[music]
>> Hey guys, Lawton here with Verified
Investing back with another ProCharts
video. And in this video, we're going to
talk a little bit about stocks, the
overall landscape of the stock market,
and a couple stocks that had some decent
moves today.
My name is Lawton Hope, and before we
get any further, I just ask that you
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With that being said, let's jump into
it, and let me go ahead and chart share
my
charts right here. Okay.
Cool.
So, we're starting here with the
with the S&P.
And today, the S&P is kind of not doing
a whole lot, right? We initially looked
to open up slightly higher and even
pushed up. We're up about half a
percent. Look like we're going to tackle
those potential
all-time highs again.
Not quite. Big reversal in the markets.
Um we were all kind of watching the, you
know, 10:00 a.m.
um comments by the new Fed chair.
But, as you can see, basically said he's
not going to give us anything, right?
Essentially.
He's going to play his cards, keep his
cards close to his chest.
The market sold off, but eventually did
rally up about 0.7%
um intraday from those previous lows,
before selling off into the end of the
day and now actually going green.
On a broader time frame,
we're putting in a potential interesting
couple of days coming up into these this
beautiful kind of up-sloping trend line.
Should this up-sloping trend line
ultimately end up breaking to the
downside, I definitely could see the SPY
come down
closer to that $700 level.
The next stock I'm going to talk about,
or I guess in this case ETF, is the QQQ,
right? The Qs. We'll try track the Qs.
And a similar story, but slightly
different, right? Similar in that we had
a good push today from the open.
Right?
Before having an overall sell-off. Same
thing happened here. 10:00
news, you know, Fed minutes come out.
Nice sell, then rally from the lows of
1%, and then what happens? Boom, right
back down now trading near intraday
lows. Interestingly enough though,
the markets, the Qs rather, didn't quite
um
>> [snorts]
>> open
up. It actually opened up slightly down.
So, it'll be interesting to see if the
Qs continue to see
uh tick ahead. As we can see, the Qs and
the S&P have sort of decoupled, right?
The candles look similar, but as the S&P
continues to make new all-time highs,
the Qs not so much. And taking a look at
this, looking at key support level gap
filled just from Wednesday.
From before Nvidia earnings down around
711, I anticipate some support.
And the semiconductors, of course SMH,
have actually completely
already reversed
all the gains that it made yesterday
after Nvidia's earnings were ultimately
released.
>> [clears throat]
>> Coming up next looking at this around
540 and then ultimately $500 level for
support on the SMH here.
Next up MRVL, they did report earnings
yesterday and despite beating both
earnings and revenue expectations, they
did lower guidance.
And
as as they lowered guidance, the stock
took a tumble now trading at a gap fill
um
from August 18th but not quite getting a
a bounce at all.
For me personally, I'm looking around
this 194 level for a potential bounce.
Of course, you're going to get support
at the psychological level around $200
that we traded in and around
consistently for a while. But all
throughout there, you should find some
support on MRVL.
Zooming out a bit, taking a look at the
trend lines, we did end up breaking a
beautiful up-sloping trend line. We
tried to retrace to it, couldn't quite
do this.
Um but we'll ultimately have to see
where MRVL ends up going.
Gap reported [snorts] earnings yesterday
and
absolutely
um
crushed it. So, they did beat earnings
and missed on revenue, but they actually
raised their guidance and on top of that
um
they they increased their their gross
margin
and profit exceeded expectations. Right,
so really good news for Gap. At its
highest, Gap was up about 24%
today
right before reversing and selling off
over 9 and 1/2% intraday, what a sell.
For me, the levels of to watch moving
forward are likely, first of all, this
nice double top
over here around 28 bucks. And then
should we continue to push higher, I'm
looking at this double top here around
29-30
on gap. But we'll see. Ultimately, you
know, if it does end up coming back down
retracing all the way to its
pre-earnings levels to this gap, you're
going to find a lot of support there as
well.
Couple more stocks.
In this one, AFRM
also had earnings.
And to say their earnings were beat is a
massive understatement.
>> [laughter]
>> They beat their earnings estimates by
1,230%,
right? And beat revenue and raised
guidance. So, the stock unsurprisingly
opened up 11% pushed up, was up 17%
intraday. Now kind of fully reversing.
For me, key level to watch,
can it actually fill this gap from its
from yesterday, literally, and then go
lower?
We'll have to see.
Finally, IREN also had earnings
yesterday and IREN
not great. Absolutely got crushed on
their earnings. Beat revenue
expectations, but also lowered um
lowered guidance and reported a lot of
losses. On this chart, you know, I'm I'm
looking at a couple things. The first
thing that sticks out to me really is
the break of a potential up sloping
channel line here.
You guys saw a break test test test
broke retrace and then I had a lower.
Ultimately, for me, support will be
found here around 29 to $30. Should that
level break,
um, you're looking significantly lower,
closer to this $20 level
for support. All right, guys.
With that being said, that's all I have
for you today. My name's Lawton Ho here
with the Verified Investing. I hope you
guys enjoyed this video. Have a
wonderful weekend, and I hope to see you
all very soon. Have a good one. Take it
easy. Bye-bye.