Updates for Friday November 8, 2024

Click here for Signal Trades spreadsheet.

Updates 2:05 AM ET - Friday

​Trump Bump + Fed Cut = To The Moon ?
Enthusiasam for buying all things equity is extremely high right now.  But under the hood, the impact of Trump policies, the Fed cut, and where the economy may actually end up are quite complicated.  Read more about that here.

Have no doubt.  Now is not the time to stand in front of the equity bull charging ahead at top speed. But we have noticed signs of waning enthusiasm in the leading indicators:  BTCUSD, NIKKEI, DJT.

Still all this means at this point is that we should wait a bit for a dip to buy stocks rather than chasing price up.

VX
VX is currently at 15.65, quite the drop from 21 a week ago.  We expect VX to drop to key support at 14.8, bounce up to 16.5 and then grind down again.  That quick VX bounce is likely our quick dip opportunity to buy into NQ SOXL TNA.

​NQ
NQ has surpassed its previous high and is now sitting at 21228.  It is just starting to ease up a bit in its bullish momentum tonight.  Wait for NQ to dip back to support in the zone 20700 - 20800, accompanied by the quick spike in VX.  That’s the low-risk setup to buy NQ for the remainder of this big bull swing.  NQ may reach all time high at 21500 by year end.

SOXL
Like NQ, SOXL is rising sharply.  It has not started to ease up yet, so SOXL may reach resistance at 38 before beginning the shallow dip.  Wait for SOXL to dip back to support in the zone 33.5 - 34, accompanied by the quick spike in VX.  That’s the low-risk setup to buy SOXL for the remainder of this big bull swing.  SOXL may reach 50 by year end.

TNA
TNA charged up early on Nov 5, and is now showing clear signs of fatigue, easing ahead of tech stocks.  TNA ran into resistance at 54.5.  It is now starting the dip process.
Wait for TNA to dip back to support in the zone 45.75 - 47.8, accompanied by the quick spike in VX.  That’s the low-risk setup to buy TNA for the remainder of this big bull swing.  TNA may reach 67.8 by year end.

Our personal trade plan
Our plan to enter TQQQ when NQ pulls back to support in the zone 20700-20800.  We may also enter NVDL at that point if its charts offer a similar low risk quick dip.

​Click here for Signal Trades spreadsheet.

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.​​​