[music and bell]
Hey guys, Lton here with Verified
Investing back with another market
movers. I hope you guys are having a
great Friday at the end of this nice
holiday week. We have a very exciting
episode of ProCharts today talking about
the market's biggest movers today.
Couple things to note, guys, before I go
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like this from us as well. That being
said, let's hop into it, shall we?
Let's start with the S&P. Now, the S&P
is currently up about 1%,
filling the gap created from Tuesday's
price action. This is pretty good for
the markets as we're beginning to
potentially try and test previous
all-time highs on the S&P. What am I
watching? I'm watching that double top
779
37, the key level of resistance. But
something I really want to highlight
there is we're starting to create kind
of a beautiful look at this downs
sloping parallel channel. Um you can
even consider this a bull flag because
we had this nice move up followed by
this downward sideways um downward
sideways consolidation favoring a move
to the upside. Now while this is a
bullish pattern, it doesn't necessarily
mean that it needs to play out. Now, why
is that? Well, the reason why is because
bullish patterns at the highs of the
charts have a lower um lower likelihood
of playing out compared to if they were
at the bottom of the charts, right? And
while this is potentially bullish, it's
only bullish if we can break above this
down sloping parallel channel, right? um
it stocks can continue in a downtrend
for a significant portion of time. So I
wouldn't go all in saying this is going
up for sure. But just something to keep
in mind on the Q's also having a great
day today. Up about 1.1% passing that
gap fill from Wednesday, right? And
while we're testing all-time highs on
the S&P, it's not the case on the keys.
And I talk about this so much, but the
decoupling between the S&P and the Q's
where the S&P is pushing towards new
all-time highs. Q's are kind of stuck
down here um well off down about
4% from their previous highs. But that
doesn't mean that you know that there's
no hope for the Q's where I'm looking at
this potential break of this downs
sloping trend line. Let's say the the
Q's begin to push up over this. We could
be looking at a breakout scenario,
potential entries here or potentially on
a retrace back and looking for another
move higher here on the Q. So, that's
going to be something um that I'm going
to be watching next week. Right on the
SMH, SMH comp uh performing extremely
well compared to the Q's and the S&P up
around 2%, guys. Not quite filled that
gap from Wednesday, right? But a 2% move
up uh is not too shabby for uh the
semiconductor industry, right? And
speaking of downs sloping trend lines,
we have this really, really key
downstoping trend line that we just
broke above today. You can see we've
tested it here, here, here, broke above
it, right? Actually opened up above it,
came back down, right? Went below,
retested it, and now are looking to
potentially break above it. We want to
see confirmation above basically above
this down sloping trend line and above
580 and potentially right we can see a
move higher closer to that $600
610 625 region on the SMH and I've said
this for a while right part of the
reason the S&P and the Q's kind of
decoupled is the semiconductor industry
isn't as hot as it once was right you
can you can definitely see that in the
charts right the Q's 4% from all-time
highs. The uh S&P right there and the
SMH down about 15%.
15% for you know what was
definitely thought of to be the most you
know uh important industry or sector
rather in
the stock market. Right? So, it's going
to be interesting to see if the SMH can
hold this level, close above, and
continue to push higher closer to the
600ish level, especially at this high
pivot here from the 17th of August. This
for me is the make or break it um area.
If we can get above there, you know, I'm
I really think it can go significantly
higher, but that's going to be a huge
test for the SMH.
Now, the next one I want to talk about
is Adobe. Very interesting chart, right?
Taking a look purely at the chart, you
could say, well, Lton, this definitely
favored a move lower on Adobe Brook.
This beautiful ups sloping trend line
continued to fall. Where would support
be? Well, the stock initially opened
down off of earnings, right? We can see
that what happened. Well, they double
beat they beat earnings and beat revenue
expectations. But one thing that they
unfortunately didn't do was raise
guidance and and as a result of uh poor
guidance or lowered guidance rather the
stock kind of fell into the open right
but you can see that investors weren't
as worried and the stock has fully
recovered. The key level that I liked
was this gap fill down here around 225.
An additional one here around 23775.
And it actually, if we take a look at
the extended trading hours, that's
actually where the stock went. Yes. Uh
this morning around 8:00 hitting that
gap fill and having a beautiful bounce.
Let's see that bounce
if I can measure this. Yeah, it's
getting like a five and a half percent
bounce from that key gap fill level. If
it continues to fall 225, I'd consider
an entry long for a longerterm play, but
ultimately we'll have to see what the
stock ends up doing. The other big
player today reporting earnings, Oracle,
man, Oracle so beaten up, so far away
from its highs like a year ago. 56% down
from its recent highs in June down about
40% heading into earnings. They're
they're they were expected to do well
and they absolutely crushed it, right?
Beating EPS by 10% um beating revenue uh
having great guidance moving forward.
Everything was pointing up for uh for
Oracle. But if we take a look here,
it's not as good as it seems, right?
Stock has actually gone flat. And what
I'm actually watching is a key level
right here. This ups sloping trend line.
If we can come down into that, I
anticipate support there. Um, there's
also a gap fill here. So, kind of a
two-factor trade of support right here,
especially on Monday if Oracle continues
to fall as it went negative. But for the
long term, I really love basically
anywhere in this region. Anywhere
between 135 or lower, I think is a great
buying opportunity potentially for
Oracle. Oracle had a great surge from
its lows at 114, about a 40% surge, had
a pullback, pushing back up. So, this a
reversal down closer to this 135 to 130
region would be massive on the stock.
And finally, OKLO
absolutely falling. Um, it did launch a
1 billion share sale program causing the
stock to fall. Massive buying
opportunity for support down here at
3661. Looks like the stock got close
today, right? Got very, very close for
that potential bounce. Looks like it got
as close to 36.83 at about a 1 and a.5%
bounce. But taking a look at the chart,
next level of support, you're looking,
you know, back in May of last year for
support levels, right? So certainly a
massive fall should this level break
close to 28 to $20 is my buy level for
maybe a longer term swing trade. All
right, with that being said, that's all
I have for you today. Thank you guys so
much for tuning in. Please don't forget
to like this video, comment, and I'll
see you in the next one. Bye guys.