[music]
>> Hello everybody, J. Rodosic here with
Verified Investing. Today we've got some
market movers to discuss. Let's jump
into the charts and mainly take a look
at first off Nvidia. No doubt about it,
had earnings this week and is definitely
a big market mover. It is the biggest
stock in the stock market with the
highest market cap and look at this
decline that is coming a day after this
rip-roaring rally and push higher in the
markets, guys. You can see here we
closed the day here Wednesday, August
26th down underneath this declining
trend line. Then we reported earnings on
Nvidia and look at the pop that
occurred. We got as high as $220
or pardon me, $230 and $0.47. If you see
here, I've got a pivot high strung out
to these very next pivot highs and we
actually kissed this area, this trend
line. Didn't actually come in contact,
as you can see here on the 10-minute
chart just the other day, came very,
very close to hitting this level. Just a
little bit of difference. Trend line was
up here at $230.90. However, that gave
us the insight that this area was going
to be resistance at least for the near
term. Now we didn't see this big fall
coming back because of big Kevin Warsh's
statement in Jackson Hole explaining
that inflation is sticky and 2% is still
their target and the Fed is still going
to work to get to that goal. Well, how
do they do that? Likely by increasing
rates and so with that news really
settling in today markets initially
popped thinking things were good in the
market and then everything turned back
down and started selling pretty decently
on the S&P 500. Now no doubt about it,
Nvidia being the biggest market cap
helped drag the markets down being down
4.7%.
So where are we going to find support?
It's pretty clear to see. We got a gap
fill coming up right here just from the
day before reporting earnings. Actually,
the day of reporting earnings, 209.66.
That's going to come in contact with
this declining trend line. Now, one bad
thing about that is that this already
has broken out, confirmed the breakout,
done a retrace, and since received a
bounce. So, if we start flirting with
coming down here on the support area and
it doesn't hold, that would be a failed
breakout, in which case I would see
Nvidia make a straight line down here to
the bottom of this inclining parallel
channel, just about $200 on the chart.
You can see this is an inclining
parallel that has captured and contained
price since the liberation day lows in
April of 2025. Now, we've already hit
the bottom into this parallel three
times, meaning the next hit will be a
50/50 shot on if it holds or breaks. So,
this is going to be very curious to see
in the coming days how and when Nvidia
gets into this first price level of
support with the gap fill here at
$209.66.
That corresponds with this declining
trend line. Do we get saved, hold this
level, and potentially march higher?
That's what we're going to be watching
very closely in the coming days, if
likely, potentially even next week.
All right. So, Marvel. Uh next up on
Marvel's chart, they did report earnings
after the bell, and you can see they did
decline pretty nicely, down 9.72%
today. But, if you notice, price has
really come into a pause right in this
range of consolidation that took place
all on top of this yellow trend line
that you see here on the chart. You can
see this dated all the way back here to
March of 2024. All I did was connect
this other previous high pivot in
December of 2024, and then I drew that
trend line amongst and and all out on my
chart. You can see when price action
came up to it initially, paused, it did
pierce it, got rejected, came back and
closed, put in a couple days of
consolidation, then lifted off, and then
when we broke back down, came back up,
got rejected by this trend line, and
then when we got back above it, really
consolidated, caught a bounce, and then
lifted up on the charts. So, that tells
me this area should be an area that
holds price in the coming days, even
with selling extending potentially into
next week. Be watching for price to stay
right around this trend line in the 211
range. Aside from that, we've got the
next key level of support capable of
providing a bounce to come back up and
hit this trend line down here at
$193.61.
If and when this trend line does break
at $214.74.
Next up into AVGO. Now, AVGO yesterday
with the lift up on Nvidia's charts,
AVGO had some promising development on
its charts as you see here with this
green candle, we actually closed back
within this longer range inclining
parallel channel that's been containing
price since back in December of 2024.
That was a great first step for it to
get back in and close above, but it
needed to see follow through with
conviction buying pushing price
comfortably within the parallel
separating it from the bottom area of
this parallel channel allowing this to
be support, but we didn't get that
today. You can see we're likely going to
close underneath this parallel channel.
The value on that parallel today is at
371.07,
and you can see how that it gets higher
and higher as we extend on into the
future. Um with this being the case,
closing back below that reset starts the
clock. So, for AVGO to potentially get a
breakout scenario, breaking out back
into this parallel, we're going to have
to then try to attempt to do that next
week starting around 371.64,
and then we'll need to see a similar
thing happen uh with a follow-through
day. Instead of selling, a
follow-through push to maintain that.
Otherwise, we're we're we are vulnerable
for a pull down on AVGO, and you may
say, "Well, where is that pull down
going to come to?" You can just see this
here. If you draw this uh Fibonacci
sequence retracement tool, it took the
pivot low to the most recent pivot high.
Look at this beautiful 786 fib retrace
coming in contact right here with this
gap fill at $333.97.
That's where I would be a buyer of AVGO.
As a matter of fact, I was anticipating
that occurring over the last couple
days, but Invidia, at least for the near
term, ruined my plans cuz I was looking
to pick up some AVGO down here. For what
I go through in my show, Trading the
Close, nearly every other day,
breakdown, catch support to the retrace
to that uh parallel uh that had just
broken. We already did a retrace. I'm
still looking for a potential buying
opportunity down here for AVGO in the
very near future.
Uh next up, we've got MSFT. Look at
Microsoft pushing up nicely today
amongst the sea of red that we already
did cover here on the charts. Great
gains here for a mega cap. That also
should be news to you, folks, that when
we are under some severe selling
pressure, yes, the mega caps can get
hit, but they are also a likely first
place of safety for investors to go to
since they do have very deep pockets,
and they do also generate fantastic
revenue, and they've got a lot of
participation with market investors
wanting to ensure these prices maintain.
But as you can see through the chart, it
will have pullbacks. It's just one of
those stocks that it's harder to get
pullbacks uh when the rest of the market
is selling. As place people find place
of safety in these mega caps. So, with
that all being said, you can see
Microsoft yesterday closed back within
the top 50% of this inclining parallel
channel. Today, we extended that move
with conviction, allowing this area to
then become support at 503 and 39 cents.
You can see the next destination for
Microsoft pretty clearly up here on this
inclining trendline right around 531 and
32 cents. Depending upon when price gets
there, that could correspond with a gap
fill. If you see further left on my
chart, right around 541, which is a
recent run-up on top of this parallel
channel, it does come in contact. Say if
we do see some rejection, catch support,
and come back up, I very well could see
us finding resistance right here to gap
fill right around September 18th on the
chart. If we're lucky enough to have
that occur, it should be a fantastic day
trade opportunity if price can run
straight up into that area.
All right, guys. That wraps up today's
videos on market movers. Thanks so much
for tuning in and watching. Feel free to
get comfortable. We've got a lot of
these videos here right on our website.
Goes through TA on several different
charts, one of which may be your
favorite next upcoming trade or even
current trade. So, you get some good
information and also learn some
education about technical analysis while
you're here. Thanks again for watching.
My name is Drew with Verified Investing.
I'll see you next time right here on the
charts, folks. Take care.