S&P 7,000 Target, NVDA Gap Fill, Oil Alert: Are We Topping Out?

Each afternoon, 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. >> Welcome to today's best trade setups. My name is Benjamin Poole, head trader here at Verified Investing. The SPX is trading near that $7,000 level on this chart. It's actually above the midline of the parallel channel. So, if we can recapture the all-time high on the SPX, we could see another leg to the upside. With US oil not really trading and doing a whole lot, kind of basically flat right now um on the news that the US is now starting to block the the straits. Uh now, the President Trump has mentioned that now he can end the war at any time. I know we've heard that before, and the markets are forward-looking, and so it really depends on what really is going to happen with everything. But, you know, whatever happens, we're going to go ahead and just jump into the charts. So, first thing we're going to do, let's take a look at the SPX. So, here is this uh double top all-time high right around $7,000 on the SPX. And again, what we were want monitoring was the midline of this parallel channel. We gapped above the midline. And basically, what that did was it said um okay, everybody who wanted to exit the trade, now all of a sudden, you can avoid exiting that trade and instead of taking that potential loss on the trade, now we're going to go ahead and drive this to the upside. We see this happen from time to time where it just all of a sudden clears a gap in the charts. And if you were in this trade, and you were looking to get out towards the midline, and it gaps above that, now all of a sudden you're in the money. Now, the fear isn't quite there as much, and so you can let this thing ride. And that seems to be what's going on right now in the chart of the SPX. Again, getting up to that close to the double top area. I still do anticipate a little bit of a pullback to the midline, but now that we're above that and we're consolidating above it, now the resistance level or the midline is going to be more of a support level on the SPX, not necessarily resistance. On the way up, we still have another leg to the upside. If we can again push above $7,000, then your next level of resistance is what I'm going to do is take this pivot top here, secondary pivot here, third pivot. So here would be my max temporary upside, right around $7,070. And again, this really depends on where the upside or the the price action hits the upper end of this parallel Excuse me. Upside of this trend line. Excuse me. Okay. So this is what I'm looking for. Push up to 70,700 or $70,070 and then we would expect a pullback to the midline of this parallel channel because that is now going to be the support level. We'll have to wait and see what the consolidation happens on the SPX to decide where the next leg is going to go. Is it going to go up or is it going to go down? And again, I was mentioning US oil, still not really dropping. It's not going higher. It's kind of stabilizing right now. Um we are slightly up on the day, but so is the markets. So it's not really giving us an indication of what's going on as far as the price action of the markets. Uh it's not really moving in alignment with the US oil chart. I will have a long level right here at $113.39. If we can get a nice sell off and on the short side, if we get a push up $137.99. I don't really see a whole lot going on with the US oil trade uh anytime soon. So we're going to go ahead and just jump into the next chart, which is SanDisk. SanDisk has this nice push to the upside. It opened up at about $965 yesterday. Had this nice sell-off. Now, as you can see, it's trading below $900. For those of you who are a little bit more aggressive, you could look for a retrace. And actually, I would love this for a potential day trade today. If we can get into the surge in the markets and the memory chips, I would look at $944.46. Now, when I say this, all these trades have kind of a timeline. The later on in the afternoon session, the weaker these resistance levels um become, meaning that as as the day goes on, there's less and less opportunity for volatility. So, these markets can continue to float, as you've seen in the previous um days in the past. So, if it doesn't hit by 3:00 on SanDisk, then I would remove this off of the table because I need the volatility in the markets. I need the fear and the greed. And again, as the day goes on, there's less and less of that. And so, I'd be a lot more hesitant to take this at $944.26 or $0.46 if um if it's past 3:00. All right. So, just kind of wanted to throw that out there. Let's go ahead and jump into the chart of Nvidia. Nvidia has already filled this gap. I did anticipate a pullback off of this level yesterday at $195.57. Actually, my first level was $140 or $194.20. But if you zoom into the charts, look at what happened. You had this huge surge in volume. So, low volume, 25,000, 39,000, 50,000, 31,000. Then all of a sudden, 119,000 in this 157 in this one candle. And then 119,000. This showed you that it it took a lot of buying pressure to push price action above that. Now, it got all the sellers who wanted to get out of that trade out of the trade and now as you can see we're pushing up again to 200 um at $190 $9.05 is that gap in the charts. My second level of