I hope everyone enjoyed their Thanksgiving week this past week! I'm excited to get back to trading after my time off.
With the holiday and short week last week, it make sense markets didn't react very much. I will be looking at where we open to gauge whether a pullback will finally come or if there's still steam in this rally. To reiterate my positions: I'm still holding a rather large position in SQQQ and SPXU, and plan to hold SQQQ into 2024 if necessary. SPXU will be a pullback play, and I might just end up breaking even depending on what the market gives us.
If we continue rallying tomorrow, I'll continue to sit on the sidelines until more support and resistance is established. SPY sits less than 30 points off all time highs after rallying 40+ points in just 15 days. If we do see a pullback, there's not much support between where we are currently trading and 440, so I'll be waiting for a retest of the 440 area OR a multi-day floor before even considering entering into 3x bull etfs like UPRO and TQQQ. I will hopefully be able to pinpoint levels with more accuracy after tomorrow's price action. Current resistance is between 458 and 455. If price continues struggling between this range tomorrow, a move down is likely. ES is currently down, but the open is all I really care about.
Good luck to all this week!