Trading The Close | August 6, 2026

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Transcript

Hello everybody. Welcome to trading the
close. My name is Drew Dosk. Now day now
today guys was an very interesting day.
We had both US oil and the 10-year yield
pushing up higher putting general
pressure across most of the markets.
Now, the S&P 500 finished in the red
very slightly, but the Q's in the green
and the SMH in the green, despite memory
plays getting hit hard right out the
gate, but they rebounded most generally
all of them very nicely today. We're
going to take a look at those charts.
Plus, we're going to look at two viewer
requests. We got a lot of great info to
go over, so let's not wait any further.
Let's get into the S&P 500 with the SPY
Daily ETF. You see here today as I
highlighted we did pull down ever so
slightly on the spiders today down.16%
getting a little bit further away from
this inclining trend line that did catch
price yesterday and put it back down
below. You see here on the 10-minute
chart though it wasn't a very robust
upward moving day. It really started up
looking like we were about to
potentially start marching up higher
towards this trend line again and then
we just faded really all day. kind of a
weak day generally in the markets for
the S&P 500. So what does this do? Not
really too much. We didn't break out. We
didn't confirm. We just simply so far
have been rejected. So in the coming
days, do we start consolidating here
that would weaken this trend line, build
a bull flag, help us break out or do we
start retreating? And right now it's not
giving us any sort of direction either
which way. But we did know resistance
was going to likely be coming on this
trend line and so far we have gotten it.
So, if we do start coming down at all in
the coming days, I will be focusing on
this previous high pivot back on June
2nd, right around $760
for support to the upside. Clearly
defined by this inclining trend line at
$77362.
Into the Q's, also posted down today,
but slightly better than the S&P 500.
Q's down.37%.
This is the NASDAQ 100. uh decent
pullover and rollover considering the
spiders were hanging out very close to
where that rejection occurred on their
chart on the declining trend line. We
clearly did not get there with the uh
QQQ. You can see we've got room to run
before a next critical level of
resistance at $73025.
Now, if we start getting back underneath
this horizontal trend line at 70432, I
anticipate that to be support tomorrow.
So that would be interesting if we do
close under that range tomorrow. Given
that it is Friday, we don't have that
much earnings coming out. I don't
anticipate Friday to be that big of a
mover as far as volatility. Into the SMH
we go. And you see here SMH is behaving
very nicely, getting rejected and
continuing to get rejected by this
inclining trend line. the one that did
define the head and shoulders pattern
that did break down, negated, broke down
further, and then now we're back to this
trend line trying to test to go higher.
Now, the thing that has bulls interested
here is that price really hasn't come
back down to this parallel to retest.
Matter of fact, we're just staying up
here. The longer we stay here, the more
we can build momentum and then
potentially create a V-shaped recovery
to break through these levels of
resistance. Do we do it like we did on
the cues and break through a couple
levels of resistance in one overnight
session, gap up over? That could still
be the case because we saw that happen
right here when price closed on Monday
of this week and then gapped up over
both of these levels of resistance and
since has remained above. That certainly
can be a scenario for the SMH. What
would be even more ideal if you're a
bull on SMH, you would rather see
consolidation here for another four or
more days getting us closer to this
declining trend line and then gap over
both of them in one go like that. That
will clear a lot of space for the SMH to
go. Let's see what happens in the coming
days. Do we put in more consolidation in
this tight range between the bottom of
the or the this parallel on the bottom
as well as this inclining trend line on
top? We'll see that that could form a
perfect bull flag. So, if the bulls want
this to work, keep price in this range.
If the bears want this to fail, you need
to get price back down underneath the
top range of this parallel at $55344.
Next up, guys, this is what put a little
bit of pressure on the rest of the
markets, makes making sure that uh S&P
500 on that 10-minute chart never really
had any sort of midday or afternoon
bounce. Well, it was that 10-year yield
that continued to move move higher.
We're looking at the hourly time frame
and we were down here uh moving into
today and then it just continually all
day just was pushing higher and higher,
pausing for a little bit. But here on
the hourly time frame putting in bullish
consolidation angling like it wants to
continue pushing up higher. You can even
see here near-term trend line analysis
pivot to pivot we got above. So, that
does imply we could see a rollover to
hit this trend line and then potentially
bounce up from there. Very, very
near-term trend line analysis. We'll see
if that develops into something bigger
on the daily time frame. But for now,
resistance at 4.687%
on the 10-year yield. Next up into gold.
