The QQQ level that decides the trend

The thesis

The melt-up is running on thin participation, which rarely ends cleanly.

Factor rotation is quietly repricing leadership; the headline level hides it.

What I'm watching

• VIX term structure
• QQQ advance-decline line
• A clean move through the level I flag below

Positioning

Short on QQQ, 1-3 weeks horizon. Conviction: Medium. A breadth thrust would flip the thesis; I respect it.

Opinion, not investment advice. The author may or may not hold positions discussed.