Updates for Friday October 11, 2024

Click here for Signal Trades spreadsheet.

Updates 1:30 PM ET - Friday
​VIX VVIX VX UVXY are coiling to drop
Volatility is coiling to drop.  This is most evident on VVIX 4-hour chart, but you can also observe it on VIX and UVXY 4-hour chart.

NVDA is poised to surge towards its previous high of 140.8, and likely will make new all-time high soon before any major down swing.   As NVDA rises, it will pull up NQ and SOXL as well.   

We think SOXL is going to rise to 42 soon.  We are trading SOXL in our personal account, but using a different technique which we're not comfortable sharing just yet, but will soon once we have more data.

Updates 1:30 AM ET - Friday
Upcoming key events

VIX futures
​A lot of hedging is still in place, but VX 30-minute chart below shows a flattened 200 EMA green line.  This means that VX may be in the process of building a top, where it may form a same high or lower high relative to 21.25. 

​This top may not be done forming until early next week, and then VX is likely to descend after VIXEx on October 16.  This process will provide bullish tailwind for equity.

​NQ
NQ 4-hour chart below suggests that NQ may be running into short-term resistance at R1.  It most likely will have to dip into S1 - S2 zone to find more buyers before it can rise above R1.  Once it succeeds in doing so, NQ can reach R2 fairly rapidly.

R2:   20800
R1:   20538
S1:   20315
S2:   20210

​SOXL
SOXL 4-hour chart below suggests that SOXL may be running into short-term resistance at R1.  It most likely will have to dip into S1 - S2 zone to find more buyers before it can rise above R1.  Once it succeeds in doing so, SOXL can reach R2 fairly rapidly.

R2:   46
R1:   40.35
S1:   36.6
S2:   35

​TNA
TNA 4-hour chart below suggests that TNA is on its way to drop closer to S2 zone to find more buyers before it can rise above R1.  Once it succeeds in doing so, TNA can reach R2 fairly rapidly.

R2:   46.7
R1:   44
S1:   40.84
S2:   38.9

Our personal trade plan
Our 1/2 position of SOXL test got stopped out as SOXL indicated it's not ready to take off just yet.  We'll wait until it gets closer to 35 to scale in another position.  Click here for Signal Trades spreadsheet.
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Disclaimer
The information presented here is our own personal opinion. Consider it as food for thought.  We are not offering financial advice. We are not promoting any financial products. We are not registered financial advisers or licensed brokers. We make no guarantee that anything will unfold according to our projections.  You are proceeding at your own risk if you follow our trades.