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SQQQ Likely to Rally Into Sept. 18 FOMC Meeting

Written By: ChartChamp

September 13, 2024

Next Wednesday we have the long awaited Sept. 18 fed pivot. Usually the markets tend to start declining in the days leading up to the Fed pivot. SQQQ could benefit by experiencing some upside next week. SQQQ has been building a support line at $8.18 with wicks forming below. September is usually a strong month for SQQQ so wicks are less likely to form this month as buyers are interested in pushing the price up. For now SQQQ is trading near $8.18 support and we could see upside throughout September and early October. I have the yellow trendline as a key resistance level around $10.50 and $13.12 as my second resistance target on the way up.

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