Trading The Close | September 10, 2026

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Hello everybody, welcome to trading the
close. My name is Drew Dosek. Now today
guys, we had the PPI report come out
pre-market that came in mainly in line.
However, the diesel cost shot up about
24%.
Guys, that is big news for all of us
ordering stuff online. And if we're not
doing it, you know where those products
are going into the big box stores into
the uh retailers in which they're
getting diesel shipped to those
locations, too. So, all of our products
likely are going to be going up. That
was one of the metrics that actually did
increase quite a bit. Uh but a little
over 2% for transportation and freight
costs. That means it's going to trickle
down to us eventually, especially if the
diesel costs remain high. Now, the
yields went and exploded higher today
off of this report, putting pressure on
the rest of the markets. Guys, we got a
lot to go over. So, let's jump into the
charts with the S&P 500. I guess we put
on the brakes and refrain from saying
this for right now to jump into the
charts. We've got the other last final
data piece hitting the market tomorrow
8:30 in the morning. And so watch that
inflation report coming out with the CPI
should be very very interesting to
follow. For those that don't know, PPI
is the producer price index. CPI is the
consumer price index. Producer the ones
who's producing the products and the CPI
much like all of us, the ones that are
buying the products. So we'll see how
that turns out tomorrow. The way it
looks looks like it's going to be hot,
guys. All right. So we see the S&P 500
did decline day down 6%. Notice what we
did, guys. we gapped over this level of
support. We already had this level of
support tagged back here on September uh
1st when and if we come back down to any
support level and we gap over it. That
means we have further selling pressure
that can uh take place. We filled that
gap much like I said would occur and you
since uh put in a dogee candle on the
chart mainly waiting as I said for
tomorrow's inflation data if we start
coming down the next near-term support
at $755 but I really do like this gap
fill down here under that level right
around $747
and you can show I can show you here too
near-term potential trend line support
if we do continue moving down and the
S&P 500 will be found on this dynamic
inclining trend line and you can see how
that lines up right there with the gap
filled that we would mean that we would
need to come underneath that point. So
maybe we uh jockey around in this range
before that happens. Now if that CPI
print comes out positive for the
markets, then I I think we can gap over
this level at $760.40.
That's the near time a near-term
resistance to the upside as long as we
open underneath that level. So be
mindful of this level and where price
opens tomorrow. that should really
dictate if we can move higher or if
we're going to be moving lower on the
charts where price opens on or or pardon
me above or below that line. Next up
into the Q's. As you see here, the Q's
did fall a little bit more than the S&P
500 down 1.06%
today. Also filling this gap, but really
just staying stuck here for most of the
day as you can see closing down here in
the lower range of that chart. Now,
where can the cues go next? again will
depend on that inflation print tomorrow.
But we do have a very nice gap fill that
also corresponds to the psychological
$700 whole round number. Notice that gap
fill here in August 3rd. That will be
the first stop. But I've got this pivot
highlighted on the chart from this pivot
low at $69525.
If we breach that level, I anticipate
that to hold and potentially settle in
around that range if we do see further
selling in the cues tomorrow. Next up
with the SMH, guys, as I've said before,
this is my bullish or bearish indicator
on the charts. I flip on the simple
moving averages. You can see yesterday
and the day before, we're combating with
this blue 50 simple moving average. In a
sense, push price right back down into
this parallel channel. So, a failed
breakout attempt at least for now. We'll
see where this takes us. Some more
repeated attempts weakens this level,
allowing price to break up to go ahead.
However, with the moving averages moving
above current price, that puts another
obstacle in its way to move higher. So,
this isn't uh setting up too good and
rosy near-term for the semis as they
have remained under pressure and not
particularly bouncing that well. Down
2.44% today, the biggest of any of the
other indices. Now, let me flip over to
the IWM real quick, guys, because you
can see here too, we've actually got
some development going on on the IWM.
Now, let me zoom back out further. take
off these fib retraces real quick um and
illustrate this large inclining parallel
channel. This has been uh intact since
the April lows in 2025. Now look where
price is coming back down to. I've drawn
this trend line quite a while ago back
in November of 2024 connected with this
pivot over here in January of 2026. We
fought for a while to get above it.
Finally secured and got a bounce up
higher. Now we find ourselves making a
full round trip coming right back down
here to this inclining trend line. But
notice what is happening today. Today
we're now confirming underneath this 50%
area of the parallel channel. Now the
IWM has a lot of small caps, many of
which are very sensitive to yields when
they are going up higher. So as long as
yields go up higher, the likelihood of
IWM coming down actually increases. But
since we did confirm down underneath
this 50% area, what generally happens,
guys, is price likes to find support and
then bounce back up and retest that 50%
area of the parallel. Now, the first
level, as you clearly see, it's right
here on this declining trend line
tomorrow at $28,658.
