Each afternoon, [music] 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. >> [music] >> The S&P 500 and the Nasdaq, the QQQ, are starting to fall a little bit with the prices of oil starting to rise. And there's a probability of a rate increase, which is actually putting a lot of pressure on the commodities. So, I'm going to go over gold and silver in this analysis as well. Let's jump right into the charts. The S&P 500, like I mentioned, it's got a little bit of weakness today. Never got up to that $750 level for my short yesterday. Now, if we get a nice bid to the upside today, I would be looking at this gap in the charts sitting at $748.17 as a rejection level. Now, we're still monitoring this up-sloping trendline. Pivot low here. Secondary hit. Third hit. Fourth hit. This support level on the S&P 500 is starting to get a little bit weaker. As you can see, we're down below it now. This does not confirm that we're having a breakdown in the S&P 500 yet. What I would like to see is not only a closing price here, but then a low pivot at $738.06 to be taken out. Once that happens, it's likely that it's going to continue that move. Doesn't give us an entry price. What we'd wait for is not only this closing candle right here, close below this low pivot, and then we could play this on a potential retrace to the scene of the crime, which would be all the way up here above the $750 level. The thing I like about that opportunity for a swing trade on the S&P 500, it gives us a clear entry price, and it gives us a stop out if it does get back above this up-sloping trendline. Now, I'm going to say it hasn't confirmed below it yet, so this does not guarantee that there's going to be a breakdown in the S&P 500. The QQQ, couple different trend lines we're monitoring, this pivot top here, secondary hit, third hit right here, and now we're above this up-sloping trend line. So, the Qs have a lot of support coming on the way down. So, what I'm looking at is potential close below this uh basically this primary up-sloping trend line where you have the pivot low here, secondary hit, third hit, fourth hit got saved. If we can start closing below this $713 level, then that opens a door for this primary up-sloping trend line to get broken. So, I'm going to remove this trend line. Once we can do that, we're going to need a confirmation or a close below this low pivot at about $705. That could signal more of the top is in. And then, the second level of up-sloping trend line right here needs to get broken. As you can see, once we retrace it or once we broke above, confirmed above, we retraced right down to the $698 level, then we got this bit. So, what we need is the same thing, but on the downside, and this would confirm that this up-sloping trend line is back in play, and then we could see a further sell-off in the QQQ. Right now, we are green on this candle, but we're still negative on the QQQ. For me, I would be looking to short this at $720 pierce. That is where I would look to short the QQQ. US oil is getting really close to that first shortable level at $147.61. This is your key shortable level for a day trade if USO can push up a little bit more. Knowing you've got this previous gap in the charts at $151.26, that's where I'd look to dollar cost average even on a swing trade basis. The day trade level is 147.61. Swing trade level is still that same level. What I would not do is hold the exact same position size for a day trade as a short as a swing trade. So, even if I went really heavy, I would have a small minor position for a bigger pullback on the swing trade basis. So, just to kind of throw that out there, it's not the same position size. All right, silver is getting a nice drawdown today. Look at this move. It got up to the high end right here. It got rejected at $88. It actually got up to $90 or pretty close to $90 an ounce on the chart of silver from this level. This was a really substantial pullback. We had over a 15% draw drawdown in just 3 days. Up-sloping trend line that I'm monitoring. Low pivot, secondary hit, third hit. This can actually all be considered one hit because it kept the support in this area before this nice move to the upside. Once we get back into this level, I am a buyer on silver $75.43 an ounce. This is where I'm going to go long. Up-sloping trend lines start continue to stay solid until they get broken similar to what's going on with the S&P 500. The S&P 500 or the silver chart, if it stays above this level, then we can start re-attacking the upper end of this pivot top right here right around 89.44. However, if we start breaking this up-sloping trend line with confirmation, then all of a sudden it opens the door back down to about 71.42 per ounce on the chart of silver. Swing trade level is your entry price and your stop out level would be any close below on a daily closing basis with confirmation. Once we take out this level, which I do anticipate happening, your next level support is going to be major support at 6413 an ounce on the chart of silver. STX is having a nice drawdown today. I did mention pivot low here, secondary hit, third hit, outlier, price action got above, and so your long level was actually at $600 or $765.77 right in the crux, not only on this up-sloping trend line, but a gap in the charts. And look at what happened to STX. We're getting this nice bid to the upside. So, I did have this $800 whole round number. Today, if it gets up into this gap in the charts at 804.76, this is your day trade level on STX. We're still monitoring this up-sloping trend line for a potential breakdown with confirmation, and then we could look to play it on a retrace at the scene of the crime for a swing trade. It's