Trading The Close | August 5, 2026

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Hello everybody, welcome to trading the
close. My name is Drew Dosich and guys,
the markets did take a breather for the
most part today as far as moving up in
the indices, but they did not take a
breather for both gold and silver. That
both broke out on the charts, confirmed
on the charts, too, mainly because of
weakening ADP data as well as Jolts
reports helping to reduce the potential
chance of a rate hike coming up in
September. Guys, I looked at that just
before the show. As far as the Fed
predictable tool, it's still showing a
55% chance of a rate hike come
September, but then now we're looking at
a 45% chance for keeping the rates the
same. So, basically really close to a
coin flip with the most recent economic
data. Gold and silver spike. So, let's
get into some charts. Take a look at
what happened throughout the course of
the day today. Plus, we've got some
earnings to get into, guys. We've got
some movement after hours. You can see
these stocks up here on the tickers.
We're going to be covering them, too.
So, first off, the S&P 500 on the
Spiders ETF. And you see here today,
guys, we did get rejected from this
inclining trend line. This is an area
that I've been highlighting for quite a
while for you guys. And let me rearrange
my charts to show you. This comes from a
pivot back here in February of 2025,
connected over to a pivot high that
occurred here in October of 25. and our
rally that has occurred these last one,
two, three, four, five, and now six days
moving up. Accomplished a brand new
all-time high today, but did not close
in all-time high territory. In fact,
coming back down under that inclining
trend line. So, near-term, that is the
resistance for upward momentum right at
773
and41.
Near-term support is going to be back
down near this consolidation range. And
more importantly, I'm going to be
watching to see what happens if and when
price comes back down to the previous
all-time high back here in June at a
high of $760.40.
We likely should see some pausing if we
sell down to that range, maybe even
consolidating uh for a level of support.
Next up into the Q's followed the S&P
500 moving down this one down.9% on the
day. You can see here though, we did not
touch any sort of upward resistance
levels. Instead, we just had an
incredible rally. Most importantly,
yesterday's gap up over both of these
resistance levels, clearing the way for
price to move and move freely in this
area. You can see here there's not much
support or resistance right here. We're
just back into previous consolidation.
So, upward resistance is going to be
here at $731.33.
Near-term support is going to be on this
horizontal trend line uh that's taken
from the lows of Friday, June 5th of
this year. That level is at 704 and 32
cents. Notice how that both converges
right here on this declining trend line
as well. I anticipate if price does come
down tomorrow, that's where we will find
intraday support. Uh next up into the
SMH, guys. Now, this one behaves a
little bit better. And what do you you
may ask, what do you mean? Well, if you
look at the spiders, I mean, we've
ripped through this consolidation, went
to a brand new all-time highs. You look
at the cues, we're back into the
consolidation and not hanging out down
here underneath this main horizontal
trend line that I highlighted back from
June 5th. In the SMH, we are still in
breakdown mode. And you may say, what do
you mean? Well, we're not back above
this inclining trend line, the S&P 500.
We're all the way up here. And this ma
this big rally this year has been driven
by the semis. And so I still believe the
semis will lead the way. This index is
not pushing to new all-time highs. That
makes me believe that this could just be
a near-term flash in the pan on the
spiders in the cues. Now where I change
my mind on that is if the SMH starts
getting above this 50 daily moving
average. We have not cleanly done that,
nor have we even touched it yet. Notice
over the next coming days that level
likely is going to correspond with this
also declining trend line on the chart.
And in the coming days, we're looking
right around $600 for that level. So,
we'll see if we find resistance there
and get rejected. But basically, if we
start putting in closes above this
50-day moving average, but then also
would imply we would be putting in
closes above this declining trend line,
we're likely then going to be start
going higher on the charts. But until
that happens, I'm watching the Sims
extremely closely to see if this rally
near-term will just fizzle out and then
the selling reemerge with potential new
conflicts going on over in the Middle
East. I mean, who knows? Just this last
weekend, we were talking about hitting
all of their energy grid. But then now
we're not doing that. So, we you can
quickly see how things change in the
markets as far as risk on, risk off. But
there's no doubt about it. The move up
the last couple days in the spiders have
been extraordinary. They have had very
little pullbacks. Today we're finally
seeing it. SMH behaving uh very well
too, getting rejected at this trend line
in the place in which it should get
rejected. Uh next up, the 10-year yield.
