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This is today's best trade setups with
Verified Investing.
>> Welcome to today's best trade setups. My
name is Benjamin P, head trader here at
Verified Investing. In this video, we're
going to cover 10 stock charts. Some of
them are getting into some key support
levels, some into key resistance level.
And then one, the final one on Reddit
played this nice upswing trend line
right into resistance. And if it breaks
this, we have a nice gap in the charts
just up ahead. First one we're going to
go over though is the S&P 500 or the
SPY. So here's this wide range red bar
candle on the SPY. As you can see, this
is a green candle currently trading at
$749.81. 81 cents. If we can get a
continued bid to the upside, you have
this resistance at this previous gap in
the charts at 751.87.
But I really like this resistance level
at the upper end of this red bar candle
at $7523.
This is the area that I'm looking to
short this knowing I've got additional
resistance at five, excuse me, 75478.
So these are your key resistance levels
on the SPY.
A lot of you guys like the SOXX. It was
getting really close to a really key
resistance level, prior gap in the
charts, red bar candle high and then
this red bar candle opening. Look at the
size of this red bar candle that was
created on Thursday. So if we get
another push 60150
is the level to short SOXX
for me. This is not financial advice.
This is just for educational
andformational purposes only. But this
is going to be a key resistance level at
$60150 for the SOXX. Now, because of
this nice move to the upside, $566.32.
If we can get back to the closing price
on Thursday, this is going to be a ton
of support on the chart of SOXX.
Microsoft pushing up into this gap in
the charts. So, couple weeks ago, we
were monitoring this down sloping trend
line. Look at this pivot top here.
secondary hit, third hit, broke out, but
then gapped below. Had a little bit of a
resistance here, but then gapped above
it. What I was looking for is a retrace
all the way down to this broken down
sloping trend line just below this low
pivot. And look at this. Technical
analysis is fantastic. Not only did it
break below this pivot low, it
recaptured or retagged this down subbing
trend line and got below $350. This was
a no-brainer buy area on Microsoft. Now
that we're pushing up, we have this
little gap in the charts at $39,383.
This is going to be a key resistance
level on Microsoft. If we continue to
fall, you have this gap. That's a great
opportunity for some support at $372.98.
AMD is pushing higher in the pre or
during the market hours. Look at this
gap in the chart sitting at $580.91.
Ton of resistance in this area. Now, I
do have logarithmic charts turned off,
but look at this down move from this
gap. It gapped down
4%. Continued to run, got down 7% on the
closing candle, and then got as low as
12 uh to 13% to the downside. This is
telling me that when price action pushes
up into this resistance level, wide
range green bar candle $580.91,
there are going to be a lot of people
who were overleveraged in the trade of
AMD. And so that is where I would be
looking to enter a short trade today on
AMD. Now, I've already played this one
time and taken some profits. Now, if we
get above uh 700, excuse me, $572.75,
this is the next level of resistance.
And I would be loving for price action
to get up there for an opportunity to go
short. Now, if it does drop into this
gap right here that was created on
Thursday or today really and AMD decides
to go slightly negative, 7 uh $51,751
is your key support level on AMD. Google
is pushing up today as well. Nice
resistance level right here. Price
finally got above. hasn't really made a
continuation move above it, but as you
can see, a ton of support. Now that
we're above this support level, what I'm
looking at is two price consolidation
areas. First one is a gap right here at
$368.3.
If we can get this continued push, that
is going to be a great entry price or a
level of resistance. And then just above
that at $37,329,
I wouldn't mind dollar cost averaging
all the way up into that level um to
take advantage of a couple different
resistance areas. Nvidia had this nice
push. It would look like it was heading
higher today, but with the rest of the
stock market, it's Nvidia starting to
sell off as well. Previous gap in the
charts at $19253.
That is going to be a ton of support if
it gets back into that level today. It
would be negative on the day for Nvidia.
However, with this um massive run to the
upside, a pullback into 19253 should be
a ton of support knowing that I've got
this low pivot at $189.80.
And then you zoom out in the charts, you
have this gap that still needs to be
filled. And once it hits 18931,
that is going to be another big level of
support on Nvidia. So these are the key
levels that I'm looking at for the chart
of Nvidia if we can get either a bid to
the upside or a continued selloff. AMAT
nice ups parallel channel.
