Trading The Close | September 22, 2026

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Hello everybody. Welcome to Trading the
Close. My name is Drew Dosek. Now guys,
back into the market we go. And today
was a lot more muted than it was
yesterday. We had a rocking rally
yesterday in the AI space. Now, think
about it, guys. We did come off of a
triple options expiration last week. And
so, Monday does kind of make sense that
we had some alleviating pressure gone
and allowing price to go back up. If you
consider over the last several months,
we've had some pretty decent draw downs
in a lot of these AI data center plays.
Might have caught a lot of calls
offguard. And certainly Monday without
any of that restriction with
institutions helping to ensure those
contracts expire worthless allowed a big
rally in the markets. Now we got
geopolitical news this week. We have uh
the UN General Assembly. We've got uh
President China um um President X G
excuse me coming into town on Wednesday
meeting with Trump both Wednesday and
Thursday. So we got a lot of uh backdrop
with geopolitical news hitting the
markets this week. Oil is coming down
off of potential peace talks over in the
Middle East. Nothing's developed yet,
but we've heard this several times
before. Yet, oil is falling, allowing
the markets to at least push up in the
markets. Now, let's check out the S&P
500, and then we're going to jump into
the NASDAQ that did breach brand new
all-time highs today. So, look at the
S&P 500 today. Decent day, basically
flat. We had some movement up, but
largely we were muted. Now, let me get
into the 10-minute chart because I
didn't touch on this yesterday, but for
today, look at today's price action. You
can start here right at 9:30. We dipped
a little bit and went up. Completely
different type of day than what we
experienced here on Monday. Look at this
move up that occurred on the S&P 500.
Generally, whenever you have any sorts
of moves, whether they're down moves,
you generally get a bounce once it finds
support, but you're going to have some
sort of volatility up and down intraday.
We didn't get that at all yesterday.
Look at this. Just a gradual incline.
One that I also noted was a light volume
push. It was one of the most unusual
days in the market. Now, we've had one
of these before. If I go back here over
to where you see we broke out from the
previous all-time high. We had days
similar to that with no pullback, just
straight up on the charts. And that's
exactly what occurred yesterday and then
following into today. Really not too
much news to report except for that we
were remaining above this key declining
trend line that we have broken out from
recently. As I zoom into the chart, you
wanted to see if uh you were bull on the
spiders. You wanted to see price get
above today's candle and close. It still
can do that tomorrow. And if it does
that, any sort of pullbacks down to this
trend line can be buying opportunities
for the markets to remain buoyant and
push up a little bit further. Up next,
we're skipping the QQQ, which is a
NASDAQ 100 and encompassing all of the
NASDAQ here at the IXIC. Because as you
see here, guys, from this previous
pivot, look at the price action today,
breaching the all-time highs, closing at
brand new all-time highs, too. This does
illustrate the fact that tech is purely
leading the market today. And I'll bring
that up tomorrow u with more details
about these computer chips. The guys,
this is so fascinating, especially with
this AI data center buildout. the stuff
that I learned today, why these chips
are remaining so expensive, why even
older chips are increasing in cost. I'll
cover that tomorrow. So, make sure you
come back and experience it, especially
if you're looking to buy a new computer
with some of these fancy local language
models on them. You're going to have to
pay a pretty penny while these data
centers continue to build out. All
right, back into tech. Speaking of tech
with chips, we can see obviously I
highlighted a brand new all-time high.
Now, go back on the chart to illustrate
where we're getting my X marks the spot
for the next near-term resistance on the
chart of IXIC. We can see I've got a
pivot back here from November of 2021.
Then I've got this pivot here from
December of 2024. You can see on the
secondary pivot, I connected over
another pivot and then strung that out
almost like a little bit of a breach and
then end up uh returning back underneath
that trend line for that resistance
level. So, I capped on both sides. the
bottom and the top. And this gives me a
destination target should this rally
continue pumping over the next several
days. We're going to be pushing up to
28,000
points on the IXIC. That's where I see,
like I said, X marks the spot. Double
layer of resistance. If we continue in
this fashion, this would be a very hard
level to get through on the first
attempt. Not only is it a whole round
psychological number, but then stack it
up with two different levels of
resistance right overhead. We're likely
going to be pausing there if we do make
a beline straight up on that chart. Next
up, SMH continued rocking and rolling
today. Look at this. This is incredible
the breakout that has occurred. There
are three breakouts that have occurred
in the last four trading days on the
SMH. You can see two. The first one,
this declining trend line from the
all-time highs down through price. We
tried to break out didn't didn't do so
on the previous two attempts but this
one secured itself confirming it on
Friday of last week. Then Monday as you
see we broke up above this inclining
parallel. Today confirmed a breakout
from that and in addition right here on
the daily 50 moving average. We
confirmed above that 50 moving average
too and we did so yesterday. So we've
got three major breakouts all on one
chart all in the last four trading days
on SMH. Now, I take off the simple
moving averages because it does somewhat
clutter up the chart. Notice we're
running right into resistance today at
60758. You may wonder, where'd you get
that resistance level, Drew? Well, it's
simple, guys. You have these tools. You
can do them yourselves as well. Look
what I did. I grabbed my fib tool, went
up to the top, came down to this most
recent low in July 29th. Voila. Right
there, the FIB 618 retrace. Now, we've
had a heck of a rally. And in doing so,
look at where we're getting on the RSI.
getting closer to that 70 threshold.
