The QQQ buy trigger I have been waiting on finally printed today, and the momentum shift came with it. What matters now is whether that trigger is still there on Friday’s close. If it holds, the setup lines up for a push into brand new all-time highs, and my target sits near $785.
Breadth is the problem. QQQ is the only index carrying a real score on my Big 3 Scorecard, sitting near 70% of its best, while the S&Ps come in at 30 and the Dow, the RSP and IWM are all negative. Take every index together and the board reads negative 5. Take every sector ETF together and it reads negative 12. This is selective strength in the heaviest parts of the market, not the broad tape we had in April and May.
I am building the December $700 calls in QQQ and want three or four of them, with something cheaper out of the money on a dip. I also cover NVDA and the close it needs above $235, the open profit in ARKK, the put credit spread I want to add to, and the three names I am waiting on: MU into earnings, TSM at 14 out of 15, and MSFT with a target near $535. None of it gets bought without the QQQ buy trigger still in place.
The full read, the Scorecard rankings and every level are in the video below.
Stay Focused,
Taylor Horton
Entries are where most traders give the trade back. Tr3ndy Jon McKeever and Melissa Beegle are running a free live session Wednesday, September 30 at 6 PM CT on timing them better. Save your spot!