The Market's at All-Time Highs — And These Dips Are Where I'm Going Long

Watch on YouTube · 2026-06-02

✓ Transcript saved

AI Summary

Here's a summary of the YouTube trading video transcript in clear bullet points: **Stock Tickers and Price Levels:** * S&P 500: + Support: Pivot low ($X), secondary hit + Resistance: Up-sloping trendline, pivot top ($X) + Target: Above $X (21% move to the upside) + Stop-loss: Below $X (overextension in the S&P 500) * SOXX: + Shortable level: Pierce $600 on a 15-minute closing basis + Entry price: $584.38 (potential reversal candle) + Target: $2-2.5% move to the upside ($X) * USO: + Short level: $140.92 if it gets above this level * MRVL: + Resistance: Pivot top ($283.14), second multiplier band on VWAP + Entry price: Above $290 (re-entry point) + Target: Above $290 (continuation move) * Shake Shack: + Long level: $52.79 (support level) + Stop-loss: Below $52.79 (15-minute closing basis) * Intuit: + Entry price: $313 (gap support) + Swing trade: $283.26 (pivot top, swing trade level) * Nvidia: + Entry price: $223.47 (prior gap in the charts) + Target: Above $235.67 (continuation move, 4.5% move to the upside) * ZS Scaler: + Support: $139.73 (previous pivot low) + Aggressive level: $225.12 + Swing trade: Reenter at $130 pierce * PATH: + Long play: $11.72 (support level) **Key Trading Strategy:** * Focus on long levels, particularly in tech stocks and software companies. * Look for support and resistance levels, pivot tops, and secondary hits to identify potential trades. * Use VWAP and logarithmic charts to gauge market sentiment and identify continuation moves. **Indicators Used:** * None explicitly mentioned, but the trader uses chart patterns, trend lines, and VWAP to make trading decisions. **Entry/Exit Rules and Suggested Trades:** * Entry rules: + SOXX: Pierce $600 on a 15-minute closing basis + MRVL: Above $290 (re-entry point) + Shake Shack: $52.79 (support level) + Intuit: $313 (gap support) + Nvidia: $223.47 (prior gap in the charts) * Exit rules: + SOXX: Stop out on a 15-minute closing basis + MRVL: Stop out above $290 (re-entry point) + Shake Shack: Stop out below $52.79 (15-minute closing basis) + Intuit: Swing trade at $283.26 (pivot top, swing trade level) + Nvidia: Target above $235.67 (continuation move, 4.5% move to the upside) **Timeframes Mentioned:** * 15-minute closing basis * Day trades **Risk Management Tips:** * Use stop-losses to limit potential losses. * Set clear entry and exit rules to manage risk. * Monitor market sentiment using VWAP and logarithmic charts. * Be prepared for overextension in the markets.