That explains that we're overbought in
the near term. We're not quite there
yet, but we have run into a significant
level of resistance. One that should be
capable of providing a little bit of a
drawback, if not stalling out in price
right here. And what I would like to see
ideally, what do we talk about in this
show, guys? Talk about breakout retraces
all the time. I would like to see this
this breakout have a nice retrace back
down to the top of the parallel channel.
in which case that would be the first
opportunity to buy these semis on a
continued rally up on the charts. Uh
next up, the 10-year. Really guys,
didn't do too much today as far as where
it's closing. And guys, that's our show
where price action closes because that's
what really carries the weight over into
tomorrow where the analysis is going to
be done on previous days. You can see
here we really didn't do too much.
Matter of fact, we're up on the 10-year
yield on the hourly chart. You can see
we had a nice dip and then we just came
right back up. and has since put in some
consolidation uh for the end of the day.
So, the 10-year yield didn't give uh a
lot of ground up today to allow the
markets to push up. That's likely why we
weren't really ripping higher on the
charts, but oil certainly helped out on
certain stocks, ones that we'll touch on
in just a few moments. Now, into gold
and silver, both both put in fantastic
closes today. Now, now it's got 30
minutes left. As long as gold doesn't
give up this inclining parallel channel,
which is at $4,332,
this is a great close. And you may say,
why? Because we've got a V-shaped
recovery and bullish consolidation.
Guys, that's great. As long as gold
holds this bottom level of the parallel
channel, this sort of near-term price
action is very similar to what's been
going on on NAC gas. I'll show you that
chart in just a few moments. But as long
as we can keep price in that parallel
channel, we've got a good chance of
developing more bullish momentum to then
push up to this next resistance at
$4,575.
I'll back out onto the weekly time
frame. For any new viewers out there,
you can see I've had gold mainly
contained in this inclining parallel
since this April 2025 low. Created a
massive weekly topping tail here in
January of this year, illustrating price
was coming down. And that's exactly
what's happened. We're currently
navigating trying to remain inside that
parallel channel. Next up onto silver.
Silver as you see here much like gold
except for silver stronger. Gold is
closing right around the other range in
the previous days close. Now silver
pushing up to the high range. So very
nice push on silver. Now you can see
clearly this area of consolidation will
be resistance as this level illustrates.
$67.99, the next speed bump to get over
before we then can attack $72.7.
Now, if you look at this chart as well,
you can see that silver has really been
faking us out, guys. Look at this. We
have a left shoulder, a head, a right
shoulder. Tried to break down, but then
it saved itself from downward pressure
on silver. One of which I thought we
were going to get some more downside on
silver with rates going higher. But
since oil is coming down, it's actually
taken out a lot of buyers into precious
metals that were going there for safe
havens for inflation concerns. So that's
why we haven't been ripping higher per
se on silver when the 10-year yield has
dropped down off its highs. And then
secondly, we're not really down that
much, right? So silver has somewhat
remained uh stagnant, but most
importantly, it did not break this
inclining trend line and confirm a break
for the head and shoulders pattern.
instead. Look what's going on, guys. If
I draw a trend line from this pivot,
connect it over here to this pivot, what
do we have? We have a left shoulder, a
head, and a right shoulder that is
forming. So, basically, we got a race.
We have a race for silver to either beat
this neckline to go higher. And if it
goes higher, it looks like it could go
much higher and likely tag this
inclining trend line with this pattern
that carries a measured move target.
Otherwise, the race could be then down
to the bottom. So, we're really kind of
stuck in a neutral zone right here in
silver. One of which near-term is
somewhat positive since it saved itself
and is putting in bullish consolidation.
So, it's a very interesting chart that's
going on in silver. Be mindful of this
support level at 6463 and then also at
7101. Those are both the values to break
up or to break down on silver. Next up
into Bitcoin. As we saw yesterday, big
huge rally on Bitcoin, but today
somewhat paused out uh from all that
momentum and pushing higher. I'll zoom
back out to the weekly time frame to
illustrate where price is attempting to
go to. We have this head and shoulders
pattern that guys is still active and is
still triggered. A matter of fact, you
can see when price broke this trend
line, we never came all the way back up
to test it. Now, we finally are coming
back up to test that neckline from which
price is broking, triggering that head
and shoulders pattern. This is a very
key significant level, $89,54.
