Christmas Eve has turned out to be the low so far. The buy signal for SPY and SSO was given at the low on Christmas Eve — a spot on call.  Now there is about 22% gain on SSO over a short time.  The market is approaching resistance.  Please also see the Morning Capsule about semiconductor sales, this is a big negative. Consider taking profits and exiting the position.

Here are the profit taking zones.

S&P 500 ETF (SPY)

$259.40 to $264.57, SPY is trading at $260.15 as of this writing in the pre-market.

ULTRA S&P 500 ETF (SSO)

$99.34 to $104.88, SSO is trading at $100.07 as of this writing in the pre-market.

Nasdaq 100 ETF (QQQ)

$160.43 to $165.73, QQQ is trading at $161.90 as of this writing in the pre-market.

Ultra Nasdaq 100 (TQQQ)

$41.88 to $46.26, TQQQ is trading at $42.32 as of this writing in the pre-market.