resistance is $200.52. This is a prior gap in the charts. Actually, that level is a little bit higher. Prior gap in the charts. This is actually sitting at $201 and 3 cents. So, I still like this level 199.05. Even though even though we're above that level now at $199.79, I still like this area for a short. My ad level would be 201.03 and then that would really be my stop out. Knowing that I've got this additional resistance level at 206.86, this is where I'd re-enter the trade if this level at 201.03 does fail, then again, I would exit that trade on a 15-minute closing basis above that level and then re-enter it at 206.88. And then look at this, double top is at $212.40. This is where price action is starting to get way overextended and so these levels, you should get a pretty sharp pullback. And these are starting to get into levels that I would be interested in short picking Nvidia up for a potential swing trade. Bloom Energy uh the first level of resistance today was a key psychological level at $225. Now we're above that. What I want to see on Bloom Energy because this is got a momentum play behind it is a pierce of $240. So, if it gets up to 240.82, uh this is the level that I would short it because of volatility. Those of you who are a little bit more aggressive, look for that whole round number of 230 for about a 3% pullback and then 235 for another 2 to 3% pullback and then 240. This is where I'm looking for about a 5 to 6% pullback with this extended move to the upside. So, from $117 from the lows of the 30th of March, that would be a 105% move in a month, less than a month, 2 weeks. That's overextended. Doesn't necessarily guarantee that that's going to be the top, but I don't see it going much higher than that after this huge run to the upside. I mean, how do you how do you get into a stock on the 30th of March, it goes up 100%, let's say you drop 10 grand in there, goes up 100%, you make 20,000. How do you not pull your money out? So, 240, maybe it goes up to 250, but this thing is due for a pretty substantial pullback, even though it's got positive news that it's partnering with Oracle. Doesn't matter, it's going to be overextended. It is overextended. So, 240, maybe 250, but there should be some profit takers and it'll really drive that price action down. Okay, let's go ahead and jump into QBTS. It's having a nice push to the upside. I did have a shortable level today at 200 or $20.56. As you can see, this is a prior pivot in the pivot top. Price action got support, support, support, and then all of sudden got resistance as it got underneath it. So, this was my level today. Now that we're already getting a little bit of a pullback from that level, what I'd be waiting for is another prior gap in the charts, which would be $21.22. So, QBTS is having a nice surge to the upside. It's up 19% on the day. So again, this would be my next level of resistance at $21.22. And this has to get there by 3:00 p.m. or else this is off the table for me. I would love a surge right up into that area and that would give me further confidence that we're going to get a nice sharp sell-off. Let's go ahead and go into Tesla. So, a couple days ago, actually on the the 7th of April, I did mention that there was a bottoming tail on Inplay. And to play this on a potential retrace of the scene of the crime, and your stop-out level would be a stop at a closing basis below the low pivot area. It did tag that area, never closed below it, and then all of a sudden, this huge surge in the price action of of in Tesla. I did not enter this trade, and now all of a sudden it's having this parabolic move. So, if we get another push to the upside, $290 and 11 cents going into today's session or into the afternoon, is where I'd be looking to play Tesla for a short. Because of the volatility that's in Tesla, I would stop out on a 15-minute closing basis if it closes above that level. By the time you get this video, this actually may be at the level that it it's already piercing. Your If you decide to dollar cost average, your next level of resistance is going to be right here, prior gap in the charts. As you can see, it was additional resistance level at one point, at $292.78. Above that, your next level of resistance is going to be this prior gap in the charts. As you can see, was support a bunch of different times and or resistance. And so, $397.01. These are the levels I'd be looking to play it. Those of you who are a little bit more conservative, kind of like me, you would be looking for a whole round number of $400 for that to pierce, and then that's where you would enter a trade. These other levels are just prior resistance levels that you should get a pullback. For me, I do like these as far as a pullback level, but I would be more interested in waiting for that $400 whole round number off this move, and that would be about a 10% move. And that's what can happen on a chart like Tesla. You get some momentum behind it, and then all of a sudden off to the races you go. I and Q had this nice push to the upside. Pivot top right here, $41.90 is a good rejection level. It's already gotten a pullback off of that. So, what it be doing is looking for an additional resistance level, which would be this prior gap in the or actually red bar candle high. So, $42.72 is your next resistance level. I would be