1/23/24 Daily TA Chart on SOXL and Market analysis for the week.

Another Big Week??

With Fridays big move up, and with a 36% gain last week, has me thinking institutional investors were BUYING SOXX(non leveraged version of SOXL, that SOXL is based on), AMD, and NVDA pretty heavily.

There have also been whispers of inflation continuing to drop and it looks like the FEDs soft landing to avoid a recession is playing out. This has rumors of the FED dropping interest rates at the next interest rate meeting at the end of February. Which is why I think the NASDAQ and the S&P 500 have both hit new ATH's. Another reason I think we are going to have a big week, is that everyone is buy calls with a much higher price than we are at right now for QQQ, SPY, AMD, and NVDA. This has me bullish combined with my TA.

If we stay above this 4hr trend line and back test the white monthly trendline again, I expect another LARGE move up this week to finish the monthly candle off strong.

We bounced off the weekly hold level and trend to start this move, which makes me think that this move is looking for the Weekly Break Level at $42.23. We do have have a couple weekly holds in the way, but I have a feeling they will just be short stopping points.

If the market opens down today, then we will have to get over the monthly hold level that we stopped at on Friday afternoon and that was where I sold was as price started coming back down after passing the monthly hold level.

It did bounce off the hold level to the topside, but price never moved up past the previous high.