Trading The Close | July 28, 2026

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>> Hello everybody. Welcome to trading the
close. My name is Drew Dosik and guys
today we had an interesting day in the
markets. Tech saw some selling pressure
pulling down on the charts but the S&P
500 remained positive as well as the Dow
Jones. So you can clearly see rotation
going on. We talked about this a couple
weeks ago with rotation out of tech into
some other players in the market. Even
into other tech names like Apple which
yesterday did overtake Nvidia as the
largest market cap in the world.
Incredible. They almost did crack $5
by the close today but they didn't do
it. So we're going to take a look at
that chart guys. We got a full show.
We've got one viewer request and we've
got some other viewer requests from Ohio
Silver. Those are going to come likely
tomorrow or on another show but guys
thank you so much for the participation.
I can't really thank you enough because
it really means a lot to me. Let's get
into these charts, break down where
these support and levels and resistance
levels are. Now for the spiders starting
out today it's just another sideways
chop day but we look back on this chart.
This is a move from up above and
sideways chop. The positive note for the
bulls here is that the the downward side
of each one of these candles for the
last three out of four have all shown
that buyers step in towards the end of
the day pushing the price up on these
candles but that doesn't take away the
fact it's still a downward move and a
near term bear flag. Only four candles
guys. Now it's doing so right above a
level of support at $734
and $0.01 right on top of this old
parallel channel. Well, we've already
caught support there two other times
before and bounced up. This next time is
vulnerable of a breakthrough, all right?
With the next major support, guys, down
here at $7.10.
Now, right around 7:30, there will be a
little bit of support with these low
pivots and these low candles that
occurred. But, should we break that
parallel, guys, that would raise a red
flag. We're going to see and watch very
closely if that happens and if we get a
confirmation signal in the near future.
Next up into the Qs, which had more
selling pressure, down 0.97%
today, but look what it did when
closing, guys. Closed right up above
this level of support, $674.90.
A nice recovery, putting in a a narrow
body bar as well with a decent wick on
the underside. Now, this is just one day
of potential upside recovery. Even
though we're down 1%, you may say, "What
are you talking about, Drew?" Well, I'm
talking about the way we closed. We
started pushing up very nicely and
closing above support. Now, notice the
last couple days of price action. We
closed underneath this trend line, then
we confirmed that close, and then we
pushed down further the following days.
That tells me any sort of bounce, like a
retrace, cuz guys, that happens in this
show weekly. Breakdowns or breakouts and
retraces to the trend lines in which it
had just broken. This happens over and
over again in the markets, so much so
that we can almost
anticipate a potential bounce from this
region to take us up there to that trend
line. So, that trend line right here, as
you see, right around $695.25
will be the resistance. Now, of course,
we're in a downward move now in a
breakdown scenario on the current
elevated price action we had on the Qs.
Now, keep in mind, just because we put
in one narrow body bar, doesn't mean, of
course, 100% we're rocketing up. I'm
simply stating that we did a good job
closing above the support, which
increases probabilities of a potential
bounce and move up. I keep in mind,
we've got the Federal Reserve tomorrow.
We got more earnings tomorrow with Meta,
Microsoft, and uh you name it. Apple and
Amazon on Thursday. Guys, we've got a
lot of stuff that can certainly jockey
price all around this area of support,
which is why I've highlighted the
652.13,
as well as the resistance up here at
695.25.
Next up into the SMH, nice decline today
down 3.45%.
Look at that nasty drop, also developing
the exact same style of candle as what
was displayed over there on the QQQ, the
Nasdaq 100. Now, if you notice here on
the SMH, I've highlighted this
longer-term inclining parallel channel
that derives back into liberation day
lows in April of 2025.
The last few days of trading, we bounced
on top of that area and then even tested
it yesterday. Now, we are cleanly in it.
We did not confirm in here, but we did
confirm a breakdown from this inclining
trend line. So, that area is going to be
the major level of resistance, $580.09.
Near-term minor level of resistance for
tomorrow at 544.61
and support down here at 508.58. That
sort of tail tells me we likely could
start going up and test the top end of
this parallel channel. We'll see if that
comes tomorrow or even overnight as we
do have um the Korean and Asian markets
opening around 8:00 in the evening here
in the US. And then actually, first
before we go to the Dow Jones, let's
look at or before we go to the 10-year,
let's look at the Dow Jones that did
push up very nicely up over 500 points
today. So, all the markets weren't down.