If we start getting Bitcoin to put in a
daily close above that line, guys, this
targeted measured move is wiped off the
chart and then bullish sentiment can
return. But we've already been
illustrating that with this nice bull
flag pattern that's developed. Uh I'm
anticipating price now that we're above
that, it's likely going to tag this
inclining trend line. it's whether or
not it develops bullish um uh
consolidation before to help give it the
momentum to break up to go to the next
leg. Like much what happened down here
on the chart, this consolidation is
helping given the momentum to Bitcoin to
rip up higher above the previous level
of resistance here, $80,524.
Next up into US oil, as I said, was
declining pretty nicely today. still
caught amongst this range of
consolidation when we did march up on
September 2nd. Now coming right back
down just to retest that area. Now if we
do continue seeing selling, my next stop
for oil is going to be down here on the
bottom of this parallel channel, $86.38.
Just like on Bitcoin though, we actually
have a inverse head and shoulders
pattern that is still active. This
diagonal declining trend line that you
see here on the chart is the neckline of
that inverse head and shoulders pattern.
The left shoulder, matter of fact, is
over here. It's a little bit further. I
didn't illustrate that before. So, it's
a much larger left shoulder, a head, and
then a right shoulder. Well, this
pattern comes with a measured move
target here of $11627.
As long as price remains above that
neckline, there's still a possibility of
price going up and tagging that level.
Uh ideally for bulls on US oil, you
would have preferred price stay in this
consolidation range and at worst remain
in the top 50% of this parallel. We're
just not getting that right now, which
is why we're looking for downside
support levels in the near term. Uh next
up, guys, look at this blowout on NAC
gas. And remember what I was talking
about on gold and silver V-shaped
recovery, bullish consolidation. That's
a positive signal. If you notice, this
isn't the only place this has happened
on this chart. Happened right here, too.
That's the amazing thing about charts.
Once you learn patterns, guys, you can
replicate these patterns over and over
and over again because guys, that's just
what the markets do. We're we're
emotional roller coasters as humans,
aren't we? I mean, we can't deny that.
We're hot on something, then we're cold
on that. This is going to be the best
team. Three weeks later, no, that's the
worst team in the in the um in the
league. Guys, we are emotional uh um
beings. And thus, that's what happens in
the charts. They create uh and
illustrate our own emotions up and down,
up and down, whipping people out. But
recognize the patterns to help you keep
in that trade andor identify bullish
consolidation to try to get in and wait
for that momentum to break and push
higher. Much like what I've been doing
here on NACAS, I've been illustrating
this to you guys ever since we did make
these lows here in August. Now, when we
did close lower, I was like, "Guys, not
only did we close lower under this
consolidation, but we closed lower under
this. We could go lower, but that single
one candle day not confirming underneath
totally wiped away that story. If you
see here too, the following put in
bullish consolidation. And this is where
I started to pick up some boil. Sold it
once we broke out. When we pierced, I
bought more boil. Then I sold it again
up here. Then we came back down, bought
more boil. I sold it here. And then I
bought it again yesterday. Because guys,
this is an amazing breakout scenario
where price does what? breaks out,
retraces, and bounces up on the chart.
Currently into resistance on the low
range of these pivots that we see here
from this consolidation. But as you
cleanly see too, I've got a declining
trend line on the chart telling me Nat
Gas is going to make uh the next major
stop up here at $3.24
along this declining trend line. And I
anticipate Nat Gas to consolidate there
and likely not stop. I'm looking for it
to actually go up higher and test the
bottom of this parallel. Let me remind
and also show any new viewers uh why I
am anticipating that. Look at this chart
in this parallel of NAC gas. February
2024 is where it begins and we have been
much much higher on the chart of NAC gas
and I anticipate us to eventually break
back into this parallel. In my eyes,
it's just a matter of time. Um but at
least now we've been pegging and pinning
this price action uh very very precisely
over the last couple months. Great stuff
there on that chart. For any of you that
followed along, congratulations. I know
I've been happy banking some profits
there on that gas. All right, next up
into some winners on the day on on. As
you see here, did push up 7.58%.
