Updates for Friday November 22, 2024

Click here for Signal Trades spreadsheet.

Updates 4 PM ET - Friday
Per pre-market analysis, we entered TQQQ today as shown below.

Updates 1:10 AM ET - Friday

Big picture context:  aging bull
As explained on November 21 post, NQ is currently in the 4th bull cycle within the bull trend.  (Bull trends last multi-months to multi-years.  Bull cycles last multi-weeks to multi-months.  Bull swings last multi-days to multi-weeks.)

• 12/27/22:  NQ Weekly Chart Bull Trend started.
• 12/27/22 -7/19/23:  1st Bull Cycle within Bull Trend.
• 10/27/23 - 3/4/24:  2nd Bull Cycle within Bull Trend.
• 4/22/24 - 7/1/24:   3rd Bull Cycle within bull Trend.
• 8/5/24 - ? :   4th Bull Cycle within Bull Trend

This is an aging bull.  So it's time to be cautious.  We can continue to trade bull swings within this bull cycle, but we can only aim for limited profit.  Holding on for really big profits can work against us quickly in this type of market.

NQ is starting a bull swing
On NQ 4-hour chart below, its cyan MACD line crossed above its orange signal line on November 19.  This officially launches the bull swing, though NQ price is still stuck in a choppy pattern in its support zones.  As long as NQ stays above its 200 EMA green line, the bull swing is intact.  

Low-risk setup:  enter NQ when it dips into support zone 20600 - 20700.  Exit at 21250, unless NQ and VX MACD patterns strongly suggest bull swing is still not done yet.

Similarly, enter TQQQ when it dips into support zone 75.9 - 77.  Exit at 84.

VX confirms NQ bull swing
On VX 4-hour chart below, its cyan MACD line crossed below its orange signal line on November 21.  This officially officially confirms NQ bull swing.  As long as VX cyan MACD line continues to head down, volatility will continue to ebb, resulting in bullish tailwind for NQ to rise.

NVDA
We are taking a break from trading NVDA as its charts are starting to lean bearish.  However, we don't feel comfortable betting against NVDA right now, so we are just going to monitor it in the background.

SOXL
Low-risk setup:  enter SOXL when it dips into support zone 26 - 27.  Exit at 32, unless NQ and VX MACD patterns strongly suggest bull swing is still not done yet.

TNA
Low-risk setup:  enter TNA when it dips into support zone 49 - 50.  Exit at 56, unless NQ and VX MACD patterns strongly suggest bull swing is still not done yet.

Our personal trade plan
We did a quick test of TQQQ on Thursday, but didn't manage to get in at a favorable price.  So we are going to re-enter with new buy orders.   As described above, the low risk setup for TQQQ is to enter TQQQ when it dips into support zone 75.9 - 77.  Exit at 84.
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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.​​​​​​​