Tech bounced to start the week, but the story has not changed. The larger timeframes still carry weekly squeezes on key names, while the 15 minute through hourly charts have flipped bearish on most of them. QQQ remains below key daily levels, so I am holding off on new longs and practicing patience before I deploy more cash in a meaningful way. Let’s take a deeper look at the QQQ buy signals I need to see first:
No New Swings Until The QQQ Buy Signals Return
Last Thursday, QQQ flushed directly into the weekly 21 EMA and caught a big bounce off that level. Monday brought another solid bounce in key names. Neither one came with a meaningful buy signal, so neither one changes my plan.
For open positions, I am hanging tight and sticking to the game plan. For new swings, and for adding to the ones I already hold, QQQ has a lot of work to do first. Until then, any new trade I put on is most likely a day trade.
Last Week’s Lows Are The Line
The level that matters most right now is last week’s low on QQQ. It is very important that price holds above it.
Above that level, the bulls can rebuild above the weekly 21 EMA. Rebuilding means working back to QQQ buy signals on the 15 minute through hourly timeframes. Below that level, things could unwind lower in the short term.
QQQ, Weekly Chart 10.20.26
As long as last week’s low holds, the bulls have a fighting chance.
Where The QQQ Buy Signals Stand Now
Tuesday gave me the first crack. The hourly MACD on QQQ flipped to the buy side for the first time in two weeks. That tells me there is a good chance, for now, that tech grinds higher into the end of this week or early next week.
One hourly flip is not the full set of QQQ buy signals I am waiting on. The 15 minute and 30 minute charts still have to line up, and price still has to clear key daily levels.
In the meantime, I am scanning for end of day squeezes on the 15 minute and 30 minute charts as a few cheap bets into the next session. Those are short-term trades, not new swings.
The Squeeze Setups Waiting On QQQ Buy Signals
This is why patience matters. The bench of setups is strong, and almost all of it needs a better QQQ behind it. Every one of these comes back to the Big 3 Squeeze, and every one of them is waiting on the same thing.
GOOGL could be a big one, mainly on the weekly squeeze. I think it is too early to get aggressive here, so I am looking for quick trades on lower timeframes while I wait for the eventual big play on the weekly.
AMZN is the one to start watching closely. It has a big multi-timeframe squeeze developing, with a monthly squeeze coiled up behind it. Like most of these ideas, AMZN would very likely need a better QQQ to start truly waking up.
MU is a bit of a mess in the short term, but it sits inside a weekly squeeze that could make for an explosive, playable move into the end of 2026. Nothing to do there for now.
AAPL has a great looking daily squeeze. With price under the $350 level and no buy signals on the 15 minute through hourly charts, I want to avoid playing it until the lower timeframes confirm.
My NVDA Calls Have One Bite Left
NVDA is the position I am holding through all of this. The weekly squeeze is solid, and the December $200 calls are a position I would like to hold into the end of the year. I added to them on last week’s flush, scaling in rather than taking the full size at once.
NVDA, Weekly Chart 10.20.26
The short-term signals on NVDA are not aligned for a move higher yet. When and if that changes, it could be go-time for the weekly setup. If we see a bigger flush first, I will take my final bite of the $200 calls down near the 200 level.
What I Will Trade In The Meantime
Not every idea needs QQQ. GLD and the micro gold futures are developing some short signals, so I will be watching /MGC for potential day trades on the short side.
XLP is off the beaten path for us, purely a rotation play, and it feels extended. If it triggers short on the lower timeframes, a November call credit spread could be a play, betting that XLP fails to take out its big swing highs.
The weekly setups are there. The trigger still matters, so the cash stays put until QQQ confirms.
Stay Focused,
Taylor Horton
While I wait on my own triggers, Jon McKeever is putting his method to the test with his own money on the line. His new 10-day challenge kicks off with a free live session Wednesday, October 21 at 6 PM CT, where he walks through how supply and demand, PMZ and Tr3ndy Precision work together in real time.