Be mindful though, if we gap o over this
and below it, we could be headed lower.
That's just the near-term level, very
close to current price. But if we get a
good CPI print tomorrow, we could
actually get a decent bounce right there
on the IWM as we see the 10-year yield
is extended beyond belief. Look at this,
guys. 4.963%
the high of the day. Now, if we flip on
the daily RSI, which is at the bottom of
the screen, it shows a value here is
72.76.
Anything over 70, this key threshold
here is considered overbought in the
near term. With today's acceleration,
that put us in that territory of an
overbought move on the 10-year yield.
But I do still have another overhanging
level of potential resistance at 5.021%,
which is uh derived back here from this
2023 high pivot. So, we still could be
moving up after tomorrow's print. But I
expect if we do that, this is a lot of
movement in a very short period of time,
illustrated by this RSI at the bottom of
the chart. We should then be due for
some period of consolidation if not
pullback. Notice like this period that
occurred here. Notice what happened to
the RSI. It was up here at 67 and then
declined all the way down to 46.89. All
while moving sideways. That's what's
needed for the 10-year to base and go
higher. If we want this to fall down,
you may you may actually be cheering for
a big pop tomorrow because usually big
pops are met with big drops. So, we'll
see what happens tomorrow. But those are
the scenarios that are facing the
10-year yield and investors as we
encroach upon this weekend's data print
and the FOMC next week with higher
yields that did put pressure on gold,
guys, as we see gold now breaking
underneath this current level of
support, $4,333.
But we've got support very close, guys.
The bottom of this parallel is right
down here, $4,35.
You can see price tried to put in a
bounce, but is really putting in a bare
flag. looking like we are going to be
testing this $4,300
level sooner rather than later. Now,
also recognize this level was already
hit on September 2nd. That wasn't a lot
of time ago. That was actually pretty
soon. The more and sooner we hit these
support levels, the more likely they are
to break with the next key level of
support at $4,100
right on top of all of these pivots.
Now, you could have a secondary level
like a more near-term small short-term
bounce level derived off of these
pivots. As you see, price can come down,
hit this level, 4,188,
retest this broken parallel, then come
down and hit the next major level of
support at 4104.
Next up into silver, guys, we see silver
also following gold down on the chart
except for silver dropping 5.5%.
big decline down here in silver getting
close to test this previous support. But
remember like on the S&P 500, this is a
very similar pattern. We hit that level
of support and what did we do today? We
gapped up over that support and went
lower. So not to say that's going to
happen with silver, but that this this
is shaping up to be the almost same
play. Now this level is the first level
of support at $6326.
If this gets broken, which I do
anticipate silver to come lower, the
next level is at 613.
Next up, guys, here's the big story of
the day. Oil as well as yield. Oil now
at 103. Guys, I if you recall, I gave
you guys this information. Matter of
fact, go on our website, check out our
daily charts. I posted US oil just when
was it? Right about uh right about
August 20th, August 24th, I posted this
very chart in a breakout scenario. I
brought it to you guys right here in
trading the close. And I told you the
buy zone is $80. Well, guys, if you
listened, you're pocketing some nice
money with US oil ripping higher on the
charts. And you say, why and how did
that occur? Well, that occurred from
these declining trend line that you see
here on the chart where we had a failed
breakout attempt, a real breakout, and a
retest right back down to this declining
trend line. That's what we capture in
the show. That's what I want to teach
you guys so that you can profit on moves
just like this because we gave you the
heads up right here about this retrace
and bounce play. Now, that trend line,
forget about it because what's going on
now? We've got an inverse head and
shoulders pattern with the targeted
measured move up here at $11630.
That is a previous resistance trend
line. So, looks like we're headed up
there near-term overbought. Could stall
out anytime. But guys, great move on US
oil. Next resistance 108.26. Guys, let
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right, back into the charts and flipping
into Nat Gas, which Nat Gas did see some
serious selling pressure earlier today,
pulling price back down to $283, but
look where we're finishing the day,
guys. Much like I said yesterday, bad
red candle, but this could just be one
day of selling right through this level
of support. We need to see a follow-up
confirming move extending away from that
level of support if this breakdown is
going to be real. Right now, it doesn't
look like it. Now, that doesn't change
the story as far as where price is. We
need to get away from that support trend
line. And if we hang out here for an
extended period of time, that would form
a bare flag. I'm still a bull near-term
on Nat Gas and I'm anticipating this
level to hold and potentially push up to
the next key levels of resistance, $312,
followed by the destination up here at
$323.
Next up, we've got a couple good winners
on the market today. First up, Skyworks,
guys. We got SWKS in breakout mode. Look
at this declining trend line taken all
the way back here from July 30th of
2024. And look at this rip today, guys.
up 9.79%.
