When will the market go down?

Been hunting it with the $SQQQ

This market continues higher.

One of my favorite new pundits will say “Stocks only go up!”

Well, when everyone thinks the market is only going higher and higher you know that cannot be true. However, this rigged market is a tough one to fight.

So what?! I’ve still been hunting the next down swing as we can sure expect a swift one to come any day.

My favorite play for right now is the leveraged ETF $SQQQ.

In recent weeks I’ve taken on new positions in $SQQQ but have not seen the down move so have moved in and out of this position. As of today, I’m back in it.

6 month daily chart

This chart shows the sustained move higher from the March lows. This is a very solid uptrend.

2 year weekly chart

Now, this chart shows the extreme move higher without a pullback. This move is happening while the American economy is unraveling.

A pullback to the late February high or the 50 day EMA seems like a reasonable target for a move lower. And…..there is a potential for a swifter move lower than that and that is why I’ve been hunting this trade.