Ultra QQQ ProShares (QLD) — This Exchange-Traded Fund (ETF) seeks daily investment results, before fees and expenses, which correspond to twice the daily performance of the Nasdaq 100 Index (QQQQ).

The fund normally invests 80% of assets in financial instruments with economic characteristics that should be twice the return of the index.

Friday’s reversal in the Qs, the strength of the support line at $23.50, and a crossing of the 20-day moving average (green line) through the 50-day moving average (blue line) could result in a trade for those willing to risk a strong market today.

A close above the 20-50 moving day averages might even get a trade to the higher end of the trading band at over $29. But a failure to hold the support line at about $23.50 could result in a very quick drop to the November low at under $20.

The leverage provided by Ultra ProShares makes this a high-risk trade, so those willing to make the bet should only risk what they can afford to lose.

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Sam Collins is a registered, fee-based portfolio manager who may be contacted samailc@cox.net. You can also check out an archive of some of his most recent market outlooks by clicking here.