SPX Pullback & Oil Surge: Trade Opportunities on Technology Stocks

Each afternoon, real setups are broken down with entry strategies >> [music] >> and the technical reasoning behind every trade. This is today's best trade [music] setups with Verified Investing. Welcome to today's best trade setups. My name is Benjamin Pool, head trader here at Verified Investing. We have the S&P 500 or the SPX that's heading a little bit lower and US oil is getting a nice bid to the upside. So, I'm going to go ahead and jump into those charts as well as a few more. Before I jump into those, if you could do me a favor for the algorithms, just go ahead and hit that like button for me real quick. Um if you guys are already subscribed, ring that bell so that we you can get notified every time a video is posted. All right, let's jump into the chart of the SPX. So, I'm going to go ahead and remove this subscriber button. So, here's what I'm monitoring on the SPX. We had this up-sloping trend line, pivot top here, secondary hit, third hit. I was anticipating on Friday a pullback in the stock market right at this level. However, as you can see, we busted through that. What I'm monitoring now is price action and what it does with this up-sloping trend line. If we can get another bid to the downside, then my long level today would be $7,002. You have this pivot top right here that price action hasn't come back and retested. So, on a technical basis, trend or a breakouts like to come back and retest before an extended move to the upside. If we fail to get back into this level, here is a secondary up-sloping trend line that I'm monitoring right here. So, it could take the SPX all the way up to about $7,400 73 63 all the way up to about $7,400 depending on when this up-sloping trend line does get hit. So, again, we're going to monitor this up-sloping line and see what price action does. Will you recapture it? Then we've got a nice bid to the downside at least down to 7,000. And then we'll have to wait and see if there's price consolidation right on that support because then we could see another leg to the downside. Right now, we have broken above this. So, um again, we have to monitor what's going on with that chart. US oil is having a nice bid to the upside. On Friday, I was mentioning gap in the charts is what I'd be looking for. Now, it did get about 3% lower on the USO chart before we ended up getting this nice bid. And then look at what happened. These magical trend lines or at gap fills still play a role in psychology. So, now if we get back up to this gap in the charts at 125.84, this is where I'm looking to short the USO for a day trade today. And if it does close above that on a 15-minute closing basis, I would stop out and then look for another push to the upside. I would stay away from this today just because um if it does break through 125.84, then you could see a nice leg to the upside. Overall, though, for a swing short, I'm looking for 134.40 and then ultimately 137.99. Again, those are swing trade shorts. Today, 125.84 is what I'm looking for. I did mention the other day that Intel had this huge surge to the upside. A massive move over the last 13 to 14 candles. So, let's jump into the chart of Intel, INTC. You have to zoom way out on the charts. This goes back to the pivot pivot high from the highs of January 2020 uh 19 uh 2020 from the COVID highs. Then all of a sudden, you had this almost topping tail, nice reversal. And I'd mentioned that this is a great shortable level for the chart of Intel, $69.29. It did get above that, got up to $70. It got back up there again. And then all of a sudden, now we're having a nice pullback. So, it's stopping at this pivot high at 6565. What I'm looking for is what price consolidation does. If we can consolidate at the lower end of this red bar candle, right on top of 6565, then we were going to start a push to the downside. Then I'm looking for a downside move to about $62.12. Then, once we break that support, there's not a ton of support. $54.29 is where I'm looking for the chart of Intel to come to. And as you can see, going back to 2020, ton of support in this area that busted through, never got retested. And so, for me, on a technical basis, $54.29 is eventually where Intel is going to come to. If we do get back above the double top at $29, excuse $69.29, then we could actually start pushing up to about 70 and then 75. But really, this is your level to enter a short knowing that you could stop out at a daily close above 6929. That could signal that the buyers are still in control, and then you can get another leg up. Nvidia, I had mentioned $203 on Friday. Did get a nice bid. We ended up closing at 20168 on the chart of Nvidia. Didn't push much higher. So, for me, today, what I'm looking at is 19835 for a long. If we're into this level around 12:00, this means that the buyers have stepped up, and we could get another bid to the upside. If by 12, or excuse me, by 1:00, if we are lower than that, I would be looking at its prior gap in the charts sitting at 19559. And this is my entry price for a for, excuse me, for a day trade. Again, that's 19559 for a long for a day trade on the chart of Nvidia. I would love to see it flush out down there by 2 2:30, then you can get a pretty solid bounce. If it's anytime after that getting closer to 3:00, then it's not going to have as big of a bounce as the volume tends to dry up as the day goes on. Bloom Energy still in this up sloping trend line. You even retested this up sloping trend line several times. Now all of a sudden we're hitting it again. If we get back inside of this up sloping trend line, this was the third hit. I do anticipate a pullback to this gap in