I caution you guys overbought extremely
at 80.29 on the daily time frame and we
ran into near-term resistance with this
pivot. But what do we like about
breakouts, guys? We like to see
breakouts. We want to see a follow-up
move tomorrow with a daily close above
today's candle. And then we want to see
that price drop right back down. give us
that nice retrace for the uh pending
bounce play up to tag this next level of
resistance at $90.90. So, you heard it
here, SWKS on breakout watch. See if we
can get that confirming move tomorrow.
Then that opens up the buying
opportunity for any pullbacks back down
here to this trend line. Much like what
I stressed on US oil, this is the same
pattern, guys. The exact same thing. And
you can do it on chart after chart after
chart after chart. It doesn't matter. or
US oil, Skyworks, I don't care. You just
give me a ticker and as long as it's got
data, I'm going to draw these lines and
find ways for us to become profitable on
these trades. Uh, next up into Take 2
Interactive. Now, this has a little bit
different of a twist. This, uh, company
does uh, create Grand Theft Auto, which
is due for a heavy release in November.
One that's been anticipated for well
more than a decade, guys. This, too, is
anticipated to be the biggest game
launch ever. And, uh, which means big
big money. Now, a lot of this was built
into the rise that we've seen and really
bubbling up into these recent double top
highs. And so, I thought a lot of this
uh announcement or at least this release
was already baked in and thus profit
takers have pushed price right back
down. But today, a nice winning day of
2.76%
breaking this declining trend line. And
what do we know about broken trend
lines? Well, price wants to go back up
and test where it has broken at up here
at $233. I've got a very interesting
level had price not bounced and we could
still see further selling. But you see
on this inclining trend line back from
August uh 7th of 2024 connected over to
these most recent significant pivots and
that brings about a support level right
down here just above $200 right around
$24.
Now, we'll throw in another level of
reasoning for this support region. And
I'll pull pull out my Fibonacci sequence
retracement tools. And look here, guys.
The 786 fib retracement comes in right
here, right where I already highlighted,
right around $24. If we do see some
continued selling, that should be a
pretty nice spot for a near-term
technical bounce that could take us at
least up to these low pivots,
potentially as high as this broken
declining trend line. Next up, the
biggest stock of them all, guys, Nvidia.
Now, notice what's happening here on
Nvidia. Similar to what happened over
here on Take Two, a broken trend line to
the upside. Now, near-term, again, one
candle down. Consider this just like the
NAT gas chart. One candle broken. Nvidia
can save itself from this near-term
breakdown as long as we have a daily
close tomorrow above $21,967.
Otherwise, we put a close in lower than
today's low. next support 21939 followed
by 20730 which would be very similar to
a breakout retrace bounce play but it's
already occurred guys so this one would
not be as attractive at this level
nonetheless if we come straight down
this could develop a time count that
could be due for a technical bounce at
least to test this de inclining trend
line from which price has just broken
today lastly guys into Oracle putting on
a show today after ear after hours with
earnings look at price pushing up to
16359. It actually did get up here to
167, the previous location of this day's
opening candle back on uh September 8th.
So, let's flip over to the 10-minute
chart, see what's happened. And yep,
that still is the high 16769.
Great move here on Oracle. We can see
throughout the course of the day, and
this has been somewhat common with
stocks that have excelled after hours
with earnings, we've seen a lot of
profit takers, investors, um, becoming
more cautious and taking money off the
table before um, whatever could happen
with earnings because in a lot of cases,
it is a coin flip. And I was discussing
that today with this earnings. We're not
at the lows uh, since last earnings and
we're not near the highs. And so when
we're in somewhat of a middle area, it
is really hard to say, "All right, we're
definitely going long or we're
definitely going short." One other
example I brought up actually during the
day because it's very rare I recommend
buying um positions going into earnings,
but this stock was one that gave me that
opportunity and I discussed it that day
on July 28th when we had price come down
on this inclining parallel. First hit,
second hit, third hit being the
strongest, guys. But look what happened
before going into earnings. Look at that
cascading fall. We were due for a
bounce. Got a fantastic bounce. Sold it.
Bought it again. Sold it. It's, you
know, again, guys, just repeat, wash,
rinse, and repeat. That's what we do
when we draw these redundant patterns,
ones that you and everybody else can do.
All you got to do is hang in there. Just
this this market will beat you up. Stock
markets definitely can do it. You got to
have patience. You got to have
discipline. These patterns are simple.
Anybody can do it. You just got to stick
with it and then you can definitely
succeed. Anyway, thank you guys so much
for watching and tuning in this week. My
name is Drew Dosek. Don't forget to like
and subscribe to the video. Send it out
to your friends and family so they too
can learn more about the stock markets
and how they behave. You guys have a
fantastic weekend. Enjoy this pre-r big
reports tomorrow. We'll be back on
Monday on Trading the Close. You guys
take care. We'll see you then. [snorts]
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