nice to finally see some of these charts are actually starting to respect the trend lines with this nice sell-off in the S&P 500. Gold is having a nice drawdown as well. Here's my my line in the sand. You got a pivot low here, secondary hit. Here's a third hit. Came all the way down, filled this previous gap in the charts at 4520. This is your level of support. If we can start staying or maintaining price action above this, then we could start heading all the way up to about $4700 an ounce on the chart of gold. Your line in the sand right now is 4733. If it gets above that, then it opens the door for another push to the upside. Right now though, we've got this nice rounded top or an inverse cup and handle pattern. So, nice rounded top with a little bit of a handle. So, now I'm starting to favor more of a downside on gold, but we have to respect the support until it gets broken, and then you could see more downside. Eventually, I think or I see gold coming all the way back down to these low pivots at $4,098 per ounce. And then once it breaks that, you're going to have a nice sell-off on the chart of gold. QUBT is having a nice drawdown today as well. Here's my line in the sand. I love this support level. Notice how many times QUBT had respected this support level. Here, once, twice, three times, fourth time, finally got back below, hit this level on the upside, got rejected, got rejected again. This is telling me that on QUBT, we are facing a lot of buying action in this level now that we're above this level. When it comes back into $10.18, you should have a nice bid. Not only this previous price action where it was support, then resistance, but you also have this nice gap in the charts at $10.18. So, this is your long play on QUBT. Once we start getting back below 10.18 on a daily closing basis, this flips the support into resistance, and then you could see a nice drawdown all the way back down to this down-sloping trendline. And this is where I'd look to enter this for a potential swing trade. Nvidia, I'd mentioned yesterday, anywhere in this $235 to $236 level is this up-sloping trendline. So, this is a hidden trendline on the chart of Nvidia. And let's go ahead and zoom out to show you what I was looking at. You have this low pivot that goes back to the 4th of January 2024 somewhere in this area. Price got below it. Then it was all of a sudden got a nice bounce. Got back into this, as you can see, multiple hits before this final rejection, con- uh confirmed below it, tried to get back above, never confirmed above, and then it got a rejection. All of a sudden, price action consolidated right on top of it, and then we got above it, came back below. This tells me that there are a lot of people and institutions eyeing this up something trend line, which is why I said that $236.85 was going to be that resistance level, and from that point, we got a over a 5 and 1/2% move to the downside from the highs. This tells me that if price action does get above this up something trend line again, like it did here, then we're going to face another push the upside, and I would look for an upside target of around 250. If we fail to recapture this up something trend line, like it did in this area, then all of a sudden it opens the door to come back into this high pivot point at $212. Once we get below that, then you're getting back into this ton of support, and this is where I'd pick up Nvidia for a swing trade. And that's sitting at about $195.29. Last but not least, Bitcoin is showing signs of weakness. Here in the charts of Bitcoin, I've got this up something trend line. Connect this pivot low here. Look at how many times price consolidated on this trend line. Finally decided to break, confirmed below it, retrace the scene of the crime, and then is continuing to get rejected. Now all of a sudden we're putting this pivot top, secondary pivot top, third pivot top. Could be a potential head and shoulders pattern on the chart of Bitcoin. Once we get below 86672, uh excuse me, $78,672, this opens the door for price to get right back to the $75,000 level. For you bulls out there, what needs to happen is not only does this 78672 level need to hold, but then we need to start pushing above 82,400. Once we can do that, then we're attacking the $85,000 level. Right now, I am showing or the chart is showing signs of weakness in Bitcoin. So, for me, this favors a further move to the downside rather than a continued push to the upside. All right. Well, thank you so much for uh joining me uh this afternoon. Please note that today is options X. We're going to have additional volatility towards the end of the day and actually going into Monday as well, where the options plays start to settle out. Price It's almost like the back of earnings, right? So, we like to wait 3 to 5 days after earnings to see where the the stock price actually starts settling in. On options X, there's a lot of game playing in this uh on this specific day. Monday, there's additional volatility, where the price action likes to settle in. So, if you're swing trading that, know there could be additional volatility come Monday. And then on Tuesday, the price of the particular stock should settle, and that's where you can start entering more um aggressive for day trades and potential swing trades. So, that's what I have for you guys. Thank you so much for watching. If you guys are getting something out of this, please make sure you're liking, you're following, subscribing, and ringing that bell, so you get notified every day this market goes to live or this uh video goes live. We'll see you guys next time in the charts. You guys have a great rest of your day. Take care. Yeah. >> [music]