Correct. We just hit that first target at 4.65, so if the bear-gods are smiling down upon us, SOXS will gap above that level on Monday after the 3-day weekend (or break above at some point next week), opening the door to T2, which is still 6.91. Best to set sell limit slightly below, if targeting that level & also, correlate all entries & exits on SOXS with the chart of SOXX, in which the support & resistance levels are more important & precise. Here’s the update 60m of SOXS.

I have a few individual AI-related (semis/memory, etc) shorts but mainly using SOXX & may add via SOXS next week, if the bearish case continues to firm up. By that, I mean the majority of SOXX & XSD components that haven’t yet taken out the price and/or uptrend line support levels that I covered in recent videos (several have fallen to & are currently testing those supports now).

With the markets closed tmrw (Fri), even if a few were to close slightly below today, I’d rather wait to see downside follow-through next week. No reason to go home heavily anything (long or short) before a 3-day weekend. Plus, I usually take breakouts & breakdowns with a grain of salt during this abbreviated, typically low-volume, high-whipsaw holiday trading week.

I welcome the question, but not much to update since my last update yesterday:
-QQQ remains within a nearly 2-month sideways grind.
-I continue to favor the remaining 3 price targets (T1 already hit) on the QQQ swing trade based on the 60-m chart from the breakdown below the primary uptrend line off the March 30th low.
-That trade is still profitable (below the initial entry price as well as the last highlighted objective short entry on the backfill of the June 22/23 gap.
-I am currently awaiting & favoring a break below the 705ish support, which QQQ hit & bounced on for several days since Wed of last week. A solid break below that support will likely spark the next wave of selling, while a breakout above the recent (and divergent) high on the 60m chart would lkely lead to a marginal new & still divergent high, which will likely prove to be a failed breakout, if so (not my preferred scenario but certainly decent odds, especially if the 705 support doesn’t break soon)

Regarding the semis, last week’s sell signals that were confirmed at Friday’s close with both bearish engulfing candlesticks on the weekly charts of SOXX & XSD as well as the solid close below the key uptrend line off the March 30th key reaction low on SOXX are still very much intact, keeping the semis on a sell signal.

Basically, no change from yesterday’s update & the fact that the Q’s & semis are down pretty decent today is good for those short positions, but as I often say, a big move (up or down) in a stock, index, or sector, especially when volatility is elevated, may or may not have any “technical significance”. A big move is technically significant if a key support or resistance level is taken or some other technically significant development, such as a bullish or bearish candlestick pattern, a hit & reversal off a key moving average, etc., occurs.

My $NDX & semi shorts are happy today, but no high-fiving here, as I only (mentally) celebrate when a trade hits a price target & profits are booked. Tons of more meat to shear off the bone, especially on the semis, if my analysis proves to be correct. Unfortunately, this movie won’t be continued until next week.

Basically one day doesn’t make a trend so I’m not going to read too much into today’s relative strength in XLF, especially during this holiday trading week or just about anything goes.

I’ll continue to monitor the financials closely but this is just more of the same over the last couple months which is a theme of sector rotation, profit taken and some high-flying tech stocks, semis and two other sectors.

I meant to reply to you earlier on this after covering the financials on today’s video.

To add to what I covered in the video regarding the sector, some of the stronger sub-sectors lately have been the ones that were beat down such as the credit cards (V, MA, AXP) and specialty lenders which I’ve recently highlighted like RKT & PFSi.

(I’m assuming you saw the previous post I followed up to your comment yesterday): https://rightsideofthechart.com/qqq-trading-range-admin-note-6-29-26/#comment-39375

60-minute chart of /CL still looks constructive with bullish divergences, but I would keep positions light due to all the constantly changing dynamics in the Middle East plus the abbreviated holiday trade week. I provided an update on /CL for you toward the end of today’s video & I believe there’s a timestamp for that starting point: https://rightsideofthechart.com/swing-trade-ideas-7-1-26/

Yes. Covered MSTR & Bitcoin in today’s video. Timestamps to the starting points of each should be in the video summary towards the bottom of the page: https://rightsideofthechart.com/swing-trade-ideas-7-1-26/

I covered both for you in today’s video. The timestamps starting at coverage of both are in the summary.

https://rightsideofthechart.com/swing-trade-ideas-7-1-26/

Thanks!

Very much so, thx for pointing it out. EQIX sell signal to come on a break below the intersecting uptrend line/wedge and the 1042.50ish price support. Price targets are marked on the daily chart below. I’ve set a price alert as I’ll most likely take that one & pass it along as an official trade setup when I get a minute.

I wouldn’t read too much into any breakouts or breakdowns in the market this week, as from my experience over the years/decades, this abbreviated holiday trading week is often plagued with whipsaw due to a lot of traders & investors, both retail & pros, being on vacation (leading to lower trading volumes).

If the Q’s can solidly punch through AND hold above that gap, it would increase the odds of new highs in the Q’s, so at this time (and preferably next week), my preference would be to either way for a solid break of the recent lows that the Q’s have been testing since last Wed (705ish.. best bet) or wait for the next objective short entry, however the charts set up, should the Q’s take out the previous highs.