Now, part of the reason that uh gold was
going up, I already touched on the
weakening economic data. Other part of
it was here, the 10-year yield not
ripping higher. Now, we didn't drop down
that much. As you see, it's only down
just very, very slightly, but we're not
going higher. uh near-term support on
the 10-year yield down here at 4.542%.
Also on the dollar most recently has had
a pretty steep decline. Now, this was
because of the intervention in Japan
with the Japanese yen. The US dollar
helped to stabilize the yen and you can
see the dollar took a hit because of it
as well since putting in bearish
consolidation right on top of this
support trend line right at 99.55.
So, be mindful of that. But all of these
things combined helped this chart of
gold lift off. And guys, this is a
mammoth green candle. So, you can tell
investors were waiting. They were
lurking around trying to get some sort
of news to pile on to make them hit the
buy button and push gold right back into
this parallel channel. Now, guys, before
I zoom out, notice how we followed this
the last two days. Now, yesterday we
didn't confirm the breakout from the
declining trend line, but I highlighted
that we did close above on Monday the
3rd, and we were going to close above
yesterday, too. But I was mainly angling
for probabilities to shift with a daily
close above that candle. Man, that
didn't happen today as far as just a
little close. We blasted through
confirming a breakout from this
declining trend line. Now, this
declining trend line is support, and
that would be in bad shape for gold if
it were to get back down to this trend
line. So, first things first for gold
bulls, you want to hold this parallel,
very similar to what occurred over the
last three trading days. We need to see
a confirming move back inside of this
parallel, meaning that we need to get
price tomorrow above today's highs that
will flip this parallel entryway into
support at $4,213.
If we don't do that, we're vulnerable to
come right back down with any sort of
breaking news situation. I'll remind you
guys on this parallel. This parallel for
gold has been intact back here since
April of 2025 with this most recent
plunge underneath. The only time price
has done something like that in this
parallel channel. So this is basically
rewinding the clock taking us all the
way back here to July 6th in which we
did close inside that parallel. But the
thing is guys, this candle is an awful
lot different than this one on July 6th.
This one looks like it has more staying
power considering the length that it
went today just to get itself back in
that parallel. So, I'm leaning more for
price to hold in that parallel. It's a
little bit of a shame. I was
anticipating gold to come all the way
down here sub $3,500. How that lines up
so nicely and perfectly with these
previous pivots. Didn't happen as of
yet. doesn't mean it won't happen in the
future, but at least this uh move today
is telling me it's it's more or less
going to be midterm instead of near-term
for that price action to get down lower.
Same thing true here on silver. Great
push up over 4% today, confirming a
breakout from this near-term declining
trend line. And we highlighted this the
other day, too. Most recently, silver
just from this low pivot has pushed up
and consolidated. That's put in a nice
short-term bull flag that is breaking
out today, confirming above this high
pivot. Great move on silver next
resistance and in point of contention,
this high pivot from July 6th at $6326.
I do remind you I bought up a little bit
of physical silver here when I noticed
this bull flag and all the
consolidation. It wasn't a lot of
physical silver. Matter of fact, there
were gifts for some members of my
family. Um, but I saw this and I was
like, you know what? I'm not going to
wait to buy these. I'm just going to go
ahead and buy them now. If price come
down lower, fine. I'll go ahead and buy
more physical silver. I already got
physical silver, but I wanted to buy
some more around the $50 price range,
which I still in fact think that is a
real possibility considering this
parallel channel does take price all the
way down sub $30 by January of next
year. Next up, US oil um also pushing
down on the uh charts today. Not
necessarily in a big move, but it did.
And we had some um uh news breaking
about the um uh Red Sea and how there
was an an attack on a Saudi tanker
there. That did actually spike up oil
ever so slightly this morning, but you
see we've quickly given up those gains
putting in uh looks like to be a close
very similar to the close from
yesterday. So, we'll see where price if
it consolidates in this range and then
starts to move lower next support $72.70
followed by this inclining trend line at
7059 followed by this declining trend
line at 6859. It's like a spiderweb of
support down here if and when price on
US oil continues to push down lower.
