Long TQQQ/NDX
Price will cross-over the resistance line and re-establish the previous trend line. The market previously attempted to follow the trend line on 2020-02-28, but failed 2020-03-04 with the failure of the oil markets as the catalyst for panic selling.
Oil futures and copper futures are showing strong upward movement with no resistance in site providing assurance for strengthening global economic conditions.
The argument could be made that considering without the oil market collapse news the trend line would have been maintained . . . now that that market has recovered . . . the trend line should re-establish.
The market already tested the resistance line twice, and both times failed to result in a major correction. If TQQQ/NDX was going to bounce off the resistance line aggressively it would have already done so. There may be some pull back, but nothing major.
Oil futures and copper futures are showing strong upward movement with no resistance in site providing assurance for strengthening global economic conditions.
The argument could be made that considering without the oil market collapse news the trend line would have been maintained . . . now that that market has recovered . . . the trend line should re-establish.
The market already tested the resistance line twice, and both times failed to result in a major correction. If TQQQ/NDX was going to bounce off the resistance line aggressively it would have already done so. There may be some pull back, but nothing major.
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