November 12th, 2026

NQ is currently trading around 28218.50, giving back part of Wednesday's gains as Nvidia weighs on tech overnight. Wednesday's high sits up at 28697.00 and its low down at 27847.75, so price is parked near the middle of yesterday's range. The dealer gamma flip converts to about 28745.00 in futures terms, which leaves NQ well below it. Below the flip, ranges have tended to be wider and moves can run further, so a bumpier session would not be a surprise. The level Rips is watching on air is the bid support zone between 28199.00 and 28219.00. Rips trades NQ live at 8AM ET, so tune in to see how he plays the open.

ES is currently trading around 7606.50, softer overnight after closing Wednesday at 7640.50. Wednesday's high of 7671.50 and low of 7547.50 frame the bigger picture. The dealer gamma flip works out to roughly 7635.00 in futures terms, so ES has slipped under it. Below the flip, ranges have tended to be wider, and a move back above 7635.00 that holds would put ES back on the calmer side of that line. The level Rips is watching on air is the bid support zone between 7593.25 and 7597.00. Join the live show at 8AM ET for the full read on how the open sets up.

SPY is currently trading around 756.25, about half a percent under Wednesday's 759.81 close. That leaves price just under 757.07, the high from Tuesday of last week, the first level buyers need to reclaim. If they take it back and hold it, the next stop is the 760 area, where options traders were heavy net sellers of puts on Wednesday, right above that 759.81 close. Above that, Wednesday's 762.51 high sits next to 762.64, with the 765 strike, a heavy call open interest level beside the 765.97 high from last Thursday, as the stretch target.

On the downside, 755.42, Monday's high, is the first area to defend, followed closely by 754.90, Wednesday's low. A break below 754.90 that does not recover opens the way toward 752.69, Monday's close, and 752.14, Tuesday's high. Under that sits Tuesday's 749.92 close. A return above 757.07 after an early dip would weaken the downside case, and the jobless claims number at 8:30AM ET could set the tone before the bell.

QQQ is currently trading around 684.00, down almost one percent before the bell and back near Wednesday's 683.56 low. The first upside test is the 685 strike, which lines up with 685.28, the close from Tuesday of last week. If buyers reclaim that area and hold it, 687.87 and 688.69 are next, two older references stacked together, then the 690 strike, a heavy open interest level sitting right on Wednesday's 690.38 close. Puts at the 691 and 692 strikes were the most heavily net bought on Wednesday, right around that close.

If 683.56 gives way and price cannot recover, the next reference is 682.48, Monday's high, then the 680 strike, the heaviest open interest strike on the board, sitting just under Tuesday's 680.95 high. Losing 680 would open a deeper retest toward Tuesday's 674.76 close. Wednesday also saw a block of 7,600 November 23 calls at the 700 strike trade at the bid. A move back above 688.69 after a dip would weaken the downside view and show buyers shrugging off the NVDA selloff.

AAPL is currently trading around 356.25, edging higher before the bell while most of tech slips, and already above Wednesday's 355.91 high, the top of its range over the past few weeks. With no chart highs overhead in that stretch, the 360 strike is the next level to watch, one of the heaviest open interest areas near price. A hold above 360 would put the 365 strike in play, where call open interest is the largest on the board. On Wednesday, options traders were net buyers of 352.50 and 350 calls as the stock climbed.

If the gain fades, 355.91 and Wednesday's 355.63 close are the first area to defend, with 355.38, last Thursday's high, and the 355 strike right below. Losing that cluster opens a move toward Tuesday's 353.87 high and then 352.33, Monday's high. Below that sits the 350 strike next to Monday's 350.69 close. A return above 355.91 after a dip would keep the breakout intact, and relative strength here matters on a morning when NVDA is under pressure.

MSFT is currently trading around 520.75, just under Wednesday's 521.13 close after a sharp slide from 534.76 to 518.45 during that session. The 520 strike sits right at price, with heavy put open interest that lines up with 520.99, the close from Tuesday of last week, so it is the pivot for the open. If buyers hold it and push higher, 523.44 and 524.47 are the first hurdles, then 526.00 and 526.37, two older references stacked close together. Clearing those would open a path back toward 530.61, last Friday's close.

If 518.45, Wednesday's low, gives way and price cannot recover, the next reference is 514.35, the October 30 low, followed by the 510 strike and 507.82, the low from Tuesday of last week. The 500 strike below that carries the largest put open interest nearby, and options traders were net buyers of 500 and 510 puts on Wednesday. A return above 524.47 after a dip would ease the pressure. A block of deep in the money November 20 calls worth about 36 million dollars also traded Wednesday.

AMZN is currently trading around 266.75, a touch above Wednesday's 266.17 close after a session that faded hard from 274.87 to 265.62. It sits just under 266.93, Monday's close, so that is the first level to reclaim. If buyers hold above it, the 270 strike is next, the heaviest open interest level near price, with Tuesday's 270.87 close right beside it. Above that, 272.88, Tuesday's high, and then the 275 strike near Wednesday's 274.87 high form the stretch target, after a block of 5,000 November 20 calls at 275 traded at the ask on Wednesday.

