Trading The Close | July 8, 2026

[music]
Hello everybody. Excuse me. Welcome to
Trading the Close. My name is Drew Dosk.
And guys, the markets, except for the
S&P 500, did exactly what I thought they
were going to do and bounce up a little
bit today. We were getting into that
yesterday, illustrating the divergences
that were going on with SNDK, WDC, and
MU. And MU being the biggest of those
three. We saw what was happening on that
parallel channel. Price was hitting the
bottom of it, likely due to at least
prop itself up for a day or two, and
that's what happened. The Sims then did
bounce. So, let's jump into some charts.
But first, we got two viewer requests,
so stick around for those. We got uh
Nutella Z9964
as well as R Midaramus.
Uh I love these YouTube names, guys. But
I'm going to check out both of those
charts for you here in just a little
bit. Got a great show. Let's start off
with the spiders first, guys. Notice,
and we've been talking about this, guys,
this wedge pattern from these two uh
trend lines, one from the top and one
from the bottom, has really been
pinching price over the last several
days. I said that's what I'm watching
near term, and so far that's turned out
to be correct. And we'll look into
tomorrow because that's still the same
story. You see, yesterday we were
testing the top end. Today, we're
testing the bottom end. So, what that
tells me, guys, we're getting towards
the end of this wedge. price is either
going to break up or break down. And
what's been going on on the SMH as far
as those leading signals, the topping
tail, the sleeper hold, the engulfing
reversal candle, all of which are
telling me the semis are under stress.
And as long as that's going to be the
case, the rest of the markets are likely
to follow. But we'll see where this
takes us and monitor this very closely.
Tomorrow, resistance on the upside,
$748,
support tomorrow at $742.85. 85. Next
up, the Q's did a good job holding their
level of support today, all while
staying and remaining positive by the
close. Very nice close. Post hours were
pulling down ever so slightly. But here
was the key level of support today. And
you can see that right here from the
pivot low that occurred on June 5th.
That level there at 70432 ended up
supporting price, propelling it higher
to close at the day. That still will be
a level of contention tomorrow given the
fact that we were very close to it
yesterday, pierced it today. This area
is weaker at 704.32.
The next level of support if this does
break tomorrow is down here at 69525.
Got a lot of room to run to the upside
for uh resistance on the cues if we do
start catching a bid. Uh next up, the
SMH, as I said, did put in a bounce
today, up 1.99%.
This tail also was a little bit of a
signal. It doesn't qualify as a
bottoming tail because price is just
simply too close to it on the history of
this chart. It's not at the lows or
recent lows of the chart. Matter of
fact, it hasn't even made a lower low
from this low pivot. So, we're not into
a potential daily bottoming tail, but it
sure acted like one today, propelling
price back up. Resistance tomorrow on
the SMH at this gap fill at 603 and
change. uh support if we do uh flip on
the selling light switch again.
Support's going to be down here at
$55266.
Jumping into the 10-year, guys, as you
see here, look at the development going
on in the 10-year, helping to add
pressure to the markets, but not today.
Even with it pushing up, making new
near-term highs above the pivots that
occurred last month in June. But you see
here, we still have some room to go
before we start talking about near-term
double tops up here from the May at
4.68. 685 range on the 10-year yield,
but one day above doesn't confirm
anything. We'll see if we'll get a
follow-up move, in which case this trend
line would then turn into support. Much
like what happened over here, we had a
follow-up move. We didn't just rip right
through it the next day. We actually
paused for three trading days before
then falling back down and retesting
that trend line. Now, we find ourselves
right back here. Let me remind you guys
the larger time frame pattern of this on
the 10-year yield, which is why again we
could be looking at higher rates for
longer, which is not good for home
buyers looking to refinance their
mortgages. And you see this declining
trend line back from October of 23 all
the way over here to January of 25 and
piercing up above that yet again. If we
do continue this momentum, we will have
a little bit of hesitation pausing at
the recent highs as I said at 4.687. But
then the next destination will be 4.809
the high back here from January of 25
and then 5%. If you look at this on the
weekly time frame guys this looks like a
big move up and bullish consolidation.
So this is definitely on my radar to
watch as we could be sending the uh
rates much higher than a lot of folks
anticipate and that could keep us up
there for longer uh which likely won't
be good for growth equities like tech.
