Market Bounce Setup: Key Short Targets for SPY, QQQ, & Big Tech

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.
>> Welcome to today's best trade setups. My
name is Benjamin P, head trader here at
verifiedinvesting.com.
We are having a nice pullback in the
chart of USO and the markets are getting
a nice bid to the upside. What bullish
momentum. This gives us great
opportunities to get into some short
plays with the exception of Intel. Intel
headed up a little bit higher, but now
it's fading. So, I do have a gap that
I'm looking at to potentially trade for
a long. And so, we do have a couple
different opportunities on the short
side and the long side. Let's jump into
the first chart is the S&P 500. First
level of resistance on the S&P 500 is
$252.223.
Here's a red bar candle high pivot point
here. Now, just below this high pivot
here. So, 200 $7523
is my shortable level today on the S&P
500 or the SPY. Jumping into the QQQ,
here's a gap that was filled already
today at $722.82
82
because we've already gotten a decent
pullback. If you're aggressive, this is
still a great resistance level on the
QQQ. Just know that if it does close
above that on a 15-minute closing basis,
you could look to stop out of the trade.
And then you have a secondary level of
resistance at $725.
That's going to be a solid resistance
level. If we can get a close above this
gap right here on a 15minute closing
basis, it's likely that the cues will
jump higher. And so that's why that's my
level. Let's go into Nvidia. Every once
in a while, you get these beautiful
charts that play out and then you get
the breakdown and then a retrace crime.
I gave you my Nvidia level and I was so
excited about that level that I actually
took that in the live day trading room
and rode that down. Now, it did close
above the neckline on this head and
shoulders pattern yesterday. However,
you notice what happened today. We're
getting a nice sell-off. And so, we're
actually slightly negative on Nvidia.
So, this is a perfect retrace to the
scene of the crime and then a pullback.
One thing for this shoulder head and
shoulder pattern. So, head and shoulders
pattern for to negate that would be a
close with a continuation move to the
upside on Nvidia. So, if that happens,
what I'd be looking to do is short
Nvidia here at $28.65
and that would negate this head and
shoulders pattern and it would take this
off of the table. Now, if you're
starting to swing trade this on the
break, that's the same price action or
the same action that you would take if
it does close above this uh neckline on
the downside. Again, $16,521
is still a gap in the charts that
eventually I do think will fill,
especially if this head and shoulders
pattern actually plays out. We're still
kind of bullish on this. Um, if we can
recapture the neckline, then all of a
sudden we have the opportunity to go up
higher. But we just got to see what the
charts are giving us. And right now,
we're staying really um we're underneath
that neckline. So, watch for further
downside. Tesla 391 bucks. I love it
when charts play out the way that
they're supposed to. Pivot low here.
Price consolidation retested this
support level multiple times. Because
it's hit so many times, though, I don't
like it nearly as much. Obviously, the
more often a support level gets hit, the
weaker that level gets. So today, if we
get a sell-off, I'm looking at this
$380.15
level, and that would be a decent
sell-off on the chart of Tesla, but this
would be a low pivot as well as all of
this price consolidation, which is why I
like $380.15
for a long play today on the chart of
Tesla. Here's ARM. ARM was actually
pushing higher. Um, we're getting a nice
fade now. I was actually anticipating it
going up a little bit more. ARM can get
some momentum behind it. As you can see,
these three candles took three up
candles before we got a final pullback.
So, I here's one candle. Here's two
candles. The third candle would take us
likely up into this $35457
level. So, this is the level that I'm
actually eyeing either today or tomorrow
going into the morning trading session
um for tomorrow. But, this is going to
be a key resistance level knowing that
I've got additional resistance right
here. this pivot top at $362.
Now, if it does start closing above that
on a 15minute closing basis, I would
actually look to stop out of the trade
of ARM. If we start to fade, I don't see
that happening today, but you have this
gap at basically around the $300 whole
round number. That would be a great area
of support to go long on the chart of
ARM.
SOXX
here was a resistance level. It got up
there in the pre-market, I mean during
the market hours in the morning session.
Got a decent pullback. The level that
I'm eyeing today is $61.50.
This is going to be a previous gap in
the charts as well as all of this price
consolidation and just above this red
bar candle high. You got to think that
there are a lot of people who are stuck
in this trade right here and then this
secondary candle who want to get out of
the trade if it does get up to that
level. Which is why today I'm eyeing
60150 for the TR chart of SOXX.