looking for about a 1 to 2% pullback from there. And then you get this red bar candle high right here at $43.44 as additional resistance on IONQ. Bitcoin. Bitcoin's had this nice surge to the upside. I was mentioning a couple different videos that I'm short-term bullish on the chart of Bitcoin. And the reason is it's got this beautiful down-sloping trendline that price action is now gotten above, and it it also put in some nice bullish consolidation inside of a green bar candle, uh which was inside of a red bar candle. This gave me confidence that the the buyers were stepping in in droves and driving the price action higher and allowing these sellers who were exiting the trade to exit their trade and push this up. So, we haven't confirmed officially above this down-sloping trendline on Bitcoin. But, let me show you what I'm watching. Here's this down-sloping trendline pivot top here, secondary pivot, third hit, got this rejection. I love to see that. Finally closed above, didn't confirm. I would have loved to see a confirmation above $75,000, but it didn't do that. Now, what I would still do though is play this on a retrace to the crime around 72,400 or 72,200 depending on when it hits this down-sloping trendline. And then my stop out on a swing trade basis would be any close below this low pivot at 70,000 uh 752 bucks. That would usually be a retrace to the scene of the crime or a a close back below this down-sloping trendline. So, that's why I'd stop out of it. I do think it's coming up to this low pivot area though now that we've broken out at around $70,530. Let's go ahead and jump into the chart of Microsoft. Microsoft is having a great day today as well. I do have some resistance coming up. My resistance level as its previous pivot top right here. Zoom out on the charts. As you can see, there was additional support in this area until this price action broke. So, if we get back up to $413.58, this is where I'd look to take a short trade on Microsoft going forward. Uh again, this would be a day trade. Has to be executed by 3:00 or it's off of the table. STX, I was mentioning yesterday that this was a great level to enter a short trade. The thing I like often times is that you get these closes above these upsloping trend lines. And this is your entry price price for a short. Not necessarily the hit of this upsloping trend line, but a pierce. And the reason I like this is in the last video I was mentioning, this usually signifies to the bulls to jump on board, and that is usually the top. And now we're getting this nice pullback from above $530 close to about $500. And that's not a huge sell-off, but at least that's the beginning of a start or a beginning of a short trade that's continually working out. So, the way I'd play this is once I got to about 5 to 6% in the money, I would actually take some of it off the table just in case it decides to bounce and gets back to my break-even. Then whatever I had on the table, I can re-add that and stack some profits. And then if it does go back up and gets up to $550, cuz that can happen on some of these stocks, then I could re-add to the position or add additional to the position and dollar cost average out as it continues to drop. Right now that upsloping trend line is acting as pretty solid support though or resistance. So, it's looking pretty good. What we're going to look for now is price action again below $487. Once that happens, then I think we're coming down into the $468.85 level. Last but not least, similar price action is NBIS. Here's this up-sloping trend line of resistance, pivot top here, secondary hit, and then we closed above or right on that trend line. We did get a little bit of a sell-off. What we're looking for is price to get below $154.54 for additional support. Once you can get a bounce off that, could potentially retrace the scene of the crime, which is this up-sloping trend line. Not necessarily the scene of the crime, but at least this retrace of this up-sloping trend line. And then we're looking for a a sell-off to at least $140. That's going to be your first level support. ultimately, I think we're coming down to this gap in the charts sitting right here at about $117.34. That might take a while. This is just my long-term overall outlook on the chart of NBIS. Um but that's the what I see um coming up. That's what I have for you guys. I was going to say, "Sorry for the long video." But I know a lot of you guys like the longer videos. So many different charts for you guys. Um hopefully you guys are getting something out of this. Make sure you're liking, you're following, subscribing, and sharing with those friends so that way they can get the same market information. And then last, uh not last, but check out Verified Investing Extras. Scan that QR code. Liz Copeland does an excellent job in these interviews. Uh the last video with uh Lobo uh Tigre. You guys don't want to miss his analysis on gold, silver, oil, and a whole bunch of other things that you guys maybe had missed in the past. And something that as Verified Investing Traders may have missed as well. So go check that out, you guys. Uh and let me know in the comments what you guys think of that that video. All right. And again, uh we'll see you guys next time in the charts. You guys have a great rest of your day and take care. Yeah. >> Mhm.