$QQQ Daily Close — Sep 4Invesco QQQ Trust Series IBATS:QQQMTrades-TTSFundamental side NFP shook the whole market. The job numbers came in hot enough to be inflationary, and that's the kind of print that can change the Fed's stance. The whole market got shaken out with it — gold and silver included — while the USD Index strengthened on the hawkish data. We'll see more data next week to confirm. Worth noting: QQQ still closed green on a hawkish print. Tech absorbed the hit rather than breaking down on it. Technical side The market did very well yesterday on the @ripster47 34-50 EMA cloud and @ripster47 5-12 EMA cloud curl. Today's price action was indecisive, especially after NFP. We'll see on Tuesday — if the market holds 720 it may see 724, then 730. Otherwise a 712-710 pullback is expected. Volume analysis Narrow spread candle on higher volume. That shows profit-taking on the long trades. Here's the part worth sitting with. Volume has climbed three sessions straight — 23.4M, then 28.9M, then 32.8M today at 107% relative volume. Yesterday the breakout happened without volume behind it. Today the volume finally turned up and price went nowhere: high of 721.86, the highest print since mid-August, then straight back to close at 718.96, below the open, mid-range. More effort, less result. Buyers spent more today than yesterday and got a fifth of the move. That's supply meeting the advance, and it's why this reads as profit-taking rather than continuation. What I'm waiting for A low-volume pullback. If price eases back into 714-716 on quiet volume and holds, that's a test, and it's the better entry than chasing 720. Quiet is what I want to see there — a heavy pullback is a different story. If the @ripster47 5-12 EMA cloud breaks on more than 115-120% relative volume, then 712-710 is live. The volume qualifier matters. A break on light volume is far less reliable than one on real supply. I'm still long from the curl, managing against 714. Have a great weekend — happy Labor Day.