SpaceX IPO Drops Today: Market Watch & Strategy

Summary

The highly anticipated SpaceX IPO is set to launch today, potentially dominating market attention. While an exact time isn't confirmed, it's expected around midday, with projections of an initial share price around $135. Historically, IPOs often see an initial surge followed by a decline within 3 to 6 months. Traders are advised to focus on shares for this IPO, as options chains may not be available. In broader market movements, buyers have stepped in to defend key support levels on the SPY and QQQ, showing bullish signs on higher time frames. Semiconductors, including Intel, AMD, and MU, are also showing strength. Traders should watch for key levels like 722 and 715 on the QQQ for potential upside moves, with the semiconductors being a primary focus for continued gains. Tesla and Nvidia are also mentioned with specific technical levels to monitor. The speaker advises patience, especially before the SpaceX IPO release, and suggests taking profits on existing positions as they reach key resistance levels.