TQQQ Technical Analysis - Breakout and Key Levels

Technical Breakout:
On November 13, 2023, TQQQ experienced a significant structural shift with the breach of the $40 resistance level. The subsequent bull run in the tech sector propelled TQQQ to a peak of $61.22 on February 12, 2024.



Fibonacci Retracement:
After reaching the peak of $61.22 on February 12, 2024, TQQQ made an attempt to pull back, targeting the 0.618 Fibonacci level at $53.18. However, the retracement was not sustained, and TQQQ returned to the previous high of $61.22 on February 23rd.

Current Situation:
As we await the market open on Monday, TQQQ stands at a crucial juncture following the recent retest of $61.22.
RSI Divergence:
Since January 24th, we've observed RSI divergence, indicating a discrepancy between the price action and the strength of the trend. This could be a crucial signal, suggesting a potential shift in momentum that traders should closely monitor.



Upcoming Events:
This week brings important economic indicators:

Monday: Japan Inflation Rate
Tuesday: GfK Consumer Confidence and USA Durable Goods Orders
Wednesday: USA GDP
Thursday: USA PCE and Personal Spending
Friday: ISM Manufacturing
Market Expectations:
Anticipations are focused on the USA GDP, expected to perform worse than forecasted. This could influence market sentiment and potentially impact TQQQ's performance.

Forecast:
Given the current technical setup, RSI divergence and the upcoming economic events, there is a likelihood that TQQQ could move towards the 0.5 Fibonacci level of $50.69 by Friday, March 1st. Traders should closely monitor developments and be prepared for potential volatility.



Disclaimer: This analysis is for informational purposes only and does not constitute financial advice. Traders should conduct their own research and consider risk factors before making any investment decisions.