the charts at about $176. And $0.57 give or take a few pennies. If we do decide to push up with this topping tail, I would actually look to short this on a swing trade basis at $226.73 knowing I've got $140.82 as additional resistance as well as a $250 psychological level. So those are the levels that I'm looking for on Bloom Energy. I don't see us getting into this gap filled today. If it does get there in over the next few days, I will be monitoring this. And this is a long play for a day trade at $176.79. Again, in this area is where I'd go long for a day trade. Take a look at Tesla. Tesla, I love I love it when charts get overly extended. And then all of a sudden price action doesn't push the stock higher. Yesterday, excuse me, on Friday I'd mentioned if it's right at this level by 1:30 2:00, then you're going to get a nice sell-off. And that's exactly what's happened on the chart of Tesla. We're getting in this nice bid to the downside. And now all of a sudden we're into some support. Jump into the chart of Tesla. $407.80 was this level. Got a nice bid to the downside. And then look at what happened. It's already filled this gap at $388.90 getting a little bit of a bid. On the downside though, if we do get into this level around 1:30 or 2:00, I do not actually anticipate a bounce off this level. I expect an additional flush out. So, for me, I would be looking at this long level about $381.51. This was a prior gap in the charts that should catch a lot of buyers um on the way down and that should bid it up to about $388.90. So, again, this level, if we're flushing through it, this is the long level at $381.26. If we for some reason get a push to the upside, I still like this gap that has already been filled, but with this wide range red bar candle, if for some reason we can get another bid to the upside, 407.80 is where I'd look to short this today knowing I've got additional resistance at this gap in the charts at $417.40. Now, that is a $10 spread. So, what I would would be looking to do is add on to that trade every 3 to $4 higher knowing I've got this additional resistance. And so, I'd bring my average price up to about 413 bucks if it does fill this gap and then look for a good pullback on the chart of Tesla. Bitcoin never got up to my shortable level. Uh 7,800, excuse me, 78,664 dollars is where I was thinking Bitcoin was going to go on Friday. It had a nice pullback right inside of this red bar candle, and now all of a sudden we're getting a nice bid to the downside. For me, what I'm looking at is this broken down something trend line. Now, what I'm looking for is a retrace at the scene of the crime and these low pivots. 70,743 dollars is where I'd like to go long for a swing trade knowing that if it does break below this down something trend line, recaptures the downtrend, then I could stop out on a daily closing basis below that. Uh actually, if it closes below 70,743 dollars on a daily closing basis, that would actually be my stop out on a swing trade, knowing that it would likely recapture this down sloping trend line and push price even lower. If we do break above $78,664, look at this low pivot in the charts, major pivot, $80,556 is where I think the next stopping point on Bitcoin is going to be. So, what am I going to do today? Still look for $78,664. That's my shortable level. $70,743. That is my long level on the chart of Bitcoin. Microsoft. I love it when price action decide to close above a down sloping trend line or closes um above an up sloping trend line. And the reason I like that is it usually gets the bulls on board and signals, "Hey, we've all of a sudden we've broken out. Now it's time to load up on the stock." And then you get these reversals. So, this was the third hit of a down sloping trend line that did try to close above it on Friday, and now all of a sudden we're recapturing it to the downside. So, for me on a technical basis, we have further to go on the downside for um for Microsoft. What I'm looking for is a continuation move alongside that down sloping trend line. Once we can get another push above with confirmation, then the bulls can actually be on the favorable side and push Microsoft up. Let's go ahead and jump into the charts and show you what I'm talking about. Pivot top right here. Secondary hit. Third hit. Now, we've gotten above it. My shortable level on Friday was $438.73. We never confirmed above this level, and now all of a sudden we're getting this nice pullback. On a day trade basis, if you're aggressive, $413.58 is a pivot top right here that you could go long. For me, I would be waiting for a pierce or this previous gap in the charts, and a appears a $400. That is where I'm looking to pick up Microsoft for a long play. And what I'm waiting for is what happens to price action alongside of this down sloping channel line. If we can get a break above it with confirmation and then a retrace, that is where I've looked to get in for a long play for a swing trade. On the on a swing trade basis, I would actually be waiting for $366.82 because we're now back below this down sloping channel line. Day trades are different. Pierce of $400 and that's my day trade level on the chart of Microsoft. STX, I did mention this up sloping channel line. Price action I um at $524.17, I was mentioning that this was a level to start a swing trade knowing I've got $550.44 as an additional resistance level. Look what happened. Had you entered the trade at 524, dollar cost averaged in all the way up to 550 bucks, you could have already taken half off the table at a pierce of $537.52. The beautiful thing about doing something like that is it allows you to maneuver through the trade and get a better average