Next up, Nat Gas. Look at the beating
NAC gas continues to take yesterday and
today not getting itself back above this
previous support of $2.75.
But guys, I got to tell you, this chart
is just making me more interested to be
a buyer in that gas. Yes, it's
summertime. Yes, it's not in high demand
right now. But AI data centers are
pivoting to supply energy to their data
centers and not tap into a lot of local
grids in the system to offset some of
the potential increases of cost that
will trickle down to the rest of us. No
doubt about it. So some of them are
angling to go towards natural gas and
they're doing so when nack gas is at the
lows on the charts. Believe me, that
demand will spike the price of nack gas.
Maybe not now, but probably almost
almost guaranteed by the winter when the
rest of the northern hemisphere is going
to be consuming a lot of natural gas.
Throw in the data centers, too. And
guys, that tells me NAC gas eventually
is going to come back up to this
inclining trend line. When that happens
exactly, I'm unsure, but with price this
low on the chart, it doesn't hurt to at
least dip your toe in the water, pick
some uh NAC gas up, and if it goes down
to 253, plan for that to happen. Plan
for the worst case scenario to happen.
That way you're prepared and can either
add to the position or at least have it
so small you're not even concerned and
waiting for that bigger move up on NAC
gas. Next up, uh, Bitcoin. Bitcoin, as
you see here, doing a great job so far
putting itself back inside this parallel
channel. We fought to do so ever since
back here on June 5th. We've tried to
get back up, got rejected, tried to get
back up, got kept getting rejected in
all these points, pushed back up again,
got rejected, back down. So, this has
been a long battle for Bitcoin on the
bottom of the parallel channel. All in
these rejections creating an inverse
head and shoulders pattern with that
right shoulder not yet completely
formed. It needs to get back up to this
trend line at 66,781
and from that point is going to be the
next decision marker for Bitcoin. If we
breach that, then we're headed up into
the $72,000 range. Get rejected here,
then we're down back at the parallel.
So, let me rewind myself a little bit to
where we are at now. We're one day back
in the parallel. Will we confirm this?
That will be seen tomorrow. Major level
to pay attention to right here on this
trend line, $64,796.
With gold's big move, you better believe
the miners like Pneumont also had a big
move today. Nice push up, breaking out
of its bare flag boundary right here at
$98.93.
You can see from the most recent move in
June, pushed down, beautiful sideways
consolidation, and then yesterday's
price action made me start thinking, all
right, guys, we're getting close to a
potential breakout. And then look what
happened today. We broke through this
resistance and then opened on top of
this next level of resistance based off
of this declining trend line here from
March of 2026. Huge move for Pneumont.
Now for new month, the bulls, you want
to see price close above today's highs,
flip this level into support. That way
we can start marching up to 108.884. But
big developments here on the chart of
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right, guys. Back into the charts we go.
Flipping from Pneumont into Disney with
earnings, guys. Disney had great
earnings. Actually, not the best, but
good enough to push it up above a
declining trend line that's been in
place back here since May of this year.
So, a good breakout near-term, one
candle above, much like I'm going to
sound like a broken record because
that's how these things work, guys. You
need to have price get up above today's
candle sooner rather than later so price
doesn't meander back down into this bare
flag. Now, uh Disney didn't beat on both
lines. They beat on EPS. They did not
beat on revenue. Their streaming and
park revenue really helped lift the
boat. That's why investors pushed price
up here above $100. If this momentum
continues, we confirm above this
declining trend line. We got a bigger
test for Disney right on the horizon
from this declining trend line back in
July of 2025. That level is going to be
roughly around $105 depending upon when
price can get to it. But significant
level for Disney to break on its next
move up on the charts. Now, we briefly
covered ANET yesterday after hours and
guys, this was trading up here at $225.
But this is newsworthy because look what
happened to AET. Price after hours was
up here. Opened up the day above the
parallel, but yet still couldn't remain
on top of this parallel channel. Plunged
right back down inside the parallel.
