$SpaceX(SPCX)$ SpaceX is becoming one of the most crowded short trades on the market. With an estimated 30-35% of the free float sold short and more than 50% of shares on loan, the setup is starting to look increasingly interesting. If earnings surprise to the upside, key levels to watch are $120-125 for the first meaningful pressure on short sellers, $130-135 where things could accelerate as stop-losses begin to trigger, and $150+ where a full-blown short squeeze becomes much more realistic if buying volume stays strong. Similar squeeze dynamics have played out before in $Tesla Motors(TSLA)$ , $GameStop(GME)$ ,
$NVIDIA(NVDA)$ All daily and weekly SMAs have been recovered, and the trendline held with a clean bounce. Now the question is whether we get a push higher from here. Options flow has turned bullish too.
$Invesco QQQ(QQQ)$ I pointed this setup out on 7/28: "Bull flag into weekly demand. Bear trap setting up." QQQ has ripped +36 points from that zone since then. The move played out almost exactly as expected — late shorts got squeezed, and buyers stepped back in. Now Wave (4) looks complete. The big question is whether Wave 5 can keep the momentum going or if we get a quick shakeout first. I wouldn't be surprised by some profit-taking after this move. The trend still looks constructive as long as key demand levels hold. AI, mega-cap earnings, and strong tech leadership continue to support the bigger picture. I'm watching QQQ closely from here.
$Invesco QQQ(QQQ)$ There was a chance to pick up shares near the low, and the price hasn't really moved that far from it yet. Looks like the correction could be over.
$Invesco QQQ(QQQ)$ $SPDR S&P 500 ETF Trust(SPY)$ Last week was a bloodbath, so now it feels pretty obvious we're heading into a FAANG earnings rally this week. Weekend futures are already up nicely.