price. That's why I don't mind dollar cost averaging in and then waiting for a pullback if I'm short for a removal of half of my position and then if it goes up a little bit higher, the next key psychological level is going to be $575. And so that's where my next add would be. Wait for a pullback, get to my break even and then I could take half of it off the table and wait for this bigger pullback. STX is overly extended to the upside so I do think it has a pretty substantial pullback potential, but we still have to maneuver through those trades if the opportunity provides them for us. And I don't mind getting my average price up and waiting for a significant pullback. $468.85 I think is the minimum downside. What I'm waiting for is at least $453 and then you have this gap in the charts at $429.36. Now, let's take a look at day trades. Now that we've gotten close to this $560 level from this up sloping trend line retrace $560 bucks isn't a a big enough extension on a chart like STX. So for me, the seven $575 level, if we can get that push up today, that is where I'm looking to short this on a day trade basis. Um knowing that if it does close above that on a 15-minute closing basis, I could stop out. This has to get there within the next 2 and 1/2 hours in order for me to still like that trade. If we just meander up to that level, then we may actually want to push up to the $600 whole round number. And again, this is for a day trade, not a swing trade, which means that my position size is going to be quite substantially larger. So jumping into the chart of AMD I love these magical trend lines. I we get a lot of flack here at Verified Investing. Oh, these magical trend lines, they don't really mean a whole lot. Like how can you take advantage of a trend that's heading higher? Well, it's just psychology. We as human beings love to look for trends, and that's exactly why trend lines work so well. So here's this up sloping trend line. Pivot low, I'm excuse me, pivot high pivot high and then look at what happened. AMD headed higher and right it got close to the five uh $287 level, and then look at this pullback. So this is my swing trade short level on AMD. If we start pushing above this like we've done on STX, we have to identify key psychological levels, and that would be a pierce of $300. So on a swing trade basis this up sloping trend line 285, that's my initial short level for a swing trade, knowing I'm going to add to the position at $300 and $0.23 somewhere in this area, and looking for a break of our break even, exiting half of it. I think AMD is eventually going to come back into about $265, if not a little bit lower. You still have this gap in the charts at $258 that still needs to be um still needs to be recaptured. So, that from this 500 Excuse me, $285 level, that's about a 10% move to the downside. And for a swing trade, that is actually a pretty solid move um on that chart. ASTS. Okay. Let's talk about verifiedinvesting.com. This is the channel you guys like to come to. We give out a lot of alpha. We give technical analysis on charts, as well as a lot of Twitter posts. I had mentioned that we are into a key gap in a tweet and saying that if it did get there when the market opened, you should get a pretty solid bounce. And that's exactly what happened. And actually started getting a bid before that, but still gives you an idea that we put out so much alpha for you guys, it's not even funny. So, if you guys aren't already part of verifiedinvesting.com, even getting the free stuff, then you're missing out on huge potential. $73.69 was lower than that pre-market, and then look at what happened. We're now at $78.63. So, you could have taken over $5 per share on a chart of ASTS. If we do get another bid to the downside, you still have this gap in the charts, as well as this upsloping trendline at $65.93 that I would be looking to go long today. Now that this gap in the charts has already been filled, this would be my next downside target. Those of you who are aggressive, here is your shortable level today and or tomorrow. So, sitting at $85.53. If you do get that bid to the upside, that is your aggressive level to take advantage of a short on ASTS. Last but not least, Dell is getting this nice bid to the upside. I have a previous parallel channel that we've actually recaptured after the huge sell-off. Now, my shortable level is a midline now that we're breaking inside of this parallel channel. A midline of a retest of this parallel channel is where I'd look to start a swing trade. So, here's this parallel channel. If we get up to about 210 bucks, this is my first entry price not only for a swing trade, but this would be a day trade today. Knowing that it could go all the way up to about as high as $230 for an ad level on the chart of Dell, but this is again my shortable level for a swing trade and a day trade. Look at the lower end of this parallel channel. Price action retested it, got a pullback. Retested it, got a pullback. Retested it again, recaptured it, and so that is why I like the midline. Plus, if you zoom out on the charts and notice, look at how price action respected the midline on multiple occasions, which gives me further confidence that people are eyeing this trend in the charts and could take advantage of the $210.28 level. All right, thank you so much for joining me. Um if you guys are getting something out of this, please make sure you're liking, you're following, subscribing, and sharing with those friends so that way they can get the same market information you're getting. And with that said, we'll see you guys next time in charts. You guys have a great rest of your day and take care. >> [music] >> Yeah.