Trend Breaking TQQQ

21 Jul 2017

The nasdaq100 is breaking the short term trend today with a Relative Strength Index reading of 69 down from 75 this means that the current short term uptrend is going to end and start on a flat to downward trajectory. I am predicting that there will be downs all the way through out the end of the week to the middle of next week. Looking at a long term chart for TQQQ we can see that the RSI is starting to trend downwards. We also see the ETF reaching the top of the resistance level on 7/19 then quickly start to move towards the short term support level of 111. With the RSI reaching a high level for the long term It is an indicator that stocks in the Nasdaq 100 are overbought and that there will be soon a sell off. I think that TQQQ will reach between 105 and 103 next week.