TQQQ just crossed its 200 days Simple Moving Average on Tuesday’s trade. It crossed it in Higher Volume of 20 million. It’s average 50 days Volume is 18 million.
ProShares UltraPro QQQ seeks daily investment results, before fees and expenses, that correspond to three times (3x) the daily performance of the Nasdaq-100 Index.
From the above picture it gained around 72 % in the last 3 months or so
Below is QQQ reflecting 1:1 for NASDAQ 100. look at the On Balance Volume. It is fantastic with no divergence.
IBD says this “The overall action points to a generally healthy climate for stock pickers.
In IBD Leaderboard on Tuesday, as many as seven companies rallied 0.5% or higher, easily outrunning the major indexes. They include Zscaler (ZS), which has thrust more than 40% past a prime buy point of 48.34. Diabetes play Dexcom (DXCM), Euronet Worldwide (EEFT) and Chipotle Mexican Grill (CMG) also rose nicely.”
One cloud in the silver lining – It continues “The Nasdaq composite wasted an early advance of nearly 0.7% to finish with a 0.1% gain. It closed well within the lower half of Tuesday’s intraday range. Volume rose vs. the prior session. The price-and-volume action pointed to stalling, a form of distribution in which large fund managers sell heavily into market strength.
The stalling day raised the Nasdaq’s distribution count back to five over the past 25 trading sessions. On March 13, the Nasdaq shaved off a Feb. 7 distribution day to its recent strong advance.
Four other instances of unusually strong profit-taking have taken place a lot more recently: Feb. 28 (down 0.3%), March 4 (-0.2%), March 6 (-0.9%) and March 7 (-1.1%).”
It has been 7 days of fantastic run after the bad week of Monday March 4th – Friday March 8th
Currently I’m Long on NQ and TQQQ