Updates for Tuesday December 3, 2024

Click here for Signal Trades spreadsheet.
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​Updates 4 PM ET - Tuesday
Exited TQQQ and TZA today per reasons discussed in comments below.  See reasons behind entries here.

Updates 1:30 AM ET - Tuesday

Volatility is still heading down
VX VIX VVIX UVXY 4-hour chart show all EMA lines are still steadily dropping.   this is supportive of equity.

NQ  TQQQ
Ahead of Monday we wrote:  By Friday Nov 29, NQ 4-hour chart below showed its MACD cyan line crossing back above its orange signal line.  This gives us permission to look for an opportunity to re-enter bull NQ position.  

NQ turned quite bullish on Monday as anticipated.  However, don't be surprised if NQ and TQQQ dip back to their support zones on Tuesday.  If they find enough support there, they may reach their resistance zones ahead of Friday's NFP.
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• NQ support zone:  20900 - 21000
• NQ resistance zone:  21300 - 21430


• TQQQ support zone:  78.5 - 80
• TQQQ resistance zone:  84 - 86​

SOXL
Ahead of Monday we wrote:  on Wednesday Nov 27,  SOXL MACD cyan line crossed back above its orange signal line. This tells us SOXL is likely to follow NQ bullish path.
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SOXL turned quite bullish on Monday as anticipated.  SOXL 1-hour chart below shows a triple bottom that has been in place since November 18.   This continues to confirm the bullish reversal is still intact, though minor pullbacks are still likely.

• SOXL support zone:  28.25 - 29
• SOXL resistance zone:  32 - 34

RTY  TNA  TZA
Ahead of Monday we wrote:  RTY 4-hour chart below shows that on Monday Nov 25,  RTY MACD cyan line crossed below its orange signal line. This gives us permission to monitor TZA for a low-risk entry to capture a quick rise in TZA while RTY TNA dip quickly.  

This condition continues to remain true.  RTY 4-hour chart below shows a multi-day top and steadily declining MACD cyan line.   But as usual, RTY may still give us one more last minute sharp spike up before dropping for real.
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• TZA short-term support:  9.63
• TZA short-term ​resistance:  11

​Our personal trade plan
We re-entered TZA per alert on Friday at 9.96.   Our goal is to hold until it reaches 11.

Since TQQQ did not dip pre-market on Monday, we had to just jump in at the opening price.  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.