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SQQQ Showing Some Bullish Momentum Near Resistance

Written By: ChartChamp

August 22, 2024

SQQQ has started to build some bullish momentum today, and is trading near the upper range of this white channel. There is resistance around $8.12 to monitor for a break or rejection here. Seasonality suggests that we are likely to form a rejection and drop back down for a buy opportunity next week.

SPY looks ready to rebound and SQQQ looks ready to drop back down. I’m expecting something like this over the next few trading days, drawn with the yellow line. Pretty similar setup to the last peak marked by the white arrow.

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