Every once in a while you get these nice
ups parallel channels. So you got this
pivot top here, secondary hit, third
hit, hit it beautifully. Now we're
getting a little bit more of a pullback.
So here, as you can see, the midline of
this parallel channel has been support.
Broke below it, got below it, and then
when it reattacked it from the
underside, it was a ton of resistance.
Got back down, created the lower end of
the parallel channel. But look at how
price has respected the midline. So, we
got above it right here on the 11th of
June, got and retag this upper end of
the parallel channel. Now, we're coming
back into the midline. So, you got to
look at this as additional support. So,
if we drop a little bit more, you have
this low pivot that was created on
Thursday and the midline of the parallel
channel. This is a great support level
for AMAT and that's at $58125,
excuse me. So, if we can get a continued
sell, that is your entry price for a
potential long. And the nice thing about
this, it gives you a clear stopout. If
it closes below that on a 15minute
closing basis, you could just look to
stop out of the trade on AMAT and then
look for additional support. Once you
break the midline, you're coming all the
way back in and retesting this gap in
the charts just below the $500 level.
And from current price, that is a $100
move to the downside. And that's another
16% pullback uh pullback. Micron had a
little bit of a it's kind of neutral on
the day. It's a red bar candle. However,
price action is still high. If we can
get a nice pullback into the $9756
level, that's going to be a ton of
support on the chart of MU. Now, if it
does break below that, you have this
secondary level of support just below it
at this low pivot at five $95028.
So something like MU where it's a $1,000
stock, you could just look to dollar
cost average every$9 to $10 or so lower.
And if it does start closing below this
low pivot on a 15minute closing basis,
that would be an area, excuse me, that I
would look to stop out of because then
your next level support is this previous
gap in the charts right here at $92454.
LIT. I was actually looking for LIT to
sell off a little bit more. Prior gap in
the charts. Here's a gap just above it
that needs to be filled at $73.51.
However, I would like to uh wait for LT
to pierce 700 bucks. But look at the
negative sentiment that's going on in
LIT at the moment. So, this is not a
swing trade level for me. This is just a
day trade. Again, if we can get just
below that $700 whole round number,
Reddit, I was mentioning every once in a
while you get these stocks that play out
quite nicely, get these nice ups sloping
parallel channels and then they tag the
upper end with an ups slipping parallel
channel. This is more of a bearish
setup. However, if it recaptures it
because it's at the lower end, it could
be p uh excuse me, making a a leaprog
pattern and that's what Reddit is
looking to do. So, if we start closing
above the $200 level on a daily closing
basis, then I would look at the next
resistance level, and that's right here
at $21363.
So, let's let's think about this for a
second. If you were bullish on Reddit
right here and then all of a sudden you
were dollar cost averaging and then you
gapped lower and then you started to run
to the downside from this $213 level all
the way to 119 bucks, you would be
feeling a ton of pain. So that's a 44%
sell-off just from this gap in the
charts. So now once price action gets
close to your break even most people are
likely to take this trade off of the
table which is one of the reasons
additionally with all this price
consolidation when price action gets up
to the $21363
that is why you're going to have a ton
of resistance. Now this is still a day
trade. What I'd be looking at for a
swing trade pivot top here secondary hit
third hit here. I would be waiting for a
swing trade basis at a pierce of about
$238
for a potential short on a swing trade
knowing that if it does close above this
down this down stopping trend line on a
15minute excuse me daily closing basis
because this would be a swing trade then
you could always look to stop out or
identify additional resistance which
would be at 26401 and then you have this
um pivot top all-time high at $28347
ton of different ways to play these
things. Uh it's fun to look at the
charts and recognize when you have an
upscing parallel channel. When it hits
that, that could be your potential entry
price or a midline of a parallel channel
can also be great support and or
resistance depending on how extended it
was from either upper end or the lower
end. So, if you have the opportunity,
draw some trend lines, draw some
parallel channels, and so that way you
can get these setups instead of waiting
for these videos to drop. And speaking
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in the charts. You guys have a great
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time in the charts. You guys have a
great rest of your day. Take care.