AMD is continuing its march to the
upside. Already filled this gap. So this
is no longer on the table at $5521.
What I would be looking for is a
continued push up into this gap right
here at $580.91.
So that's my swing or my day trade short
level if we can get another push up. Now
AMD pivot low here, secondary hit, third
hit right here into this red bar candle.
That was your support level.
Now before I go any further, the reason
that I'm able to identify these, it's
not because I can predict things. What
I'm able to do is I've built a
foundation on what we traders have done
in the live day trading room, but it's
through courses. So, right now we have a
financial freedom sale. It's going till
the 12th. You want to click that QR code
and get access to the same information
that us traders use to chart these
trades every single day. And it gives
you a lot more confidence once you have
gone through the methodologies um either
in Drew's sleeper hold plays where you
can identify key swing res uh resistance
levels or long levels that play out
quite nicely in the next few days or the
winning trader series which Gareth has
built his foundation on. Gives you an
idea of how to trade these with
confidence on your own. So scan that QR
code. You want access to those courses.
All right. And that's how I was able to
identify this chart on AMD. Not because
I knew what was going on, because the
chart was telling us. And so that is why
that was a long level on AMD. On the
upside again, $580.91
is that level that I would be eyeing for
the chart of AMD. I mean a short level.
Intel, if it drops into $11024,
look at the weakness Intel is showing
right now. If we drop into 11024, this
is the gap. They would basically go flat
on the day after a decent move to the
upside up to 117 bucks. So that would be
a great pullback into some support.
$11024
is that entry price on the chart of
Intel if we can get that fade. If we
continue higher, we have this gap right
here sitting in the charts at $122.31.
Let me get the exact dollar amount.
$122.20 20 cents is that gap in the
charts. If for some reason the bullish
uh the buy the dippers come back in and
drive this higher, that's the level I'd
be looking to short. Dell's pushing up
as well. Here's a key resistance level.
Dell had some bullish momentum going
into today, which is one of the reasons
that my short level today is $465.80.
Wasn't a huge pullback. So from the
highs got about a 23% draw down and now
we're just continually marching higher.
So this is also a swing trade level. If
we can get up to $465.80
day trade and shortable level today. If
it does start closing above these pivot
tops at about $470,
this is an area that I would look to
exit the trade on a daily closing basis
above it. on a day trade. If we can get
up there today on a 15minute closing
basis above 46580,
that would be my exit price on DEL or my
exit strategy. Look at this move on
SanDisk.
Look at this.
I'm going to have to zoom out in the
charts pivot low, secondary hit.
Look at what happened right here. Third
hit of the subscal
support at this gap in the charts. Now,
it did miss this gap, and that's okay
because we had this secondary factor of
this upswing trend line. And look at the
march higher. So, what I'm identifying
today after this huge surge all the way
from sub $1,500 bucks, you're looking at
an almost $425
move to the upside. Key resistance
level, previous gap in the charts, it
acted as support. And then all of a
sudden once we drop below it, this
support level is going to be resistance,
which is why I'm eyeing uh $1,9146
for a short trade on SNDK. On a swing
trade, I wasn't giving these out, but
now I am. Now that we've got volatility,
if we can head back up to this
upswelling trend line, retrace this
scene into the crime after this
breakdown at 2351,
that would be my entry price for a swing
trade short knowing that my stopout
level is any daily closing basis above
that level because then I can exit the
trade and minimize the amount of risk.
Last but not least, LIT had this great
surge to the upside today as well.
caught a ton of support here right on
the $700 whole round number after this
massive sell-off. So, this was great
support. I was actually eyeing a little
bit lower at $654.79
for the next level support. It decided
it wanted to play its own game and go up
a little bit higher. So, here's a pivot
low that it got rejected off of right
around the $800 whole round number
pierce. Now that that level has already
played out, what I'd be looking at for
LIT is to head all the way up to about
$8586.
That is my shortable level today. If
you're a little bit more aggressive, you
could play this previous gap at about
$817 bucks. So, that would be the level
that I'd be looking to short LIT going
forward. All right, so thank you so
much. Go ahead and smash that like
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rest of your day. Take care.