Summary ready

View history

Transcript

Each afternoon, real setups are broken down with entry strategies and the technical reasoning behind every trade. This is today's best trade setups with Verified Investing. >> There are definitely some winners and there are some losers in the markets today. I'm going to go over some key technical resistance levels and the majority of the show is going to be focused on long levels. Welcome everybody. My name is Benjamin Pool, head trader here at Verified Investing. We do have the S&P 500 and the SOXX marching higher like a rapidly, but the tech stocks, um some of the software stocks that were all the rage yesterday are now getting money rotation out of them into these tech stocks. So, let's go ahead and jump into the charts. The S&P 500, here is this up-sloping trendline. Look at this. Every time it's hit this, it's respected it. Pivot low here, secondary hit, third hit, fourth hit. Look at this. It's still respecting this up-sloping trendline. The fascinating thing is look at this long-term up-sloping trendline. This goes way back. This goes to the highs of November 2022, hits it here, kisses it here, kisses it again on the highs of December 2024. Usually, you get a pretty sharp rejection. As you can see, we did get a little bit of a resistance, but that's what created this up-sloping trendline right here. So, now that we're above this up-sloping trendline as well as this secondary up-sloping trendline, we are in a bullish market at least temporarily. This is an overextension in the S&P 500, but we have to wait and see what happens with this up-sloping trendline. Markets can be overextended for longer than we expect and that's what's currently going on with the S&P 500. Check this out. From the pivot lows right here all the way up, we've got a 21% move to the upside. That is an overextension in the S&P 500. SOXX I was mentioning playing this potential reversal candle as a topping tail. It looks like this topping tail. I know it's not a topping tail, but we'd play it like a topping tail, will be negated today. And from $584.38, depending on when you got out, you would be looking at a potential 2 to 2 and 1/2% move to the upside as a stop out. This is what's critical when you go into reversal candles expecting the top to be in. If it does close above it, then you can always stop out. Like the S&P 500, pivot low here, secondary hit. So, if we can pull back again, this would be a third hit. And so, it does favor a continued move to the upside. As you can see, we have broken out of all-time highs, and so there's a lot of bullish sentiment in the SOXX. So, today if we pierce 600 bucks on the SOXX, that is your shortable level. Knowing on a day trade, on a 15-minute closing basis, you would look to stop out of the trade. Nothing's really going on with USO chart. So, not a lot of bullish sentiment, no bearish sentiment. I'm still looking at a short level at $140.92 if we can get that up there on USO. This chart of Marvel that I'm about to show you has just been astronomical. So much bullish sentiment. We did have a pretty sharp sell-off over 10% from the highs, and now we're getting back close to those highs again. This is a key technical resistance level based on the sell-off. So, check this out. Here's the chart of MRVL. This is where it was in the pre-market. Look at the sell-off. Over a 10% move. This means that there are a lot of people who were looking to exit the trade, take their profits. So, if we can get back up to this pivot top, $283.14 is going to be your resistance level. Similar to with SOXX, you would just look to stop out of this trade on a 15-minute closing basis, and that's what I would do. And then look for a next level of resistance would be above 290. So, that would be my re-entry on MRVL. But, look at what's happening. You've got this price consolidation with the volume weighted average price. It continues to hammer on the VWAP, gets above it. Now, we're above the second multiplier band on the VWAP. So, this move could continue higher, which is why I would have a clear entry price and a guaranteed stop out if it does close above this on a 15-minute closing basis. Now, I did mention we had a lot of beaten-up stocks today. Shake Shack is one of them, getting hammered on the back of earnings. I I have this really key support level. This goes back to the lows of October 2023. If we can get back down to $52.79, this is my long level on Shake Shack. This is a great support level, and again, if it does close below that on a 15-minute closing basis, I would look to stop out. The rest of these are going to be a lot of tech stocks or software companies like Intuit. Intuit had a huge surge to the upside yesterday, stopped out at $362 and or $363.11, and look at the pullback. This is incredible. 13% move to the downside. There is a key gap in the charts that has been support at one additional time. So, $313 is where you'd look to get into the Intuit trade. I was actually expecting a continuation move. Look at this up-slope or excuse me, down-sloping trend line. Pivot top here, secondary hit, third hit. Look at how price consolidated on this area, finally broke above, came back and retraced. Actually, this gap actually gapped below this on Intuit, but then we recaptured it, finally made a continuation move, and now we're back below it. So, on a technical basis, this is more bearish than it is bullish, which is why this $313 would be my entry price for a day trade. Once we start closing below this $300 level on into it, we're heading down to $283.26. Look at a ton of support in this area. Pivot top here, as well as a lot of price consolidation. So, swing trade, 283.26 is that level. Nvidia's not a tech stock. Um it's a semiconductor play. But, it's getting a nice reversal from the highs. I was mentioning $223.47 would be the entry price yesterday. So, if you would have averaged into this position, you could have broken even yesterday. And then today, huge move to the upside, got up to 300 $232.24. And look at this reversal. So, if we do come back into the pivot top at 224.43, that's an aggressive day trade level, knowing you got this prior gap in the charts at $223.47. Now, the fact that we've recaptured this up-sloping trend line, I'm going to go ahead and take off the logarithmic charts to give you a better idea of what happened. So, price got below it, consolidated sideways, and then we recaptured it. So, now we're more bullish on Nvidia. Unlike into it, where we captured a down-sloping trend line to the downside, Nvidia's recaptured an up-sloping trend line to the upside. So, now we're a little bit more bullish on Nvidia now that we've recaptured it. We need a continuation move, and then my next level of resistance that I'd play is three uh $235.67. If we can get that push up, which would be a pretty good move to the upside, it'd be about a 4 and 1/2% move, that's where I'd look to short it. Again, aggressive level is $223.47. ZS Scaler, I was mentioning 225.12. Look at all this support. You have to go way back. Previous pivot low, price consolidated right on this level, and then all of a sudden, once we got above it, it really took off. Let's go ahead and zoom back towards the end of the charts. So, once we get above that level, make a continuation move above this pivot top, you come back into it. $139.73 is your aggressive level. Now, for a swing trade, now that we've already played out from $125.12, that is where I would look to reenter it. Aggressive swing traders, you would look for a $130 pierce, and that is where you'd do a swing trade. That's your starting position, knowing you've got additional support on the way down. PATH is another stock that's getting a little bit more of a beat down today. $11.72 on UiPath is where I'd look to take trade this for a long play. Now, this is a little bit more aggressive. Look at the move that it made yesterday. So, from $11.70 all the way up to $13.21, that was a pretty substantial move to the upside. It was a 12% move, and now we just are about to give up that entire move, and potentially could even close below the the opening price on UiPath. So, this is a day trade level at $11.70 if you're aggressive. For me, I would be waiting for this pivot top right here, as well as all this additional price consolidation at $10.90 for an entry on UiPath. MSTR is getting a nice drawdown. Bitcoin broke below $70,000. Now, MSTR is feeling the big brunt of that. $132.36 is where you're going to have a nice gap in the charts. This is not only a good day trade, but a potential good swing trade for an entry price. Aggressive level, but it's still a great entry for a long swing trade. I would be also be playing this for a day trade 132 36. On a daily closing basis, if we do close below this and Bitcoin fails to maintain price action, then I would be looking at about a $120 level. There's nice gap in the charts as well as all of this price consolidation. So we'll be looking for a $120 pierce for those of you who are a little bit more conservative. SMMT is another stock that's getting hammered today. You have this really key gap in the charts at $13.85. This is a day trade and a swing trade if SMMT can head all the way down there. From the lows of today though, we are getting a decent bounce. That was over a 4 and 1/2% bounce. So it does it is going to require a little bit more of a sell-off, but again, daily closing basis below this, then watch out below. SMMT would likely break that and continue higher or or lower. But for day trade, this is a great opportunity. Now I'm going to switch on to my stock watch list. Look at this. Shake Shack's down, Intuit, ZS, TEAM, PATH, Carvana, MSTR, Asana, Snowflake, TTD, NOW. Every once in a while you're going to get these money rotation outside of these big players and go back into something more attractive to longer-term investors or people who are willing to take profits after a 13 to 15% move to the upside and then rotate their money back in. So what's going on in the markets today is just an overextended move. So watch for a potential reversal, people removing their profits from this continued move to the upside, and then money could start rotating back into these these tech plays or these Microsoft or these sorry. uh Salesforce tech stocks. So, that's what I have for you guys. Thank you so much for joining me. 4:20 Trading Close. Drew Dosik does an amazing job. He's going to cover everything that's going on in the markets from the S&P 500 all the way to LIT and potentially even SanDisk and MU. So, you guys don't want to miss that. If you guys are getting something out of this, please make sure you're liking, following, subscribing, and sharing with those friends. We'll see you guys next time on the charts. You guys have a great rest of your day. Take care. >> Yeah.