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QQQ Big Picture Update: FYI, last Tuesday's (10/06/26) Island Reversal remains intact as the QQQ presses lower into the vicinity of its sharply up-sloping 20 DMA, now at 241.27. Today's price action is dancing on and around the 20 DMA, which, if violated on a CLOSING BASIS, will be a negative technical "event" that, when coupled with the Island Reversal, paints a compellingly negative setup for QQQ near term that points to 720-723 next...Today's action in QQQ represents a significant battle between the Bulls and the Bears for more than near-term directional control... Last is 741.
In Case You Missed It…SPX gained approximately 89 points this week on average volume. As noted last week, SPX has been compressing to the upside.The SPX Gamma Threshold level is in the 7720-7740 region. SPX is comfortably long gamma and thus low volatility and slow upside drift should be expected. Learn more about the GT level here: https://www.elliottwavetrader.net/gamma-optimizer/Understanding-the-GT-level-202012076573537.html.NDX made another new all time high on Tuesday of this week. The compression pattern to the upside is even more stark on NDX.
Yes, I continued to wait today for the market to give us some indication as to its intention on striking a higher high and into our target box. But, again, it has left me wanting for more clues.And, since I am only able to provide you that to which the market provides to me, unfortunately, I am unable to add anything to the prior analysis.But, I do want to point out something about IWM, which I posted earlier in the trading room.
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