QQQ hit its extension today, and this is a very tech and chip heavy market. QQQ ranks at 98% on my Scorecard and the S&P 500 at 96%, while RSP sits at 14% and the Dow at 8%. Let’s take a deeper look at the NBIS squeeze trade.
The NBIS Squeeze Trade I Just Opened
Nebius has the Big 3 Squeeze firing on multiple timeframes, with the structure and trend already in place. The only holdup was momentum, and the MACD line finally shifted. I am wrong on the NBIS squeeze trade under $220, and the first target is $265 to $270.
I am still holding my QQQ December $700 call and my NVDA December $200 call. I also took profit in SPCX, ANET and ARKK, and rolled a chunk of those profits into call debit spreads for year end.
Things do not have to go up in a straight line. Until the rankings change, a pullback that holds the 21 EMA could be a buying opportunity. The full NBIS squeeze trade breakdown, plus the Micron setup I am watching, is in the video below.
Stay Focused,
Taylor Horton
Earnings gaps move fast, and most traders get caught on the first move. Join Allison Ostrander tomorrow night as she breaks down her Gap n Go Formula for trading the gap. Save your spot here.