more about our trading strategy here.