All right, into gold we go. As with the
rates were rising, gold and metals were
under pressure. Gold dipped down uh
closing around 63% on the day today. Did
dip as low as $4,021 before bouncing up
50 bucks. Caught some support right
amongst all of these candles of
consolidation. You see this one, two,
three days all closing right here.
That's where price went and since got a
bounce. Looking like though we're going
to confirm back underneath this
inclining parallel channel. And if we do
so, then we've got resistance right here
on this trend line, $4,153,
which then opens the probabilities if we
continue going down uh to the next level
of support at $3,886.
Next up into silver also extending its
losses uh on the chart today, down 2.7%
contending right now, and I'll back out
with the 50% area of this inclining
parallel channel. You see this here,
this parallel has been going on with
silver all the way since back here in
February of 2008. Briefly breached it to
the top side, but now we find ourselves
consolidating right here on top of this
50% area of the parallel. The more and
more we consolidate, yeah, we may break
this at least near-term declining trend
line, but guys, that's bearish
consolidation at the bottom of the
near-term price action for silver. Now,
we generally do bounce at the 50% area
of the parallel, but I'm still
anticipating silver coming down at least
tagging 5509. And then once we get under
that level all the way down to 4963,
this other declining trend line from a
previous pivot over to the consolidation
that occurred in October, that's going
to be my area in which I'm going to pick
up a little bit more physical silver.
Wouldn't mind if it went down here to
sub $30. I'll just still pick up more
physical silver as I do see silver being
in demand. Uh the longer and longer that
we continue uh printing money, the
longer that we have electronics, the
longer that um interest rates are in
trouble, silver will be uh an attractive
metal to have and at least keep away as
an insurance policy. Uh next up into
oil. Now guys, as we've heard, the uh
conflict in the Middle East has uh
erupted again, but I don't know what
came first. Much like the chicken or the
egg, we've been saying in here in this
chart on US oil were due for a bounce
and then the news hits that the uh the
conflicts increasing or at least
beginning again. And so we may not have
the straight of hormuz completely
operating in a normal capacity until
next year and oil prices reacted going
up on the charts but not nearly as fast
as what we saw back here in March. We
first are tagging this level of
resistance 7556. So far that's holding
price down. Now, if this uh escalates
any further in the Middle East, I know
OPEC is doing a lot of work to negate
some of the uh disruption that this is
causing. So, they're they're increasing
out output, which likely will do its job
to help keep oil prices lower. But if we
do continue marching up, next key
resistance to watch, 8133 support down
here on this trend line, 6934.
Next up into Nat Gas. NAC gas did have a
down day today, down 1.8%, 8% but it
didn't leave this bullish consolidation
after getting rejected again from this
inclining trend line. It's still
maintaining a very nice shape of bullish
consolidation. And I flip to the weekly
time frame. You can see it even cleaner
there. Matter of fact, it almost looks
like it was starting to form an inverse
head and shoulders. This just is not the
cleanest of shoulders over here. more
like a cup and handle pattern that's
forming at the current time with a break
level not only with that inclining trend
line but cleanly with that declining
trend line too. We can see a break level
for a potential breakout a little bit
before we get back into that parallel.
So we're going to be monitoring this
level $3.34
in the near future. If and when we get
price over that it will be on breakout
watch for NAC gas. Next up into Bitcoin.
Not too much new to report. down 1.77%
still maintaining bearish consolidation
trading underneath this inclining
parallel channel. All of that tells me
uh probabilities are leaning more
towards moving down to the next support
53,000 followed by the head and
shoulders measured move target at
37,508.
All right guys, next three charts all
have something in common. All right, so
I want you to do your best take a look
at these next three charts. We're not
going to break them down entirely right
now. Just look at them, tell me what you
see, and I'll give you the answer in
here in just a few moments. First up,
IBM. Beautiful move up here. Look at
that nice draw back down today. Next up,
Axon. Look at this massive march up.
Huge profit taking decline today. Nice
push down over 6% down. Lastly, Figma,
FI, FIG, beautiful move up and then a
nice 3% move down from the uh lows
today. So, what do all these three
charts have in common, guys? And I don't
I bring it to your attention for a few
reasons. Mainly now, because now we've
got our educational courses on sale.