It was specifically tech. The spider
stayed positive, QQQ Nasdaq 100
negative, the semiconductors down over
3%, but then the Dow Jones up 1.03%. One
of the reasons, look at Coca-Cola today
that uh reported earnings, beat on
earnings, and most importantly broke out
of this inclining parallel that has
contained price ever since back here in
December of 2019, but it ran straight
into this inclining trend line. This
trend line was found by one of our new
traders here, Nick. You might have seen
him on our crypto shows. This guy
spotted it like a champ, man. Look at
this. Price ran straight up into the $90
mark and pulled right back down. Watch
Coca-Cola's top of the parallel here,
85.25 to see if it can hold this level
and continue marching up, potentially
put in a bull flag, and march up that
chart. Great breakout there on
Coca-Cola. Uh next up into the 10-year
yield. You see 10-year pulling down
slightly today, which did help the
spiders remain positive, but a lot of
this is occurring because there's no
news occurring from the Federal Reserve,
guys. We don't have any sort of inside
as to what they're going to discuss and
decide tomorrow. So, the 10-year yield
was just pulling down slightly, taking
some a little bit of a breather before
we get hit with a boatload of
information tomorrow. I expect a lot of
volatility here on the 10-year. Next
area of support down here, 4.543%.
Uh upside resistance, this most recent
pivot, 4.715%.
Next up into gold and silver really
didn't do too much today, down 1.33%
even with the 10-year yield falling.
That's not good news for gold. Getting
still held down by this declining trend
line. One I must point out that we
highlighted here on July 22nd's Trading
the Close. Go watch that video,
understand all these different levels of
resistance that predicted that we were
going to likely trail this trend line
down because there was just too much for
gold to get through in one move like
that. Next up, silver. Very similar
occurrence, down about 2% though on
silver. I'm in still anticipating silver
to come down and tag this $50 mark, if
not even pierce that $50 mark before we
start seeing a little bit more of a
sustainable bounce potential in silver.
Now, keep in mind, guys, I still think
there's a chance, even if I may pick up
physical silver around 50 bucks. Notice
what this parallel does, and I'll flip
it to the weekly time frame. I'm still
anticipating and planning. That's one of
the best things, guys. Whenever you do
take a trade, you got a plan. When are
you going to get out? What's your goal
with the trade? Most retail traders
don't understand this. They They hear
their friends say, "Hey, go buy S N D
K." And it's like, "Okay, great. I I got
it. Now what?" Well, guys, you got it.
The best way to trade, go in with a
plan. Go in with, "Hey, I'm looking to
buy this until it gets to the top of the
parallel channel, but I'm going to also
admit to myself, what if I'm wrong? What
if I'm wrong on this level and price
continues going down? Well, I've got to
have a strategy for that, too. Either
stop out or I add to the position. Start
in light enough so that I can start
adding appropriately, not become
over-leveraged, and anticipate this
fall. That way, mentally, emotionally, I
don't have any sort of problems holding
the silver trade even though it may be
going against me. So, again, back into
this chart with silver on the weekly
time frame, I'm planning to pick up some
physical silver when price gets here to
this trend line, but I'm also in
planning to pick up silver should price
come all the way down here to $32. That
way, I'm protected. That way, I have a
plan. That way, I have a strategy for
when price does bounce, even if it only
bounces at the 50 and never reaches the
$30 level, well, then I'm okay with my
trade. Uh next up, into US oil. Nice
decline here, guys. Ripping through this
level of support. Look at the 10-minute
chart though and how it behaved around
this uh level of support when it did
fall down here early in the morning
today. You can see the day started here,
right here on uh Tuesday, July 28th at
midnight, all right? When we first came
down, look at all the jockeying that
occurred right here on this trend line,
even earlier uh or earlier than that,
late last night. Um you can see price
pierced it, got a bounce, pierced it
again, tried to fight to get above, got
above, and then ended up failing, tried
and then ultimately this level of
support failed. But, look how many times
of going back and forth throughout the
trading hours that it took for price to
eventually break this level of support.
So, now it's broken it. Next level of
support likely can come anywhere right
here on the low pivot range where we
tagged today. So, we're into a near-term
level of support, but then if this
breaks, next level is down here at
$72.70.
