Nasdaq and the Rest is Coasting

After a few days of great stock-picking action amid mixed and drifting indices at various times, we were certainly due for a morning like this. The QQQ, ETF for the top 100 stocks in the Nasdaq Composite Index, is dominating the tape even as there is plenty of underlying red and lethargic price action thus far. 

As we have noted both were and with Members several times of late, the QQQ is operating in tight quarters in terms of key price levels to observe. 

On the updated QQQ daily chart, below, if bulls hold above $320, the major $325 level lurking above figures to be the scene of a significant battle into the FOMC tomorrow, and beyond. Above there, and bears may totally lose any grip they fought for in recent weeks and relinquish a run to new all-time highs. Of course, the likes of ARKK, "FANG" stocks, and TSLA will all be pivotal this week, too, in terms of the QQQ's success. 

But with AMC GME, and even crypto plays taking it on the chin with heavy selling this morning, the price action is concentrated into QQQ as bonds stabilize a bit. 

My focus is on letting this initial dust settle and then seeking to pick off another quick spot to trade,  pre-FOMC. As an example, if ARKK sustains a new leg higher from here, say to $140, I think quite a few of Ms. Wood's biotech plays are ripe to rally hard.