Each of these three charts had a sleeper
hold pattern present themselves.
Yesterday at the close, I had members in
the live day trading room today telling
me they took some of these trades
overnight, pocketed 3% on these charts,
and woke up the next morning with some
nice money in their pro in their uh
portfolios. Learn these patterns, get
them while they're on discount. You can
make one trade and pay for these
educational courses. Uh all of them,
including mastering the overnight trade,
the sleeper hold, which is on all three
of these charts, are on sale. It's a
no-brainer. take it. So you got another
tool in your toolbox and understand how
to anticipate downward movements much
like what happened on IBM on Axon that
we could spot that was going to occur
today because of the patterns, the time
counts and the resistance levels that I
go through in detail on mastering the
overnight trade, the sleeper hold. Do
yourself a favor, invest in yourself,
get some of these educational courses so
you can start sniping off each and every
one of these trades that are available
to you every day of the week. All you
got to do is learn what to look for. All
right, so next up for Figma, this is for
uh Nutella's 9964. He wanted me to go
over this chart. You can see, as I
already highlighted, we were
anticipating a downward move today. Now,
we could continue this over the next two
days, in which case support will be here
at $2012.
The main level for you to be paying
attention to any bulls on Figma. As we
see here, we've got a left shoulder, a
head, and a right shoulder. That's an
inverse head and shoulders pattern.
Neckline is a little higher than this
current declining trend line, but this
is the first signal that price is
starting to break out. And that level is
at $244.
Now, resistance just beyond it. In
essence, the neckline of that inverse
head and shoulders pattern at $25.73.
So, price will have to navigate both of
these, but if they can get above 2573,
guys, we're going to be heading up much
higher on the charts closer to the 34 to
$35 range on Figma on a near-term
breakout watch. So, be paying attention
to that. You don't want to see price get
underneath this head, underneath this
daily bottoming tail. If it does, this
pattern is negated, guys. So, be very
mindful of that there on Figma. Next up
here on Nvidia, guys, beautiful push up
today, up 3.65%,
but you see what's sticking out on the
left hand side of the screen. That is a
massive head and shoulders pattern. Now,
yes, it is angled pretty steeply up to
the upside, but we do have a targeted
measured move down here sub $180
at $17957.
We have not yet gotten there. Matter of
fact, we've been in bearish
consolidation over the last couple weeks
of trading. This candle today trying to
buck that trend, get out of this
consolidation and then tag this
resistance at 20603. Nvidia had a little
bit of good news today where China did
say that they would allow some of their
companies to buy up to around 200,000 of
their chips. Uh but you know, it was a
little bit of good news, but it wasn't
opening the floodgates for a lot of
purchases coming out of China. So
anyway, the investors reacted and did
push up Nvidia as well as some of the
other key AI data center tech plays
today. Uh next up into Amazon. Look
what's going on here on this chart of
Amazon. I've got an inclining parallel
channel in which price has been
contained back here since December of
2022. And I want to bring your attention
over here to what happened when price
got in the top 50% of this parallel. It
made a beautiful M shape. Now, if you
haven't heard of this, they have MA
patterns where price attempts once it
has fallen and form the M pattern. Price
attempts to come right back up to the
low pivot of this M and generally gets
rejected rejected and you see further
downside pressure. Of course, any
patterns can fail and we can have price
go up above it. But that's what's
appearing here on the chart. We don't
have to go back uh that far to see
another MA pattern on the chart. You can
see an M here on Amazon. And then when
price did get up to it, it immediately
sold off. But then it took 300 days of
consolidation up through that level,
back down under the M, up through it,
back down through the M before it broke
out above that entire MA pattern. So
this MA pattern is something to pay
attention to considering it could take a
year for Amazon to get above these
pivots as as long as it acted the same
way it did in the previous chart. Now,
near-term, we're fighting to get above
this uh 50% area of the parallel. So,
that's the first step for Amazon bulls,
get above $250 and put in a daily close
up there. Then, the major test comes
right here at $255.
Will Amazon be able to beat it on the
first go? If not, how far will it get
rejected? And we'll keep you up to speed
at that time. Once and if pattern gets
into that range. Near-term though,
support at $22,948.