Gold did not confirm inside the parallel
today. As you see here, we are looking
to close within the range of yesterday's
candle. Most importantly for the bulls,
we didn't have price get back down under
this parallel. That level is at $4,213
today. Tomorrow $4,217.
So be mindful of that going into
tomorrow as well as the weekend. But
mainly if that 10-year yield is pushing
up, it's going to be hard for gold to
continue to rally with the 10-year
pushing up as well. So, if the 10ear is
going to stay elevated, anticipate gold
to be hanging around the top uh the top
of this trend line and potentially even
break through it in the coming days.
Next up, silver. Silver also similar
scenario as gold trading back within
yesterday's candle. This actually is
staying pretty good though. If we can
stay consolidating right here in this
range, then we can build momentum right
before this resistance level at $63.26.
A lot of that's going to be uh on the
shoulders of the 10-year yield, much
like what I reported on gold. But if we
can get up, likely the 10-year will be
coming down, and then the next
resistance will be 67.99. If the 10-year
continues to push up, this level will
and likely continue to be some struggles
for silver at $63.26.
Next up into oil, one of the other
reasons the markets does weren't really
rallying incredibly today, we did have a
technical bounce up 4% on the chart of
US oil. Now, it's nothing too crazy
right now. We'll see if price maintains
within this candle tomorrow. Otherwise,
near-term upside resistance, $8355,
near-term support down here at $72.70.
Now, Nat Gas, look at this. Continues to
trickle off, guys. Making new lows. You
can see this in 2026. Now, price action
finally coming down here, staying down
here under this support of 275. This
will be resistance to go back up now.
So, we'll flip that uh for next week's
chart at resistance at $2.75.
But the lower this goes, guys, the more
I interested in in picking some up. Next
support, $253
here on the chart of natural gas. Again,
that gas is being utilized by a lot of
data centers to help power these data
centers. So, this could be a really
interesting play if you do start
pickling picking some up. And go light,
guys. And I say go light for a reason.
Natural gas. Study that chart. Look how
many volatile swings that go straight up
and then straight back down. It's called
the widowmaker of commodities and it's
done so for a reason. When people go
heavy and overlever themsel on plays
with nack gas. If you're wanting to play
along on that gas, tell yourself how
many times you want to add to it and
then sit back and plan to be in it till
at least March or April of next year is
a worst case scenario because that's
likely when we're going to have the
high-end demand of NAC gas over the
winter months in the northern hemisphere
all through the winter time. So, we
should get a pop at least by March or
April of next year. Uh, all right. So,
back into the charts, guys. We'll flip
over to Bitcoin. Not too much new to
report. continues to get rejected at the
bottom of this parallel channel. So,
that level tomorrow to beat $64,877.
This is kind of a a a step process for
Bitcoin. First step, get back in the
parallel. Second step, confirm back in
the parallel. Third step, beat this
neckline of the inverse head and
shoulders right here at $66,761.
That could propel Bitcoin up to 72. But
not happening so fast. This right
shoulder is not completed yet. So, we'll
be monitoring this very closely. Notice
this big red candle, too. Also helping
to maintain price from breaking back
into that parallel channel. Very
interesting stuff on a near-term
technical analysis basis. All right,
next up, Sandis. Now, we covered this
the other day, so we'll briefly cover
this. Notice though, the the drop and
the decline, guys. We closed yesterday
at 1350. Came all the way down today at
1163
and then bounced all the way up to 1324.
