Veterans Day or not, due to the divided nature today's DJI vs Nasdaq, I'm calling this our Mid-Week Update. As I am readying this update for posting, the DJI is up 500 points, while the Nasdaq 100 (QQQ) is red for the day. This bifurcation is not bullish, especially when a bevy of the leading stocks of the past year, NVDA, AMD, META, HOOD, MSFT, MU, ORCL, PLTR and TSLA, are all down on the day. While this doesn't guarantee an imminent market collapse, it does merit caution and the emphasis of some key levels to watch, just in case. Stocks & Indices - Key Levels QQQ 240 Minute So far the high retracement print has been 624.31, just shy of my maximum target high of 625 to maintain the bearish posture of this all-important index. The add-on level for trading positions remains a QQQ lose below 598, with any print below 615 as a strong indication that a move to 598, and points south, is unfolding. SQQQ Hourly - Nothing to See...Yet An SQQQ rise above $15 is also a key trigger for adding to SQQQ Dec calls. Another key chart, very much related to QQQ, bears watching into Nov 19th earnings: NVDA AI is the market and NVDA is AI. A decline below that bottom parallel trend channel, around $180, and all of the above is toast. BTC - Approaching Risk-Off Mode Above, the longer term outlook, below, flirting with century mark. A failure at $100K would suggest $75K-$50K is next. Gold/Silver Reaching into short-term resistance zone, if it pierces through, we are buying calls. Like Gold, Silver is approaching short-term resistance, with new all time highs lurking on the other side.
