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SQQQ Facing Resistance Around $9

Written By: ChartChamp

September 5, 2024

SQQQ closed red yesterday, and is also trending for a red day today. I think the price is trading near resistance around $9.09. All eyes should be on NVDA to see if the rebound is successful. If NVDA climbs back up, SQQQ is likely to experience some downside. The markets have been very volatile lately so be careful with panic selling and FOMO. If the price swings in one direction it is still likely to swing back in the other direction. We’ve seen a lot of wild swings for NVDA throughout the year so we should be used to it by now.

SQQQ had an overshoot above the upper range of the white channel, and is trending back down into the channel again. I have $8.36 as a key support level on the way down. I think the price can break below support to reach around $8. However, for now let’s take things one step at a time, I would start by monitoring NVDA’s rebound to see if NVDA and the stock market starts an uptrend.

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