Upside resistance will be this declining
trend line right around 8647. And right
now, this is totally news-driven. I
don't have a technical angle as far as
which way price could go there on US
oil. Uh next up into nat gas, guys.
Notice Notice where price has gotten to.
Very dangerously close to closing
underneath these low pivots. If that
happens, a lot of the positive momentum
that was put together in these months of
trading of natural gas will have been
eliminated. This key neckline
would not produce a measured move for an
inverse head and shoulders. It still
will be a major breakpoint for nat gas,
but you want to see nat gas do its best
to only have one day close underneath
the support level, and preferably not
underneath these lows, and then march
itself right back up if you're a bull.
Otherwise, putting in a close underneath
these pivots increases probabilities
significantly for another move down to
$2.53
as the next support. Next up into
Bitcoin, not too new to uh not much new
to report here on Bitcoin. We closed
under the parallel yesterday, so far not
confirming that break back down under
that parallel. So, the battle tomorrow
for any of the bulls on Bitcoin, 64,508.
You want to get price above that, and
you want to see price close above that.
Anytime price continues to close
underneath that parallel, no bueno for
positive momentum on Bitcoin. Next up, I
got Apple, guys. And I want to go over
something that's pretty interesting with
you guys. Well, first up, we got
earnings. That's interesting, right? But
what I've been doing most recently is
I've been uh generating where price and
trying to predict where price can go if
and when price breaks out of these key
parallel channels. Now, on Apple, you've
got a parallel back from January of
2023. Now, yeah, we had a little
deviation here, and that was a
liberation day sell-off, but mainly
price has been contained pretty well
within this parallel channel. Now, we
had a failed breakout, and then we seen
a nice surge back up on the charts of
Apple. So, what I've done is I draw in a
parallel channel encompassing the angle
in which price starts to break the
parallel, and boom, yesterday and today,
you can see clearly this area is a
significant level of resistance here
with Apple, $339.
In essence, $340 right here on this
trend line. It likely will take several
days, and it's already taken two of
price testing this area of the parallel
to attempt to break up to go higher.
Now, what's interesting about this, we
have Apple moving up when other stocks
like SNDK and MU and these others are
under pressure. This has been kind of
the lever that has been working
recently. When those stocks are under
pressure, money goes into Apple. Now,
those stocks like SNDK we're going to
look at are getting close to bouncing
levels. So, that kind of tells me we're
at resistance. We may see profit taking
come in on Apple when we have money flow
back into the stocks like SNDK and so
forth. So, anyway, next up into GLW.
As you see here with GLW reported
earnings, but guys, this stock has been
clobbered. Look at this nasty decline
ever since back here at the end of June
all the way down to today's lows, 57%
decline, guys. That is really ridiculous
and honestly due for a technical bounce.
You can see with the RSI as well, down
at 30.67
even with the close today at the highs.
Now, notice these two trend lines that
I've derived. The first one is from
simply a high pivot back here March 25th
high pivot connected over to these low
pivots. That showed the support in which
price was at right before earnings and
breaking beneath it. So, that's our
upside resistance near term. Now, where
support came today was from also this
low pivot, but it was from this April
8th low pivot and also connecting pivot
to pivot and boom, what a beautiful
bounce right here on that support level.
So, for GLW, what it looks like for me
for right now, it looks like the selling
pressure near term could be a little bit
over. We're due for a bounce as you saw
with the RSI down there near 30. Next
resistance $150.14.
We very well with this big decline could
see some sideways chop over the next
couple days with margin calls, but then
we likely are going to make a quick
march back up, fill that gap, and then
tag this level of resistance at $150.
Uh next up, two stocks with earnings
today, guys. We got BE reporting
earnings after hours. Look at this pop
up to $181.50.
I told the guys in the live day trading
room today, I was like, "Guys, I don't
know about you, but this is one of the
best rolling of the dice into earnings
that I've seen in quite a while." Look
when price was coming down here sub 159,
I was scooping some up to roll the dice
because guys, look at where price is
coming into earnings. And look where it
was over here in June 25th. Since June
25th, BE has nearly gone straight down
in a line over 50% down. We are due for
some sort of good news. And not only
just the big move into earnings, but
look at my parallel. So, I had a a a
sharp decline into earnings with the
support of the bottom range of this
parallel channel. Even if price broke
the bottom with earnings, it came down
to this gap fill as next support. What
happens when price breaks parallels,
guys? It likes to go back up and retrace
that parallel, making this area a very
low risk scenario to buy to go into
earnings. So, I've already banked that
while I was waiting for this show to
start today, guys. So, watch technicals,
draw parallels. You can get these
insights by just doing these simple
things, drawing on your charts. And
guys, I'm no artist, but I know how to
draw trend lines.
