PROSHARES ULTRAPRO SHORT QQQ (SQQQ) Technical Analysis
NASDAQ:SQQQ • US74350P6759
We assign a technical rating of 3 out of 10 to SQQQ. Recently some decent action could be observed, but in the medium term time frame this is still negative. SQQQ was also a bad performer in the overall market in the last year.
- The long term trend is still negative, but the short term trend is neutral. It is advised to wait a little bit longer to see how this turns out.
- 90% of all other stocks performed better in the past year than SQQQ.
- SQQQ is currently trading near the lower end of its 52 week range, which is not a good sign. Certainly not because the S&P500 Index is trading near new 52 week highs at the moment.
- In the last month SQQQ has a been trading in the 67.34 - 76.61 range, which is quite wide. It is currently trading near the lows of this range.
- Prices have been consolidating recently, but much resistance may still be present above.
- SQQQ has an average volume of 51495700 traded shares per day. This is a good sign as it is always nice to have a liquid stock.
SQQQ has a bad technical rating, but it does show a decent setup pattern. Prices have been consolidating lately. Very recently a Pocket Pivot signal was observed. This is another positive sign.
- A Pocket Pivot is a price/volume accumulation pattern. A Pocket Pivot occurs when price moves up with volume higher than the maximum down volume registered in the previous 10 days.
More info and screens
62.16
When analyzing the support we can see 3 important areas.
- Support @69.94 from a trend line in the daily time frame.
- A support zone ranging from 63.80 to 64.67. This zone is formed by a combination of multiple trend lines in multiple time frames.
- Support @62.79 from a horizontal line in the daily time frame.
When analyzing the resistance we notice 3 important areas.
- A resistance zone ranging from 70.61 to 71.06. This zone is formed by a combination of multiple trend lines and important moving averages in multiple time frames.
- Resistance @73.46 from a horizontal line in the weekly time frame.
- Resistance @75.14 from a horizontal line in the daily time frame.
The Technical Rating and Setup analysis above combine different indicators and trends in different timeframes. Individual signals from indicators may give more contradictive signals and should always be interpreted in the more global context.
| Indicator | Value | Signal | Comment |
|---|---|---|---|
| ChartMill Long Term Trend Indicator | DOWN | NEGATIVE | The long term trend for SQQQ is down. |
| ChartMill Short Term Trend Indicator | NEUTRAL | NEUTRAL | The short term trend for SQQQ is neutral. |
| ChartMill Relative Strength | 10.48 | NEGATIVE | SQQQ has a low relative strength, it was outperformed by 89.52% off all stocks on the market. |
| Simple Moving Average/SMA (20) | UP | MIXED | The current price of SQQQ is below the rising SMA(20). |
| Simple Moving Average/SMA (50) | UP | POSITIVE | The current price of SQQQ is above the rising SMA(50). |
| Simple Moving Average/SMA (200) | DOWN | NEGATIVE | The current price of SQQQ is below a declining SMA(200). |
| Relative Strength Index/RSI (14) | 50.72 | NEUTRAL | The RSI value for SQQQ is a neutral value. |
| Moving Average Convergence Divergence/MACD (12, 26, 9) | -0.13 | NEGATIVE | The MACD value suggests SQQQ has a negative trend. |
| Stochastics (14,3) | 45.08 | NEUTRAL | The Stochastics value for SQQQ is a neutral value. |
| Average True Range in percent/ATR (20) | 5.28 | HIGH VOLATILITY | The high ATR as a percentage value for SQQQ suggests high volalility. |
| Average Directional Index/ADX (14) | 17.68 | NEGATIVE | The low ADX value for SQQQ suggests a weak or negative trend. |
SQQQ Technicals: Chart, Performance Metrics, Trend & Indicators
70.59
-0.01 (-0.01%)
PROSHARES ULTRAPRO SHORT QQQ / SQQQ FAQ
What is the ChartMill technical rating of PROSHARES ULTRAPRO SHORT QQQ (SQQQ) stock?
ChartMill assigns a technical rating of 3 / 10 to SQQQ.
What is the trend direction for SQQQ stock?
The current trend direction for PROSHARES ULTRAPRO SHORT QQQ (SQQQ) is Bearish.
What is the RSI signal for PROSHARES ULTRAPRO SHORT QQQ (SQQQ) stock?
PROSHARES ULTRAPRO SHORT QQQ (SQQQ) has an RSI value of 50.7165. This indicates that the stock is currently neutral.
What are the support and resistance levels for PROSHARES ULTRAPRO SHORT QQQ (SQQQ) stock?
PROSHARES ULTRAPRO SHORT QQQ (SQQQ) has a support level at 69.94 and a resistance level at 70.61. Check the full technical report for our detailed analysis of SQQQ support and resistance levels.