Where Bulls Push Next After A Wild Week

This week's trades, market movers, and
technical levels that count, wrapped up
with clarity and precision. This is
Weekly Wrap Up with Verified Investing.
>> Good afternoon, everyone, and happy
Friday. My name is Jake Sweeney, pro
trader here at Verified Investing, and I
bet you're guessing, "Where is Mr. Garth
Soloway?" He is out of the office today,
and I'm going to be covering for him. If
you haven't heard of me yet, I've been
trading here at Verified Investing for
the past uh 3 months uh come this
summer, and we're just finishing up on
my first quarter of trading live in the
Apex Live Day Trading Room. Anyways, I'm
going to break down this week's biggest
movers, how the spiders and Qs
responded, uh where the yields and oils
are at, where yields and oil is at, and
to finish and to give you guys some key
levels to finish out the week strong.
Thank you guys for joining me today.
Let's dive into the charts right now.
All right.
So, first thing, guys, is going to be
checking out the spiders today. So, from
this down from this ascending trend
line, we closed here on Friday at
about 761.69
on the spiders. Come Monday, we gapped
up above this trend line
and capitulated all the way to the 775
print. With that, we got to this pivot
top here, and we were just short
rejected
um at the 774 775.
With that, the next day we tried to go
up and pierce the 775, was then shut
down. Yields starting to elevate and
give above the 5% uh 5% tile on the
10-year
uh numbers that we have not seen in
decades. With that, we saw a harsh
sell-off on the spiders.
But, guess what? Just on Thursday's
price action, even though we gave up a
lot of that price action, we did not
budge below this trend line. This is
where we started on Friday and we're
still much higher. Just on the week, we
got a nice bounce up and then today,
closing moving into market close this
Friday,
uh we're pushing back up now to about
770.
So, on the week,
a nice
1.2%
gain so far intraday, as high as 1.75%
as we got up to that 775 handle. So,
what I'm looking for is this trend line
to continue to act as support for the
upside.
And with that, we also have this
up-sloping trend line
through two, three hits. Should we come
back down to If we get below this trend
line that we gapped up on, we still have
great support here for trending upwards
for the SPYders.
So, where do the bulls take us? Well,
first we have to get past the 775 level
that we've now been hammering on for
quite some time. Really, this now puts
in play next week double top of the
SPYders getting to this level at 779.37.
And just watching the options market,
I can I continuously getting notions
that big money is positioned for a move
higher, um and I think we're just kind
of getting planting those legs now for
that next move higher.
Looking at the Qs,
kind of the same thing, but a much
stronger play. Right here, we This is
where we closed on last Friday, and just
with that move on Monday, we gapped up
above this horizontal trend line, and
then even this down-sloping trend line
that was capping price. I thought we
would get tapped right here at 726.
If we look from this trend line right
here, that's where price would indicate
it's at, or about 726.80 right here.
Um the low on that day was around 727
and much higher. Just from that move,
the Qs were up 3.76
at its highest percentile. Since coming
in,
making a higher low here
and trying to push up higher as we go
into market close on Friday.
So, first key level as I want to see
confirmation above the 74587
level and that could also give us a play
to break the 750 on the Nasdaq.
If we continue to come back down though,
now we have this trend line that we
gapped above. Should we come back to 725
to 722,
this down sloping trend line will now
act as support as the polarity flips. It
was resistance here and now should be
support to the downside.
What's caused this huge So, we had such
a great move on Monday
and Tuesday, but what caused this move
on Wednesday for such a dramatic fall?
That was this credit to right here, the
US 10-year.
As right here on last Friday,
last Friday here on the 18th, we had we
were shooting up and then consolidating
right under this 5% handle.
When we see consolidation like this
and the war continuing to escalate, we
continued on higher for next leg. We hit
numbers for the US 10-year that we have
not seen and see if I scroll back on the
daily, we cannot even see it. I have to
go back here on the weekly. The last
time we were elevated this much on the
US 10-year at 5.212%
was in 2007.
So, now almost 20 years with yields
being this high.
So, what I had on this was this kind of
wedge pattern and the wedge exploded now
to the upside.
Now, with that
we did pierce the 5.212 level and it's
since bouncing off this level that we
broke out of. This could also be
um a bearish read on the market if we
continue to push higher, it's going to
be tough for the spiders and cues to try
and take on this double top level or it
could most likely bring these support
levels back into play.
For the next major resistance I'm
watching on the US 10-year, if we go to
the weekly here,
I'm looking at this swing low pivot here
at 5.524
5.524%.
Coming right here, as you can see, price
responded on this level a lot and was
rejected here since last in 2001. But,
if we get there, that'll be the next
level
um the US 10-year could stall at.
And this video is sponsored by um we'll
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right, guys. Back to the charts. We're
also going to be checking uh looking at
US oil.
So,
tentatively
tentatively the US and Iran are
exploring a truce deal and trying to end
the naval blockade. With that, we saw a
flush in oil on Thursday.
Um and then since it's hovering on the
93 level for US oil. Still checking out
the the pump for gas prices. I'm still
filling up for about 450 down here in
Florida. Still too expensive for me. Um
but let's check in the charts, guys, and
see what um key levels I'm looking at.
So, for here,
and I see we're hugging around this 93
level. That apps That also lines up to
be a point uh five Fibonacci retracement
from the high in uh early March down to
this low in early July. So, with that,
we came back down
and now we're coming back up just kind
of hovering on this level. It's kind of
more indecision on okay, is this war
priced in? Are we going to continue to
kind of move up and print these lower
highs from this trend line right here?
Or is is uh
the war going to be
kind of resoluted and we're going to
continue to come in. Hoping for the
latter. So, what I'm watching though key
levels is
if on this down sloping trend line here,
should we come back down to about 88
90 in this area, look for this trend
line that's catching higher lows since
early July. And then we also have this
chan- And this this is kind of a
parallel channel, but as we see it's
widening. It's starts narrow here and
then starting to get a little more
volatility, a little more movement with
oil. So, I'm also looking at this
up-sloping trend line that capped price
here on the middle of September,
September 15th right here at 106. This
also is in the crosshairs. So, we have
from the 1948 high, this has now two
hits and with that hit, that would be
three. So, if we can push up higher,
I do expect there to be some if we if
oil continues to push back up towards
the $100 handle, I could see some
resistance right here at the 9945
from prior price action right here and
then the 618 of this move for oil. But
then this down-sloping trend line coming
into play, if we push up to past the
$100 handle to about 104, 105,
then this long-term down-sloping trend
line could shut down oil to the
downside.
Let's check out gold and see how it's
responded this week with yields elevated
and pressure. And if we go right here,
uh last Friday, gold was able to pierce
this or just kiss this 4,400
level,
but was not able to get past this 4,402
swing low pivot from right here.
Uh this will be the next resistance This
is the
main resistance level gold has to take
down. Then we also have this relative
down uh down-sloping trend line that's
now capping lower highs for gold. So, we
try and push back up out of here,
as see we're we're now moving away from
that since last Wednesday's test, but if
we push up
on a say Monday,
this would be this test would be at
about 4,300.
Trying to line that up. Bear with me. Um
good to see us kind of wick into this
low pivot here at 4,240.
Golden trying to stay above this.
Looking at Bitcoin next.
So, today
on a Friday, we look like we're going to
come down. We're testing support here,
retracing, and then capitulated up on
Monday, having a huge day.
Just on Monday, Bitcoin rose 7 to 8% and
saw a bunch of altcoins also come in and
get bids to the upside. Next major
resistance level I have for Bitcoin is
this 87,395
level.
As you see, we wicked into this level
here and then just kissed it here. This
will be the next level to take down for
Bitcoin.
Then I also have this
upslipping trendline from this low pivot
here,
cutting through price action here as it
is now acting right here support and now
flips to resistance.
And then pressing on this,
that's what could be shutting down price
right here the past 2 days is this
trendline.
If we come back
If we come back down, look for this
trendline from 80,000 to 82,000 for
support for Bitcoin.
Some of the largest movers that we were
looking to
short in trade this week in the stock
market was Meta. Holy cow, what a move
on this.
Last week, it was just dabbling into the
680 range, unable to get above
this pivot shelf, this downsloping
trendline here.
Right here, um slightly downsloping and
we were starting hammering on it. And
then on Monday, we rose
Oops.
12%, 17% at its highest yesterday and it
is now since coming in for Meta.
Looking to see if it can kind of build
some near-term support at this high
pivot here. It filled the gap here at
around 738 and is now wicking into this
level looking to consolidate for the
next leg higher.
So, where would that next leg higher be?
That is going to be this double top at
796.25
um the all-time high for Meta and this
is a this is a great setup for a short
here. So, a double top we have an we
have a a nice all-time high then a deep
healthy pullback to lows and now a sharp
sharp move up into this level. Not a
slow grind. A sharp move into this
probabilities favor a pullback here. If
we do get a pullback and break these
near-term supports at 744, I have this
long-term trend line
kind of like Bitcoin that we use it as a
mean where we flip polarity from support
resistance. This would be now support as
we broke above that on Monday. Should we
come back into on Monday the 719 720
region for Meta, look for this trend
line for a bounce play
to continue on higher.
All right, guys. Thank you guys for
staying this long. The last one we're
going to finish up with this video with
is Dell.
On
Friday, it set another all-time high at
596 getting close to that $600 print
that Dell wants
um and I think it's going to happen next
week. I could see that happening. With
that and I say that because we now have
this upsloping channel where this one
just now has a third hit from yesterday
and today uh today's price action and
now we're not trending lower towards the
trend line. We're pushing to close much
higher around 565.
So, with that if we continue to kind of
bounce in between this trend line, this
could take Dell upwards to 650 700.
With that, look for support if Dell
comes back down right here on Thursday
last Thursday,
we came down to this trend line that we
broke out of. Look for this trend line
now as support around 516 to 520.
Thank you guys so much for joining me
today on this weekly wrap-up. My name is
Jake Sweeney, pro trader here at
Verified Investing. And just want to say
thank you guys for joining me on this
first video. It was awesome. And if you
guys want to check out Verified
Investing, check out all my pro charts.
Uh I trade live in the Apex live day
trading room. Today I was able to score
two shorts on on a
uh two great plays. And if you want to
come see me in live in action, come join
us. All right, guys. Thank you. Take
care.