I have heard Mike use the term setup day and he defined it in the video today. It is his own personal definition, but useful for us to use as a common language.
When you are near an area of resistance (e.g. downward trend line, recent highs), and a little above or below it. You have a tight spread (day’s trading range) and you close near your highs. This sets your expectation that it will move higher the next day.
He did not say he buys on the setup day, and I don’t think he does based on my memory of previous mentions.
Here is the QQQ example from today:
