Trading The Close | July 7, 2026

Hello everybody, welcome to trading the
close. My name is Drew Dosek. Now guys,
overnight we had a lot of news develop
and it really bled into the markets here
in the United States. And that news was
Samsung beating earnings yet again, but
it didn't really beat to the note that
estimates anticipated. So, Samsung
started selling off, WDC, SNDK, as well
as um STX, MU, you name it, all were
selling off today. Tech really took a
big hit. The S&P 500 not really down so
much. So, we're starting to see a
rotation of capital from these high-f
flyier tech stocks. But guys, this was
illustrated and signal to you right here
in trading the close. We're going to
show you exactly where if you've missed
that. And plus, we've got today in
today's show another viewer request. So,
let's stick stick around for that. Got
some good stuff to go over on these
charts. First up with the S&P 500. You
can see here down 48% today. Notice
yesterday how I uh highlighted the fact
we closed above this declining trend
line. We did not get a continuation push
confirming the breakout instead
retreated back within this wedge
pattern. And so, we've got a lot of uh
mixed signals going on here at the top
of the chart. You can almost see and
argue we've got an inverse head and
shoulders pattern that is starting to
form with this being the head. We just
have not yet formed the right shoulder.
We'll see if that ends up developing
over the coming days. But that sort of
signal could propel us propel us higher
up in the markets. But then at the same
point, we have a very nice down move and
sideways consolidation. That's all
bearish consolidation except for this
one big wick holding price above this
inclining trend line. So, with all that
being said, I'm uh putting my attention
for near-term price action, focusing on
this wedge pattern. Anytime we get a
confirming close above it, well, then
we're likely headed higher. Any
confirming close underneath this
inclining trend line, we're coming down
to attack uh this inclining trend line a
little bit further down at $730.99.
So, to reiterate the break point if we
get further selling tomorrow as 74247.
Next up into the Q's, pretty decent down
day today, down 1.85%.
Much like the S&P 500, starting to form
an inverse head and shoulders pattern
that can be negated if we have price
action getting down further underneath
the head in the low pivot from June 9th.
Right now, near-term support right here
at the low from the uh candle on June
5th, which is at $74.32,
followed by the next stop being down
here at $69,525.
uh into the SMH. Now guys, this is
really where all the story was in the
markets today, down 3.78%.
But guys, I highlighted that this could
happen and walked you guys through this
step by step with way that the SMH broke
on the inclining trend line. But it all
started before then when the sleeper
hold pattern presented itself. Guys,
this is such a powerful signal. It even
has started to deflate the hottest
runner in the market. Guys, this is your
chance now through July 12th. You can
pick up not only the sleep or hold
educational course, but you can also
pick up all of our other educational
courses up to 40% off. Keep yourself on
the right side of a trade. Even if you
miss, and let's get in the chart so I
can highlight this. Look at the massive
run that occurred here on SMH. Even if
you missed all of this run and you said,
"Heck, forget it. I'm FOMOing. I want to
get into this uh hot heavy industry and
sector that's really exploding up on the
charts and you buy up here in this range
and then lo and behold, boom, sleeper
hold signal presents itself. If you know
what to look for, that's your
indication. Uhoh, this is running out of
steam. I should look to start closing
some of my long positions. If you if
you're not in anything and you see the
sleeper hold, well, now you need to
start setting up. How can I capitalize
on the potential change in momentum by
shorting some of this? And that's how
you can do it. I go through it step by
step in my courses. How to navigate if
price closes above the signal, continue
to add only a certain percentage. That
way, you don't expose yourself to any
overleveraging. But had you done it
exactly how I explained in my course,
you'd be sitting pretty with some pro uh
profits already in your account with
this decline. Now, with all that being
said, you can see here this candle, it
looks like a daily bottoming candle, but
it doesn't qualify for one. The reason
price action is too close. It's not near
a low pivot on the charts. However, this
does tell me at least near term, we've
got support right here in this region,
right around 570 points on the SMH.
However, next support is down here at
55266.
Now, I'll get into another chart that
does tell me we could be due for a
near-term bounce on the SMH. Not
necessarily getting to new all-time
highs, but that'll come a little bit
later in this show. Near-term
resistance, gap fill up here just above
$600 at 604. Another reason part of the
markets were under pressure was the
10-year yield accelerated up clearly
today, too. Look at the consolidation
that occurred and then boom,
accelerated, beating this key support or
resistance level at 4.84%.
Now marching up to the next resistance
that originates on this declining trend
line back from October of 2023 connected
over to the pivot points here in January
of 25. And that's where we've had
difficulties on the 10-year yield
getting above and remaining above. Yet
you can see in this short period of
time, we've attacked this now three
collective times with this being the
third, weakening it every single time,
taking us potentially higher up on the
10-year yield, which will spill into the
metals, as we'll see here in a moment,
which has also spilled into the semis.
That's part of the reason they're down
today. But the semis also had a news
event about deepseek and the silicone
push for it over in China that is
putting a little bit of concern for
dilution in market share for Nvidia. So
collectively tech was just under
pressure today. A little deflation of
that balloon uh that did blow up quite
tremendously uh over this last six
months marching up on the chart. All
right into gold that you see here. Gold
really the story is its battle with this
inclining parallel channel. Yesterday we
closed within the parallel. Today we
find ourselves back underneath it. So
very much like the spiders how we did
close above the declining trend line,
but we just didn't confirm with a
follow-up move today. That's the story
here for gold. That then still puts this
inclining trend line at resistance at
$4,149.
A next support though is at $3,886.
be watching very closely tomorrow. If we
get it price extended from that trend
line back into the range of this
consolidation, that would then be a
failed breakout of this near-term bare
flag, which then would put more selling
pressure on gold. So, pay attention to
that tomorrow. Also, with that 10-year
yield pushing up, if it does push up,
the metals, including silver, are going
to be under some pressure. Now, we did
anticipate this already. We highlighted
this yesterday that silver was likely to
have a down day because this was the
third hit of this declining trend line,
one that originated back here in May
13th of this year. So, we already knew
we were had high probabilities of
getting rejected, but we had a very
decent rejection pulling down today over
3% on silver. Now, tomorrow's resistance
will be right back here on this
inclining trend line, $61.80 80s
near-term support down here under the
bearish consolidation at $559
into US oil. Finally, guys, I've been
saying this for the past week or so that
we are due for a bounce on oil. Now,
there was news that did break that the
um agreements in the Middle East are
faltering. So, that's why we had a big
rally here on oil today. You can see it
here on the 10-minute chart. Look at
this. We were just putting in bullish
consolidation almost like we had
foreshadowing that this event was about
to occur. See at 9:20 price action just
moving up, chopping sideways. That's a
bull flag, folks. And then liftoff right
here when the event occurred or at least
hit the news wire at 240 this afternoon.
Oil shot up as you see here about two
bucks on US oil. Where does that take
us? Next resistance $75.56.
Uh near-term support will be this lower
range of consolidation right here at
6716 followed by $6460.
A bounce up in oil also put pressure
across other markets today into Nat Gas.
NAC gas really didn't do too much today.
It did have some volatility, but as far
as where we're opening and closing is
basically another sideways chop day. Now
guys, the longer and longer I'm studying
this chart with price not getting
underneath this green candle from May
28th, the more this is telling me this
is bullish consolidation occurring right
underneath resistance. And I flip back
to the weekly time frame. You could see
this is an inclining parallel channel on
the chart of Nat Gas. As I said on the
weekly time frame, a larger time frame.
Notice from this low that we had earlier
this year, we've moved up and look how
much cleaner that bullish consolidation
is looking at the moment. So that tells
me NAC gas is winding like a coil,
building momentum to start moving higher
on the charts, particularly on um the w
upcoming winter months. Even notice here
on this weekly time frame, doesn't this
look like a pretty nice inverse head and
shoulders pattern on the chart? That
would put price well through $3.58
likely then targeting around the $4 mark
on NAC gas. So be paying attention to
that. There's a couple break points.
I'll zoom in on the daily chart. You can
see here we've got a break point here at
$3.35.
Then the next one to regain entry into
the parallel at $340.
All right, next up into Bitcoin. Not too
much uh to report on Bitcoin today
except for it is sideways doing its best
to maintain above this inclining trend
line. Show you where that comes from.
That is the bottom of the parallel
channel dating all the way back here to
April of 2021. So, Bitcoin's doing its
best to try to get back in. That's what
the bulls want to see. You want to see
price comfortably get back in that
parallel, extend itself from that
parallel. That way, it can use that
level as support. Otherwise, if it chops
here, it's vulnerable of retreating back
down to $60,000 as the next little pit
stop there on the charts. All right,
guys. Next up into what I consider some
of the biggest hottest plays of the
year. No doubt about it. These stocks
have been on fire. This is Sandis that
we're seeing here. And it was
illustrating to us, guys. You can see
this right here. Let me throw this
topping tail detector on. Boom.
Foreshadowing the fall that we've just
experienced. Look at this mammoth
decline over 30%. You could see this 30
over 35% all the way to the bottom. But
the buying pressure propelling it back
up from the lows is telling me we're
likely due for a near-term bounce with
the first level of resistance 1817
followed by and guys this is a signature
of this show. Anytime price action
either breaks out to the upside or it
breaks down to the downside. What does
it like to do? It likes to find support
and then retrace to the point in which
it broke down from and then get
rejected. All right. So what are we
anticipating? price action on SNDK very
well could march all the way back up
here above $2,000 to retest the bottom
of this parallel channel. But guys, we
have broken down from this parallel and
confirmed the breakdown with the move
today. Yesterday we didn't. So this
flips the script on the chart of
SanDisk. We are now in breakdown mode on
Sandis. Even with this recovery, this
recovery will fe will see major
resistance coming back in to this
parallel channel. We'll see if it can
get back into it. And if it does, that
shows you the strength behind SanDisk.