Uh next up, guys, STX reporting after
the bell. Look at this lift off. That
should help stocks like SNDK as well as
MU. Next area of resistance that I'll be
watching is to see if STX can get back
above $850. That's from a key trend line
back here from November of 2025
connected over to this pivot high in
January of 26. You can see every time
price came back down to it, it's since
gotten a bounce. So, this level is a big
deal on this chart. Be watching to see
if they can even tag that potentially as
early as tomorrow.
You know, next up, SanDisk, guys.
Another potential head and shoulders
pattern, guys. Look at this chart on
SanDisk. Left shoulder, head, and right
shoulder. We confirmed that breakdown
today. That does make resistance of that
head and shoulders pattern at 1347.33
in the coming days. If we get a daily
close above that, then you can negate
that pattern. Major The measured move
for that is down here sub $300,
guys. That would be a substantial
sell-off. One that I may add should get
bounces along the way, including at the
bottom of this parallel at $1,005.
We'll see if we can eat even tag that
tomorrow as that could be the uh
near-term bounce up to the previous uh
neckline here on the head and shoulders
pattern. Uh next up, LIT also breaching
the bottom of its parallel. Now, this
one's a little bit more uh cloudy as far
as just a simple buy scenario with a
sharp sell from this high because price
got here already on July 17th. Since
price was so close, that refrained me
from buying any sort of dips at least
for now on this chart of LIT. Instead,
I'll wait for a push down a little bit
further sub $500. If it misses me,
that's fine. But, in the near term,
bulls want to see price on LIT get back
above 678.42.
That will increase your probabilities of
price coming up and tagging the next key
resistance here at $780.
Uh next up, we got BlackRock guys. Look
at BlackRock. As I said there's a
rotation of capital going on here. Now
after hours we've certainly come down
pretty decently about 15 bucks, 14
bucks. However, notice this near-term
breakout. Now we've already failed this
before after earnings just the other
week, but we find ourselves right back
up in this breakout scenario again. See
if we put in another daily close higher
tomorrow, something we did not do on
this previous breakout attempt, and that
would secure the breakout and then
target 1155
on the charts. Near-term support, even
if we do not confirm, is down here at
$1047.81
for another potential attack and move up
higher. Lastly, we got a viewer request
from Never Quiz Up, and this was from a
request yesterday. And guys, I I do want
at least say that I don't have the
opportunity, at least for now, to watch
some of the live chat and go through
those Q&As and pull up charts while I'm
on the live, but I do write down these
viewer requests and I try to carry them
over to future shows. If I don't and I'm
not able to fit it in the current show.
So, with that being the case, I've got a
couple requests today that I'm going to
roll over to another show, but first up
this one
by Never Quiz Up with NBIS. And so NBIS
today retested this low pivot here from
July 17th. Very similar to what was
going on over here on the chart of LITE,
right? Except for this price on LITE got
very comfortably lower. This one didn't
exactly. I would have felt better for a
near-term bounce on NBIS had it gotten
down today to the 155.90 level. Tagged
this 50% area of the parallel and then
proceeded up. But with today's close, we
now confirmed ourselves back within this
parallel and near-term resistance will
be on this trend line, one that's
already been broken before. So that's a
minor resistance tomorrow at 189.77,
followed by this top barrier of the
parallel being a major resistance level
just shy of $200. Near-term support down
here at 157.52.
All right guys, thank you so much for
tuning in today. There are so many more
stocks I want to go through with you
guys. Got to wait for tomorrow
unfortunately, but until then don't
forget to like and subscribe. Send this
out to your friends and family so they
too can learn technical analysis on the
charts. Thank you again guys. We'll be
right back here tomorrow with Fed FOMC
details, more earnings to report on. So
can't wait to be back here tomorrow.
Until then, see you guys on the charts.
Take care folks.
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