Overbought #NASDAQ #QQQ lost steam after 12.5% up from low $SQQQ
Looks like a great opportunity to take a short position on the NASDAQ with SQQQ.
After a 12.5% run up from the 24th of December low, the Stochastic RSI is signaling that we will likely not make it past the Fibonacci retracement .382 level without retesting the middle of the Bollinger Band and likely a little lower.
Stochastic RSI and MTF momentum strategy on lower time frames seem to indicate a short term reversal that should retest the Fibonacci retracement .236 level.
After a 12.5% run up from the 24th of December low, the Stochastic RSI is signaling that we will likely not make it past the Fibonacci retracement .382 level without retesting the middle of the Bollinger Band and likely a little lower.
Stochastic RSI and MTF momentum strategy on lower time frames seem to indicate a short term reversal that should retest the Fibonacci retracement .236 level.