What an incredible bounce there on
SanDisk. You can see here it was
literally straight up once the opening
bell occurred today. Now that didn't
look like that because if you look at
the extended hours, we were slipping and
sliding all the way down. Pierced 1200
here. Made a beline straight for 1,200
again. Pierced it again. pierced it
again and was flushing right into the
open, but that ended up being the low on
the day. Incredible recovery despite
still being down 6.8%
by the dippers came out of the woodwork
to support price. Now, this is kind of a
a concerning area. We've had a few stair
steps down, had bounces on each one of
these stair steps, um but we're still in
bearish consolidation. One positive note
is that by the dippers propelled it up
and did not close it near the low. Now,
if selling resumes, next support will be
on the bottom of this parallel. But
beware, guys, it's at 1,62. The next hit
is the fourth hit, meaning it's got a
50/50 shot of potentially breaking
through and going to the next support,
which is going to be right in this range
at $935
on top of all of these consolidation
daily candles. So be mindful of that
because that head and shoulders pattern
for the what you see on the chart with
this being the neckline has a target
down here sub $300. So just be very
mindful playing longs right here. Could
we not get down here? Sure. Sure we
could have the parallel end up holding
support. But at least as long as this is
on the chart, that's a possibility for
an outcome in the future. All right,
next up, WDC. very similar scenario
where price action plunged down but WDC
did not bounce up nearly as much as
SNDK. We look at the daily chart here
very similar thing straight up up and
away from the get-go but towards the
afternoon gave up a lot of those gains
remaining down 13% on the day. So a
little bit of a weaker finish here still
bearish consolidation if this trend line
breaks. Notice one hit, two hits, three
hits, fourth hit worked today. The next
hit likely will not, but I have another
backup level. This also would then be a
third hit likely to give a decent bounce
for WDC if we see a little bit further
selling pressure down to the $375
level. Uh, next up, Motorola. Guys,
when's the last time we talked about
Motorola on Trading the Close? I can
tell you this, never. [clears throat]
But interesting chart today because they
did have earnings and an interesting
pattern that's developing as well. So,
let's get into that chart. So, we see
Motorola Solutions with a left shoulder
and a head and a right shoulder. Mammoth
pushed today on earnings. Notice where
we got jammed up. Basically at the
armpits of that inverse head and
shoulders pattern. So, we very well may
need a couple days of consolidation to
break this neckline. And if we do, if we
start putting in daily closes closer
towards $495, $500, look where this
measured move can go, guys. $622.97.
So, we've got something very serious to
pay attention to. One caveat I will warn
everyone about. This is at the high of
the charts. Oftent times these can fail,
but when I zoom back out with the weekly
time frame, we see another very similar
pattern. Not as clean as this one, but
this one ended up working out. So, as I
say that and cautious caution you guys,
bull flag inverse head and shoulders
patterns right at the top of the charts,
they generally fail. Doesn't mean they
do it all the time. I would rather see a
bull flag somewhere in the middle of a
chart illustrating we're about to go up
and retest some levels. These keep me a
little bit more cautious and at bay, but
nonetheless, it is a pattern to be
recognized on the charts. In the past,
similar patterns have worked out. So,
this very well could be the next case
for Motorola. Very curious pattern
coming up with a big payoff if it does
trigger anytime soon with daily closes
above $492.
Next up, Data Dog. Look at this stock.
Got clobbered today down 19%. Now, Data
Dog actually had decent earnings. It
beat on earnings per share as well as
revenue. And as you see here, robust
cash flow and strong AIdriven customer
growth, but the sell button was jammed
today. And notice where the high went
today. I connected a trend line here for
most recent price action in May from May
7th to this pivot low on June 25th.
Price action went straight up to that
trend line and got rejected. Very much
how we talk about, you know, our
breakout retrace plays or breakdown
retrace and then sell plays. That's
exactly what occurred at least intraday
all today. And I've got a blue parallel
on the chart as well highlighting the
next area of support should data dog
come down and um tag this level. That
area is at $215.88.
Notice what could form if we do have a
bounce that occurs here at the top of
that parallel left shoulder head
collectively with this and then
potentially a right shoulder to go test
that inclining trend line. Again, could
be and is several steps away, but it's
something I do pay attention to,
especially when I'm considering there
could be a decent bounce potential here
for data dog at $215. I've got a
secondary backup level created from
pivot high to pivot high. If price does
plunge back into this parallel, the
level is at 20235 cents in which Data
Dog should get a bounce to then retest
the top end of that parallel. Crazy. Um,
and plenty of different ways to play
this. You could buy here on the
parallel. If it plunges in, buy again on
the trend line. when we get the bounce,
cover some of that position or close it
at that point as you would be in the
money or at least near break even um
with with most all of your shares,
basically all the lots. Anyway, next up,
FSLR. FSLR has been putting in some
interesting consolidation here on the
chart. You notice we did plunge
underneath this parallel. This parallel,
by the way, pretty clean. We didn't we
haven't had too much price action
outside of it except for this most
recent dip. And then two, with this push
up, what have we gone to, guys? The
bottom of the M in this awkwardly shaped
M pattern. So that's clearly resistance.
Basically, this zone right here from
$248 up to this low pivot, $253. Right
in that area is where price with FSLR is
having a difficult time to get above.
