Hey guys, Lenho here with Verified
Investing back with another video. And
in this video, we're going to be talking
a little bit about stocks, what's
happening today in the markets, and what
I'm seeing as a trend moving forward to
the future. But before I get any
further, I just want to say thank you
guys so much for being here. And please
consider liking this video and
subscribing to the Verified Investing
YouTube channel. It really helps us out
and allows us to continue to create free
content just like this every single day.
With that being said, let's hop into it.
Let me go ahead and share my screen
and we'll head off. Cool. So, let's
start with the S&P and the QQQ today.
They're down, right? S&P and Q's are
both down, but I want you to pay
attention to something. Look at the
bottom right hand side of your screen
right here where it says volume com
compared to the average volume for 30
days. 14 and a half, not even, but
around 14.5 million shares traded on the
Q's compared to 36 mil
on the average for the past 30 days S&P.
We take a look at this, it's about 11
4 million compared to 42 million. So
significantly smaller
than lower than average volume, right?
That could be that it's a kind of next
week it's a holiday week on Monday. Next
week the markets will be closed due to
Labor Day. So just tons of different uh
potential reasons why that may be the
case.
But for me taking a look at this, what I
see is the following. Well, first off, I
see a small ups sloping trend line that
we are trying to break here, right? That
could mean a broader downturn, you know,
maybe about 1%. But that's not really
telling me a whole lot. What I'm really
watching, and the trend line that I kind
of gave away by turning and tuning into
the spy
briefly, is watching this overarching
trend line. If this ups sloping trend
line ends up breaking, guys, I
anticipate a fall closer to at least 660
on the Q's, which would be
that would be pretty decent. On the S&P,
the same trend line is a trend line I'm
watching. I've spoken over the past
couple weeks about how the S&P and the
Q's have kind of decoupled. S&P, you can
see, continuing to try and push up
closer to new all-time highs. Q is still
significantly down from their all-time
highs about four and a half% not
significantly but much more than the uh
spy which is only basically 2% under 2%
away from alltime highs. We'll see what
happens first whether we end up breaking
up making new all-time highs or breaking
down from this ups sloping trend line.
Similar kind of deal here on the spy. Uh
let's say if this breaks ultimately
looking for support down here around
$730.
Okay. But a couple of the largest movers
today. We'll start off with Tesla. Tesla
having a great day. Actually a stock
with good volume comparatively, right?
We saw that the S&P about
a quarter of its average volume. the Q's
uh slightly less than half around 40%
its average volume but
Tesla on pace to finish with at or
around average volume compared to the
last 30 days on Tesla we're coming into
a key or excuse me a key level of
resistance though that I anticipate
let's say we push up there I anticipate
a pullback and it is this nice gap fill
from earnings
Now, I just want to explain how
significant this is, guys. A retrace, a
push up here on Tesla to 374 will
completely undo this 20% drop that Tesla
took off of earnings. Um, missed
significantly there on earnings. Um, 38%
miss despite beating on revenue. But
should Tesla push up and hit that 374
level, there is a trade opportunity
there. Um, I anticipate at least a
multi-day sell from that level. And
let's say it hits tomorrow.
Expect one of us in the trading room to
probably trade it at and around that
level.
The next stock I want to talk about is
Reddit.
Now, Reddit,
not quite as much volume, right? about
one fifth or so of the average volume
compared to the last 30 days, but is a
stock that's coming down. And the reason
why I really wanted to highlight this is
because similar to some of these other
stocks, we're potentially coming down
and breaking some up sloping trend lines
or attempting to, right? Reddit had a
good sell, right? It it fell over here
at the end of July.
um about 24% off of poor earnings had a
nice recovery and just like I said on
Tesla right looked to retrace and
actually went green and what did I say
after filling a massive gap like that
expect a multi-day sell 1 2 3 4 day sell
down 19%
had a little bounce coming down finally
breaking that trend line should this
break guys should we close below confirm
um the key level that I'm going to be
watching is right here just around this
135 level which is going to be the pivot
low, the lowest point that Reddit got
since reporting earnings. Right? So,
this is going to be a very key level to
watch here on Reddit in the next coming
days. Another level here that I'd
consider buying some picking some up.
And finally, MRVL. Um, MRVL decent
volume, about half of the average
volume, which is good compared to the
S&P and the Q's, right? Um, but on this
stock
did have earnings uh last week on
Thursday
and ended up selling, right? Sold on
Friday, continuing that kind of earnings
sell.
and really important that it's coming
down into a potential level of support
right here. Let me go ahead and delete
this. I'll give you two levels of
support here on MRVL. First off,
there is key uh sideways consolidation
in previous support at the psychological
level of 200 bucks. Should it come down
there, um I think it does get a bounce
at least intraday. A larger level would
be a nice gap fill from the beginning of
August around 194 essentially. And for
me, the final level of support that I'm
kind of watching is that pivotal low
from 162,
the stock's recent low. So, if MRVL
continues to sell, expect, you know,
some support at these levels um in the
next coming days or or weeks in in this
case. All right, with that being said,
guys, that's all I have for you today.
Thank you guys so much for watching. My
name again, guys, is Lot here with
Verified Investing. Um, please remember
to like, comment, and subscribe, and I
hope to see you in the next video. Have
a great day, and I'll see you in the
next one. Bye-bye.