On the downside, 266.14 and 265.62, the lows from Tuesday and Wednesday, form the first support area, with the 265 strike just below, where options traders were heavy net sellers of puts on Wednesday. If AMZN breaks under 265 and cannot recover, 264.18, last Friday's high, and 263.85, the low from Wednesday of last week, come next, followed by the 260 strike near 260.21. A move back above 270 after a dip would weaken the downside case.

NVDA is currently trading around 160.75, down more than seven percent before the bell after reports that its board is weighing whether to remove its chief executive. That gap puts price well under Tuesday's 165.89 low, so the first recovery levels are 164.07 and 164.27, lows from early September of last year and late March, followed by 165.89. If buyers can reclaim 165.89 and hold it, 168.89, Tuesday's close, and then the 170 strike, a heavy put open interest level next to Wednesday's 170.77 low, come into view.

On the downside, the 160 strike is the line right at price, one of the heaviest put open interest levels on the board, and options traders were net buyers of 160 puts on Wednesday. If 160 breaks and cannot recover, the next reference is 157.34, a low from July of last year, then 151.49 and the 150 strike below that. Headlines will drive this one, so expect fast swings in both directions. Earnings are still scheduled for next Tuesday after the close, which keeps volatility elevated.

GOOGL is currently trading around 292.25, slightly below Wednesday's 293.45 close. Price is sitting just above Tuesday's 292.02 high. If buyers keep it above that area, the next references are Wednesday's 293.45 close and then 295.60 and 295.74, the highs from last Thursday and Wednesday. A push through those opens 296.33 and 296.49, with the 300 strike above as the stretch target, a heavy open interest level where options traders were net buyers of calls on Wednesday.

If 292.02 fails, the 290 strike is the key area below, carrying the heaviest put open interest near price and lining up with last Friday's 290.49 high. Calls at 290 were the most heavily net bought GOOGL strike on Wednesday. If 290 breaks and price cannot recover, Wednesday's 289.48 low and Monday's 288.01 low come next, then Tuesday's 285.68 low. A return above 293.45 after a dip would keep the upside case in charge. Alphabet also drew about 5 billion dollars of orders for its first Asian currency bond deals.

META is currently trading around 626.00, extending Wednesday's slide from 648.45 down to 627.97 and now just below that low. The first level to reclaim is 627.97, then Wednesday's 628.77 close and 630.00, Monday's low. If buyers can win back 630 and hold it, 634.99, the high from last Thursday, and Tuesday's 635.50 low come next. Options traders were net buyers of 640 puts on Wednesday, the most active put strike above price.

On the downside, the 625 strike sits right under price and lines up with 625.60, last Friday's high, and 624.50, the low from Wednesday of last week. If that area breaks and price cannot recover, 621.03 is the next reference, then 610.15, last Friday's close. The 600 strike below carries the heaviest put open interest near price. A return above 630 after a dip would weaken the downside view, and META is one of the names to watch for whether tech can steady itself after the NVDA news.

TSLA is currently trading around 388.75, a little under Wednesday's 390.84 close after a gain of almost three percent that day. If buyers push back above 390.84, the next references are 392.04, the high from Wednesday of last week, and Wednesday's 395.43 high. Above that, 396.53 and 398.50 are older references from Tuesday of last week, with the 400 strike, the heaviest call open interest level near price, as the stretch target. Options traders were net buyers of 392.50 puts on Wednesday, the most active put strike just above price.

On the downside, 386.35, Wednesday's low, is the first level to defend, followed by 385.19, the close from Wednesday of last week. Below that, 382.20, Monday's high, and the 380 strike form the key support area, since 380 is a heavy open interest level that matches Tuesday's 380.00 high. If 380 breaks and price cannot recover, Tuesday's 370.40 low comes into view. Headlines are busy too, with Europe and the UK reported to be weighing a delay to planned tariffs on electric vehicles.

Initial Jobless Claims at 8:30AM ET lead today's calendar, a weekly read on layoffs that is expected near 195,000 after 189,000 last week. Existing Home Sales at 10:00AM ET follow, and the 30 Year Bond Auction at 1:00PM ET is the big test for interest rates this afternoon. Weak demand at that auction could push long term yields higher and weigh on growth stocks, while solid demand could ease some of that pressure. Tomorrow brings PPI at 8:30AM ET, which tracks the prices businesses receive.

The overnight story is NVDA. Reports that its board is weighing whether to remove its chief executive have the stock down more than seven percent premarket, while AAPL and AMZN are slightly higher and the rest of the Mag 7 are only modestly lower. Because NVDA carries so much weight in the Nasdaq 100, it is doing most of the damage to NQ this morning. NVDA still reports next Tuesday after the close, and no other names in this memo report this week. With NQ and ES both trading under their gamma flips, wider swings than earlier in the week are more likely.

Watch whether NVDA finds buyers around the 160 area after the open or keeps sliding, whether volume picks up on any bounce in QQQ, and whether SPY can reclaim 757.07 on the first pullback. Good luck, trade safely, and have a great Thursday!

You can catch Rips every Monday through Friday at 8AM ET streaming live for FREE on YouTube at https://www.youtube.com/@RipsTrades and on Kick at https://kick.com/rips where he breaks down the markets in real time and helps traders level up.