It's also illustrated by these wicks on
the daily time frame. Right? So, if we
can get through this, keep putting in
this daily bullish consolidation. Notice
how support level down here 22529
already was kissed from one of these
daily candles. Keep putting a few more
daily candles in in this range. That
will build the momentum to break through
this low M pattern and put price up here
at the 50% area of the parallel channel
as the next resistance at $272.91.
Interesting to watch potentially play
out. So keep an eye on that one. Next up
guys got some earnings after the bell.
DraftKings guys not really doing too
much. Not like these other big stock
plays that we've seen earlier. But guys,
I take that back. Look, we did have some
volatility down to $2061 and as high as
2350, but mainly just flatlining from
where we closed. Interesting stuff how
we did get up and basically did we fill
that gap? Yeah, we did filled that gap.
So, this is a 5050 shot on where we're
going to be going tomorrow. Seems like
investors too at this point don't
necessarily know. Interesting to see
though. DraftKings still hanging out
right there. We've got another earnings
report and with Regetti and Regetti
getting smoked at least right now. Now,
Regetti as well as all of the other
quantum stocks have really been beaten
up ever since this June decline where
we've seen price up here at $28 cutting
50% all the way down to 14. So, Regetti
and Quantum was actually due for a
bounce, one that they've already gotten
when we got down to 13 bucks. Look at
that bounce. It's over 30% pop. So, now
what are we doing? retracing the top of
this trend line. It's important for
bulls with regetti make sure that this
trend line holds 1485 that then would be
a higher low and then we could start
marching up to the next resistance at
1846. Last two charts we'll go over. We
got a viewer request from Jimmy Yash.
Thank you so much for the viewer
request. Thank you so much also for
watching trading the close. You guys
mean an awful lot. Plus, we're going to
get into these charts. Give you some
good TA with that. So, let's get into
FISV
on the weekly time frame. Guys, I've got
this drawn all the way back to
illustrate this nasty decline that has
occurred. Now, notice this isn't a
straight horizontal bare flag. This is a
declining uh bearish pattern that
generally declining parallels and
patterns like this generally result to a
move to the upside. If I flip on the
RSI, you can see we're starting to have
RSI divergence on the weekly even though
we're going lower in the last six, seven
weeks. We're actually making higher
prints on the RSI than what we were back
in November. So, this is all actually
positive stuff even though FISV is going
lower. Notice it tagged this level of of
support $5357
that came from a pivot all the way back
here in October of 2016. Now, if for
whatever reason we fail at breaking up
here, notice the RSI again. It looks
like we should. If for whatever reason
we fail, the very next level of support
comes from all the way back here, a
pivot in March 9th, drawn all the way
out, connected with a pivot here in
September of 2011. And we find that
value at $38.31.
Now, let me zoom in just a little bit
further to give you a closer and
near-term break point for this potential
move higher on FISV. See, I've got a
declining trend line connected from the
pivot of January 5th for the next major
pivot on the chart on Monday, April
20th. That level to beat to start having
more upside momentum, $59.97.
If we start beating that, you've got a
good shot at getting here to the COVID
low resistance of $73.50.
Lastly, we've got Iron from uh Sup
requested this. Sup has been a viewer of
ours for quite a while. So, thank you
for this request. I've got a few
different lines going on here with Iron.
You notice I've got an X marks the spot
trend line analysis going on here.
That's where price is really being
attracted to and also getting rejected
too. Near-term V-shaped recovery, left
shoulder, head potentially making a
right shoulder here. You just don't want
to see this low get taken out. Thus,
that will cancel out that head
formation. So, we have price action pull
back down here to 3527, then reattack
this trend line and get through. We're
in for an inverse head and shoulders
breakout play with the next stop here at
$48, the 50% area of the parallel
channel. Most importantly, you do not
want to see price action close
underneath this low pivot from July
29th. Otherwise, it should be uh gearing
up to be a potentially nice move there
on that stock. All right, guys. That
wraps up trading the close. Thank you so
much for watching this week. We've had a
lot of details, a lot of earnings, a lot
of movement in price action. Thank you
for being here every step of the way. I
look forward to an analyzing these
charts tomorrow and through the weekend
to bring you guys an even better week
next week. So, I can't wait for it.
Until then, you guys have a fa safe and
fantastic weekend. Don't forget to like
and subscribe, and you guys will see us
next time right here on the charts. Take
care, everybody.