Almost filled the gap here from just
yesterday. So, a huge decline from 225
all the way down here. 15% decline on a
earnings beat. You know, if you're an
investor in here, there's sell the news
situations obviously, but you're not
feeling that rosy when your company has
a good beat and everyone's looking for
the exit. So, next area support for to
pay attention to on this chart since we
did confirm a breakout from this
inclining trend line. This level will be
support should price come down into it
in the next couple days, $188.98.
Next up, CDW. Guys, look at this
incredible green candle that occurred
here on this chart after earnings. They
too reported beating on both lines, but
they had a slight miss on margin. They
reported a 20.1% margin. That's down
from the same time last year that
reported 20.8. So, we're only talking
about a.7%
difference in margin. Now, Wall Street
expected a 21.2% beat. And so, the
slipping and sliding occurred right out
of the gate. Look at us going all the
way down, tagging this 50% area of the
parallel before rocketing all the way
back up because the margin beat wasn't
that bad, guys. And really too, look at
this inclining trend line hit once,
twice. This would be the third hit and
should get a bounce. But guys, with this
open and recovery, holy shamolley,
that's that's one incredible move. So
that tells me at least near-term, even
though it's down 9%, this is one
remarkable recovery. If you're a bull on
CDW, pay attention to this trend line
13539.
If the bulls can hold that, we're going
for an attack at the top of this
parallel that's held price down since
April of 2024 and the next destination
is going to be 160 and 63. Got some work
to do, but man, I really like that
recovery from the lows that occurred
today. That tells me investors aren't
willing to dump CDW for the long term.
Now, into some earnings today, guys. We
got WDC reported after hours already
plunged through this $459 level. We flip
over to the 10-minute chart and also
throw on some extended trading hours and
you can see there that level actually
worked pretty good so far. So right now
that fib level here at 45947 one that
actually worked two other previous
occasions is working for the third time.
Now generally you hit it over and over
and over we likely could go down. So, if
we do see selling pressure reemerge more
so tomorrow, this downward declining
trend line should be that area catching
price just above $400. So, basically a
$400 pierce likely should see some good
support. But I do like this inclining
trend line back here from November of
2025. Be mindful though, this already
been hit three times. But still this
longerterm trend line with a move from a
significant distance, this should
provide some uh staying power for a
bounce with some decent legs at $373.99.
So you can see how around the $400 to
$370 range, we should be getting into a
zone where WDC is good uh for a solid
bounce. Next up, SNDK. Another memory
play popping off after hours. This one
not declining quite as much, at least
right now, but it did decline pretty
significantly, guys. You can see this
dropping all the way down here to 1192
on the charts before bouncing up. And
1192 wasn't getting near to my next
support level on this chart. Now, this
also would be a fourth hit vulnerable
for a 50/50 shot of breaking through
right at $1,046.
That's where I'm paying attention in the
near term on SNDK. And if in case we do
remain under this inclining trend line
for the coming days of trading which
would then result in a bare flag
insinuating more downward pressure. So
that level for you to watch as far as
upside to get into more bullish scenario
at least near-term is at 1353 $1,353.
Lastly guys into A reported earnings
today. And you can see A this stock has
really just kind of been whiplash all
over the charts. All up a whole bunch
down a whole bunch up a whole bunch. You
can see these aren't little moves. $418
all the way up to $577.
This stock likes to move and move is
what it's doing after hours. You can see
it down at the bottom of the screen.
$332,
guys. This is pretty nasty of a decline.
Pushing price all the way as low as 297.
Ouch. Look at this on the daily though.
All right. What's coming up? We've got
more levels of fib supports here at
31715 followed by 262 and 64. So right
now this level has currently held price
up. Very well could be coming down and
testing this gap fill tomorrow which is
right around $300
on the chart of a nasty sell price
action. Uh pushing down nearly 25% after
hours. Nasty. Nasty. All right guys, uh
that wraps up today's trade in the
close. Don't forget to uh like and
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learn technical analysis on the charts.
Look forward to being back here with you
tomorrow. Until then, guys, we'll see
you right here on the charts. Take care,
folks.