But guys, it slipped and sold all the
way down at the bottom of the chart
today. At the beginning of the day, this
was looking fantastic. If you look here,
we've got not only price is within a
declining parallel, but I've got a a
declining trend line back from the April
2025 lows. I've strung that out,
connected it to that next major pivot on
March 27th of this year. You can cleanly
see when price came down to this level,
bounced, and then paused before it broke
down. So, what happens and what do we go
through in this show, guys? Breakdown,
retrace, should be a fade, right? But we
gapped up over the level that it should
fade at. And then we still found
ourselves at the end of the day back
underneath that trend line. Not too good
for on on at least in the near term, the
positive news. It made an attempt. So,
if it it can make another attempt,
that's going to weaken this level of
resistance. If it can make another
attempt, that's going to weaken it till
eventually it can break above that trend
line with the next stop being the 50%
area of this parallel channel right up
here at $35. That does also correspond
with a lower range of these pivots and
consolidation back in June and July. So,
be watching very closely in the coming
days. $29.85.
Got to get over that incline or
declining trend line. that will help um
kick off some more bullish sentiment
with on on even though it had a seven
and a half% upday. This was not the
cleanest nor most positive of closes on
this chart. You want to see price get
above that trend line and then start
stacking days on top of each other
moving up. That's the bullish sort of
breakout that we want to see, not where
where it ends the day back underneath
the trend line. One that it needs to
break out of yet again. Speaking of
breakouts, look at here on Sandis. We
got a left shoulder, a head, and kind of
a double right shoulder. Got rejected
and breaking out from the inverse head
and shoulders initially right here both
on September 8th and 9th, but then we
broke out on Friday. Did not confirm
yesterday, but we did so today, guys.
Nice push up higher on Sandis. This
comes with a targeted measured move all
the way up here at 2625
on the chart. I'll zoom back out.
Somewhat makes sense. We've been uh
contained within an inclining parallel
channel ever since we really started
ripping higher at the beginning of this
year. Makes sense if we're going to
start pushing higher. We're going to
likely tag the uh uh the top end of this
parallel yet again. So, this pattern
today, you heard it here. Next area
resistance will come right here at 1950.
1950 could you give us some pullbacks?
any pullbacks of which at this
opportunity and this time are buying
chances for you to uh recapture that
momentum for this targeted measured move
up here at 2625.
Next up, a few financials that were
under pressure today and we're starting
off with JPM on the weekly time frame.
It was down 3.42% today and you can see
price is cleanly getting up underneath
where these other wicks are on the chart
at 34315. Now, if we close the week
underneath 34315, that will increase
probabilities for more downside to come
with uh JP Morgan with the next support
found right here on this inclining trend
line right at $325.14.
That inclining trend line has taken from
the April 2025 lows. You see here, JPM
has been in a very nice clean uh
inclining parallel channel for quite
some time here, back since 2023. and
really I can extend it all the way back
out here really to about 2020 and 2021.
So very nice uh downward move expecting
a potential near-term bounce should
price continue pushing right down into
this range. Also note even if it pierces
we got the 50% area the parallel not
that far beyond it right around $320.75.
Great support zone approaching up here
for JPM. Next up Wells Fargo. Very
similar situation guys. down day today
almost 4% but we're starting off here on
the weekly time frame and much like JPM
Wells Fargo has a very nice inclining
support trend line that should catch
price and allow price to bounce if it
continues moving straight down much like
JPM see where price is and where it's
closed today underneath these low pivots
that has occurred back here through
August and July and as well as in June
if we get a close underneath those low
pivots at the end of this week increases
probabilities of price coming down lower
and Where's it going to come to? Right
here on this inclining trend line. If I
throw up the fib retrace sequence too,
notice what's hitting right here in that
area, the 618 fib retrace right at $802.
We could meander down here to that
level, catch that uh uh inclining trend
line support and bounce right back up to
these low range consolidation pivots
right around 8405.
Next up, Bank of America. Very similar
price action here. This one though
getting much closer to the bottom range
of its parallel channel. Now, Bank of
America, much like Wells Fargo, has some
very nice uh fib retracements coming up
to it as well. Look at this. 618 at
$55.38.
Look where that lines up to as well.
These previous pivots. Now, guys, what
did I do on each one of these charts? I
used basically the same tool over and
over again. One tool that I've taught
you guys many many times to use the fib
retracement sequence. Using that,
stacking that up with either gap fills,
trend line levels of support, bottoms of
parallels, 50% areas of parallels helps
increase probabilities for that level,
working as support with price coming
down or working as resistance with price
moving upward. These tools are available
to each and every one of you. I'll
continue to help you day in and day out.
Go through each one of these charts,
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Very nice addition. All right, guys.
Thanks so much for watching today's
show. Don't forget to like and subscribe
to the video. Send it out to your
friends and family so they too can learn
technical analysis on the charts. We got
two more days of trading the close. Look
forward to bringing you those details
hopefully with some more volatility
tomorrow. much like what we had
yesterday. Congratulations to the
NASDAQ. Another all-time highs. Thank
you again for watching. We'll see you on
the charts tomorrow, folks.
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