Next up into AVGO. Now AVGO also had
good news today. They had a deal with
Apple securing uh their chip supply
through 2031.
So investors rejoice pushed the price up
very nicely here 4.83%. But you notice
it didn't close outside of this range.
We had a big drop and then lower range
consolidation. But this was the
intermediate consolidation with three
days uh moving sideways before the drop
that occurred catching support at 36829.
So right now for AVGO bulls, you want to
see price get above these pivots and put
in a close. Then get up above today's
pivot and close. Then that will help
extend itself away from this
consolidation, turn it into support at
378. That way it can help to gain
momentum to then reattack this
resistance level at $41464.
All the while though, larger time frame
pattern, guys, that is a big bare flag
on the chart. Could be due though for a
near-term bounce. just be monitoring the
daily closes in the coming days around
these three candles. Next up into Baba
that had a nice day today. Look at this
though on the um on the chart regarding
one simple trend line. Guys, this is one
of the greatest parts about technical
analysis. I can draw one line guys and
it gives me data for over a year and on
top of that it can help me isolate key
points in which price is likely going to
bounce. All right. So, right here is a
perfect example. We've got a declining
trend line that was connected over to
this low. And if you notice what
happened here, we did put in a bounce.
We followed it back up, got very close
to this trend line, then put in a solid
level bounce. So, that solidified this
trend line, telling me next time price
got into it, we were likely due for a
bounce. And see how price pierced this
level almost kind of like a trampoline
if you think of it that way where the
weight of an object just came down,
pierced it, but the trampoline didn't
break. It actually now has propelled
price back up, accelerating, moving up
11% today. So this is on one incredible
push for Alibaba today. Next key
resistance at $117.93.
But I bring your attention back down
here to where this pivot occurred here
in April. And I created a trend line
back from the low in January of 2025.
And we cleanly see this this trend line
really separates this massive cell, the
break point, and then also all of the
other positive bullish price action on
the BABA chart. It tells me that when
price action continues moving and beats
11793,
this is going to be the big test right
here on this trend line for Alibaba at
$127.80.
this uh Alibaba is and the reason for
the good news they said that they are
putting a lot more of their resources
into their AI and uh cloud services. So
BABA really did uh push up nicely and
this likely won't be the only day. Look
how far down Baba is with this daily
topping tail that occurred up here at
$192. We're now just at 100 basically
50% off. Uh BABA has a lot of room to
run. I anticipate price eventually
coming up and tagging this inclining
trend line whether sooner or later would
be a higher rate. Lastly guys into
Humanana and this one is for uh Rest
Midi Arms and I wanted to bring this to
your attention. Thank you guys as
viewers. Thank you for your comments. I
really appreciate your participation.
Plus we get to look at a few of the
charts that you're interested in and
they're great ones. Thanks for the
recommendations. These this chart Humana
has been on a rally. So let's get on to
this chart. We can see I've uh outlined
a declining parallel channel for
Humanana on the weekly time frame.
Near-term guys, we're overbought. We're
extended beyond the 70 threshold on the
RSI on the weekly time frame. So, we are
due for some profit taking. You see the
resistance level right here, 40609,
very close to this declining top portion
of the parallel channel at 414 and48.
So, be watching for some profit taking
to come in. first level of support at
38066
major level down here at 355 and55 and
then still could give a chance for a
bounce at the top of this parallel. The
last line in the sand for me that when
which I would still be bullish on
Humanana is if price came down tagged
this level 32438
and then immediately return back up to
the top of that parallel. So there's
your levels. If you missed this ride and
are interested in getting back in and
consider that Humanana has a chance to
break the top of that parallel. If it
does, eventually we're pushing to 48395.
But right now, got to beat the top of
the parallel. Profit taken is more
likely. So, be looking for price to come
down uh closer in the near term uh for
potential bounce moving up later. All
right, guys. That wraps up trading the
close. Again, thank you for the viewers.
great recommendations, great charts, and
very interesting price action to look
forward to on those and a lot of great
stuff going on with Nvidia SMH. Really
deceiving during these times. We'll see
where the markets play out tomorrow.
Can't wait for it. Until then, you guys
have a fantastic day. Don't forget to
like and subscribe. And then aside from
that, guys, I'll see you tomorrow right
here on the charts. Take care,
everybody.