The great flush of November knocked QQQ down hard last week, and so far it is holding above the July low while a big weekly squeeze builds in the background. That July low, call it $660, decides which way the squeeze fires. Nvidia is the name holding the market back, and my Scorecard still points away from big tech, though one of its trade suggestions is the Amazon position I opened last Friday. Let’s take a deeper look at the Amazon December calls:
QQQ Is Trapped Between $660 and $680
QQQ has printed back to back rejections at the daily 200 SMA, which leaves it stuck in a 20 point box. A break below the July low at $660 raises the odds that the weekly squeeze fires short, and from there QQQ can work down toward $630, maybe $625.
The bullish version needs a couple of decent closes back above the 200 SMA, and better yet a couple of closes back above the 21 EMA. Closes above $680 can kick off more of a short squeeze rally. If that happens, the great flush of November might have been all she wrote.
QQQ Daily Chart, 11.10.2026
Nvidia’s Monthly Chart Is the Bigger Problem
I bought the Nvidia December $200 calls back in August on my usual bread and butter Big 3 Squeeze plan: a long off the buy zone into a weekly squeeze buy trigger, with a path toward $260 on the breakout. The market had other plans, and Nvidia broke down hard instead.
A gap up toward $220 on earnings would bring those calls back to life, though I’m not counting on it. The bigger issue sits on the monthly chart. A pullback to the monthly 21 EMA is often a great buying opportunity, because strong names pull back, hold structure and rally back to the all time high. This one comes with a declining MACD line on the verge of crossing negative, and that combination opens the door for Nvidia to spend quite a while between the top and bottom Keltner channels, roughly $210 on top and $150 on the bottom.
That chop can also build a brand new monthly squeeze. Google is the case study, where a monthly squeeze on a name that size carried it from about $180 to about $400.
The Scorecard Led Me to Amazon December Calls
The Scorecard rankings put the weakness right in the biggest names. RSP sits at a very bullish 86% of its best score while QQQ is down at a borderline -50%. Healthcare, financials, staples, biotech, consumer discretionary, materials, real estate and utilities make up the good list. Gold, silver, big tech, ARKK and the semiconductors sit at the bottom of the barrel.
Coca-Cola, Costco, Johnson & Johnson, Lilly, Disney and Procter & Gamble are having a good old time while tech and chips carry the heaviness. One of the Scorecard’s trade suggestions from last week was Amazon, and that is where the Amazon December calls came from.
The Plan on My Amazon December Calls
Even the best long ideas don’t justify big size in this market. Amazon has a daily squeeze with the buy trigger, plus a very big monthly squeeze with a target up around $330. That monthly target is not the short term move I’m after, though it is good to know it sits behind the trade.
The weekly chart decides the breakout. Amazon is in good shape if it gets and keeps the weekly MACD back above zero, and otherwise I want it holding above about $255. The exit rule on the Amazon December calls is a break of the 21 EMA. With the market this heavy, that is where I take the graceful exit and move on to a different idea.
AMZN Daily Chart, 11.10.2026
Two Healthcare Squeezes I Am Not Long Yet
TMO is another Scorecard favorite, with a pretty big daily squeeze in a strong sector. It lines up if the daily MACD gets back to the buy side while cash keeps rotating into healthcare.
ABBV has good trend, good structure and stacked moving averages, with the MACD line still above zero. The trend of that MACD line is the concern, since it peaked a few weeks ago and has declined steadily since. A negative turn from here makes the breakout very tough to get, because good structure without momentum rarely gets the job done. That one stays on the watchlist.
The Oracle Short and the Day Trades That Fit This Box
Oracle is still my biggest individual short idea. I don’t love the short entry at current prices, though the weekly structure is broken, and a break below about $115 can put it on a path toward the big $100 level within a couple of days. Indexes are usually the easier short, and given the recent action, QQQ is the one I lean toward.
A 30 to 45 day swing is tough for either side inside this box. Until QQQ confirms a break, day trading is the better fit. My favorite turn signal after a big flush is three things lining up on a 5 or 15 minute chart: a bullish MACD turn, the 21 EMA crossing back above the 50, and a bullish flip of the ATR trailing stop line. I like playing it in the futures with the ATR trailing stop as the exit, because the reversal signal takes price from the bottom of the range back to the top.
The full walkthrough is in the video above, charts included. For the setup that came right before this flush, here is my SMH Scorecard warning on the $500 line for tech.
Same rule as always: no big size until the box breaks.
Stay Focused,
Taylor
My colleague Sam Shames is going live Wednesday, November 11th at 6 PM CT to show how True Momentum System Pro lets the signals do the work. Save your seat here.