Trading TNA - 111808

I’m pulling out every tool I can to navigate through this treacherous market.  Today, I noticed falling wedges were forming on the 15 minute charfts of the Nasdaq and SPX.   The last pivot low undercut the bottom trendline for both indexes.  They then came right back, which is bullish.  That action combined with a 2-minute chart of the new 3x Small cap bull ETF TNA, allowed me entry into TNA.  The tops of those wedges then became targets.  Sure enough, that’s where they stalled.

In the end, both the SPX and Nasdaq held last week’s bottom-tail candle.