But with the dilution fears of uh Deep
Seek and other products coming aboard
should definitely bring concern to any
investor in SanDisk looking for it to go
back above and start tagging $2500
levels or even higher in which analysts
have already forecasted. Now guys,
pullbacks are healthy. It's okay in the
markets. Don't hit the panic button.
This thing isn't going down to $2. Um
it's just we have currently confirmed a
broken trend right here on the chart
which is definitely newsworthy for the
current uh market volatility indicator
and momentum indicator being in these
memory stocks. Next up WDC slightly
different picture here guys. Notice I've
got also inclining parallel channel.
However, today's price action did not
confirm a breakdown. Notice yesterday we
were back within that parallel. So today
is just one day outside of that parallel
channel. Tomorrow we would need to see
price get underneath the low of today at
$510 and then put in a close underneath
that level. And if that occurs then any
sort of return back to this parallel can
be resistance. But you see already the
divergence that's occurring here. Sandis
already confirmed the breakdown. WDC on
the verge of potentially breaking down
but not yet confirmed. And then we flip
into this next chart. Micron, which I
believe to be one of the leaders in this
memory play mainly because of its uh
market cap and waiting in the NASDAQ
being a top 10 market cap company.
Notice on this chart with its parallel,
it has not even closed outside of the
parallel. So look at the divergence
here. WDC first day closing outside
after being back in. You could argue
yes, we did close outside on July 2nd,
but we quickly recovered back in. So
that resets the clock as far as any
breakdowns and puts the clock right here
on today's candle. SanDisk different
story confirming a breakdown. So that
leads me to believe if we're at MU
potentially getting a bounce at the
bottom of this parallel. That likely
leads me to believe WDC will bounce,
SNDK will bounce, and SNDK may bounce
right up into that zone to give us you
give us that opportunity for a high risk
uh or pardon me for a highreward lowrisk
play by shorting right at that parallel
entry. And if you it goes above and
closes, you simply stop out. But that
would be the high profit and high
probability play. If we get that
opportunity and if Micron continues to
bounce up, next resistance will be YAT
Philill at 983. Uh major resistance will
be on this uh 50% area of the parallel
roughly around $1,200 depending upon
when we get there or $1,150.
Uh next up, a winner on the day, guys.
Look at this. Net Cloudfare. Now, they
did have analyst upgrades uh forecasting
a move up to $300. uh also had a
revisions their analysts did to uh the
estimates for their second quarter. So
they're looking at having a potential 5%
move an increase in their estimates. So
CloudFare was on fire up 8.6% while the
rest of the markets were in a little bit
of trouble. You can see here I've got an
inclining parallel on net dating back
here to April 1st of 2022. Most recently
with these high pivots testing the top
range of this parallel, we made new
all-time highs. today. You can see we're
getting very close to that again. That
tells me near-term resistance, meaning
in the next couple days, is going to be
just above all-time highs at $278.19.
Great move so far on net. The RSI tells
me we could go a little bit higher as
well. So, we very well could pierce the
top of that uh parallel channel, but
then at that point, we're likely running
out of a little bit of steam. So, be
mindful of that. if you are long with
net uh major resistance coming up here
just above 278 bucks. And lastly, we've
got a viewer request from G. Mitchell
G6H and it is regarding Red Robin asking
if there's a cup and handle forming. Uh
if so, he's going to grab some onion
rings. And man, I don't blame you. Those
onion rings are pretty good. Same with
the fries. Uh but what I see now is not
necessarily a cup and handle forming.
Notice I've got Red Robin on the weekly
time frame. All right, we haven't yet
had enough days of consolidation. this
one candle to here on June 29th, that
weekly candle doesn't give me the most
rosy uh feeling with all that selling
pressure at the top of the wick. I'd
rather see Red Robin in the coming weeks
chop back up even within that wick and
put in some bullish consolidation. If we
get that, this could then develop to be
a cup and handle pattern with a target
up here just sub $11 at $10.91.
So, pretty interesting chart, but
beware, this cup and handle pattern did
not play out before and it did not play
out prior to that either. So, RRGB needs
to get traction to get itself above the
current consolidation and right now
looks like it's dipping rather than
helping itself to form that handle on
the cup and handle pattern. All right,
guys. Uh, thanks so much for tuning in
today. Don't forget to like and
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too can learn technical analysis on the
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own home and making money doing so. All
right, uh guys, we'll be back here
tomorrow. Until then, I'll find you guys
right here on the charts. Take care,
everybody.